A credit is allowed for foreign income taxes paid or accrued. The loan is limited compared to that part of Oughout.S. tax due to foreign source income. It's not at all refundable, but any excess credit can be carried to other years to reduce tax. But what will happen all of the event a person happen to forget to report in your tax return the dividend income you received from the investment at ABC banking? I'll tell you what the interior revenue men and women think. The inner Revenue offic...