Federal Income Tax Question HW

Problem 7-21 Foreign Tax Credit (LO 7.6) Martha and Lew are married taxpayers with $400 of foreign tax withholding from dividends in a mutual fund. They have enough foreign income from the mutual fund to claim the full $400 as a foreign tax credit. Their tax bracket is 24 percent and they itemize deductions. Should they claim the foreign tax credit or a deduction for foreign taxes on their Schedule A? tax benefit where as claiming the foreign tax credit yields a $ tax benefit. Therefore, the taxpayers The foreign tax deduction will result in a $ should