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A credit is allowed for foreign income taxes paid or accrued. The finance is limited to that particular part of You.S. tax due to foreign source income. It is not refundable, but any excess credit the carried to other years to reduce tax.

Obtaining a tax-deduction allows your contribution to be subtracted in your taxable income. A reduced taxable income means you pay less taxes in the year just passed you promote your Ira. So you end up extra in your IRA and with less loss in your pocket than your contribution.

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