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Irs 2555 2024-2025 Form
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What is the foreign earned income exclusion on Turbotax?
The Foreign Earned Income Exclusion allows expatriates to exclude foreign-earned income up to $126,500 (as of 2024) from US taxation if they have lived outside the US for 330 days in 12 consecutive months.
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Should I take the foreign tax credit or foreign income exclusion?
You can get FTCs for any tax amount. But if the effective tax rate in the other country is less than the US, you will end up paying the difference (which would usually make the FEIE a better option). Most countries do not have an effective tax rate lower then the US though.
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What are the disadvantages of foreign earned income exclusion?
First, you cannot claim a foreign tax credit or a foreign tax deduction on the income you exclude. Generally speaking any credit or deduction that you normally would be allowed to take cannot be taken on the excluded income (IRS frowns on double-dipping). Second, you will not be eligible for the earned income credit.
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What is a Feie?
Foreign-earned income: Foreign-earned income means wages, salaries, professional fees, or other amounts paid to you for personal services rendered by you.
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How can I maximize my foreign tax credit?
To get your maximum credit amount you'll divide your foreign-sourced taxable income amount by your total taxable income, then multiply that result by your U.S. tax liability.
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What is the difference between form 2555 and 1116?
For example, if your foreign earned income is $120,900, you can only exclude foreign earned income up to $112,000 on the Form 2555 which will reduce your taxable income on the return. The remaining foreign earned income may be used on Form 1116.
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What are the disadvantages of foreign earned income exclusion?
First, you cannot claim a foreign tax credit or a foreign tax deduction on the income you exclude. Generally speaking any credit or deduction that you normally would be allowed to take cannot be taken on the excluded income (IRS frowns on double-dipping). Second, you will not be eligible for the earned income credit.
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Is FTC or FEIE better?
Generally, FEIE is more beneficial in countries with zero or lower income tax rates, while FTC is advantageous in countries with higher income tax rates.
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