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Foreign Income Exclusion for Expatriates

Foreign Income Exclusion Requirements

Millions of Americans who live and work outside the United States, also known as expatriates, are generally eligible to claim the foreign earned income exclusion on their tax return. This is a huge benefit to expatriates since it allows you to entirely exclude a portion of the income you earn abroad from U.S. taxation. This exclusion can save you thousands in income tax. In recent years, for example, expatriates take a maximum foreign earned income exclusion of $92,900. Be aware that the exclusion only applies to your earned income, meaning that the interest you earn in foreign bank accounts and the other investments you make while abroad are fully taxable in the U.S. However, the only way to obtain the exclusion is by filing a tax return with the IRS every year.

How to Claim the Foreign Earned Income Exclusion

Expatriates have more complex tax returns to prepare than the average taxpayer who lives and works in the U.S. In most cases, it’s advisable to seek out an accountant who specializes in expatriate taxes. Regardless of whether you hire an accountant or prepare the federal income tax return yourself, you must prepare and file IRS Form 2555 or 2555-EZ with your 1040. But before you even get to that point, you must ensure that you are eligible to claim the foreign earned income exclusion. Generally, the IRS requires that you earn income outside the U.S., such as having a job or running a business in a foreign country. Additionally, you must either maintain a residence in the foreign country for an entire tax year or be physically present there for 330 days during a consecutive 12-month period.

Foreign Earned Income Exclusion Implications on Tax Deductions

You may think the amount of the foreign earned income exclusion is too good to be true, but the IRS also allows you to claim the exclusion in addition to many of your other deductions. The only deductions you cannot claim with the foreign earned income exclusion are those expenses that relate to your foreign earned income. For example, if you have job-related deductions such as travel expenses and home office costs, then you cannot deduct them. However, you can claim exemptions for all of your dependents, the standard deduction or most of the expenses eligible to be itemized.