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What is the daily base housing amount for the foreign housing cost exclusion?

See 911(c)(1)(B) and (d)(1). Specifically, the base housing amount is 16 percent of the maximum foreign earned income exclusion amount (computed on a daily basis), multiplied by the number of days in the applicable period that fall within the taxable year.

Can I take both foreign income exclusion and foreign tax credit?

If you choose to exclude foreign-earned income, you cant take a foreign tax credit or deduction for taxes on income you can exclude. If you do take a credit or deduction for any of those taxes in a later year, your election for the foreign earned income exclusion will be revoked beginning with that year.

What is the purpose of form 2555?

If you qualify, you can use Form 2555 to figure your foreign earned income exclusion and your housing exclusion or deduction. You cannot exclude or deduct more than your foreign earned income for the year.

Who qualifies for the foreign earned income exclusion?

A U.S. citizen or a U.S. resident alien who is physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months.

How do you qualify for foreign tax credit?

Foreign Taxes that Qualify for the Foreign Tax Credit The tax must be imposed on you. You must have paid or accrued the tax. The tax must be the legal and actual foreign tax liability. The tax must be an income tax (or a tax in lieu of an income tax)

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What are qualified housing expenses for form 2555?

Qualified housing expenses include any reasonable expenses you have paid for or incurred for housing in a foreign country for you and (if they live with you) for your spouse and dependents.

How do I enter foreign earned income exclusion in Turbotax?

Use Form 1116 to claim the Foreign Tax Credit (FTC) and subtract the taxes they paid to another country from whatever they owe the IRS. Use Form 2555 to claim the Foreign Earned-Income Exclusion (FEIE), which allows those who qualify to exclude some or all of their foreign-earned income from their U.S. taxes.

What are qualified housing expenses for foreign income exclusion?

The limitation on housing expenses is generally 30% of the maximum foreign earned income exclusion. For 2021, the housing amount limitation is $32,610. However, the limit will vary depending upon the location of your foreign tax home and the number of qualifying days in the tax year.

Do I need to file form 2555 every year?

TIMELY FILING THE FORM 2555 Once you choose to claim an exclusion, the choice remains in effect for that year and all future years unless it is revoked. However, you need to include the form each year with your tax return in order to claim the benefit of that year.

Who Cannot claim a foreign tax credit?

If you elect to exclude either foreign earned income or foreign housing costs, you cannot take a foreign tax credit for taxes on income you exclude. If you do take the credit, one or both of the elections may be considered revoked.

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