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April 12, 2025
Question

foriegn tax credit

  • April 12, 2025
  • 1 reply
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I have claimed a foriegn tax credit on my Federal return for capital gains tax paid in Canada in 2024.

Can I also take the credit on my Massachusetts Tax Return for 2024?

    1 reply

    April 12, 2025

    You may qualify for the Credit for Taxes Paid to Other Jurisdictions on your Massachusetts return. To calculate this credit, you'd have to subtract the federal credit you received from the total foreign tax you paid. If this ends up being zero (for example, you got a foreign tax credit for all of the foreign tax you paid), you wouldn't be able to take this credit on your Massachusetts return.

     

    Click here to learn more about this credit.