You might think this article doesn’t apply to you because you don’t have foreign accounts or other direct foreign investments. Think again! (But if you do have direct foreign investments, this article will help you, too.)

If you invest money in U.S. stocks or mutual funds that invest abroad, you likely pay foreign taxes and can get a corresponding break on your U.S. taxes. But as with most things in the tax code, to get the maximum benefit, you need to know the law.

Even if you have only small foreign investment amounts, not maximizing the tax benefits from foreign taxes paid can cost you thousands of dollars over the years—money that is rightfully yours and belongs in your pocket. ... Log in to view full article.