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Meridian Idaho Form 2555-EZ: What You Should Know
For 2018, the maximum exclusion amount is the excess of the foreign earned income from all sources over 102,600. This is a general tax guide, not a list of all allowable exclusion amounts. It is advisable to consult an attorney or tax advisor with significant tax experience before taking action. You cannot claim an exclusion amount for foreign earned income, such as from the value of property obtained by a foreign corporation, where, after-tax dividends and capital gains distributions, you make ordinary dividends or income derived from the disposition of property located in your home country. See U.S. tax information on the Foreign Earned Income Section in Publication 519 for more detail and exceptions. Foreign Earned Income Exclusion Foreign Earned Income Exclusion amount for taxpayers in high-tax states. For individuals who live in a state with a state income tax (SURE) of at least 10 percent, the exclusion applies only to all income from sources other than property held for personal consumption. The exclusion does not apply if the taxpayer's home state's tax is not at least equal to the amount of the foreign earned income exclusion. The exclusion amount is equal to the excess of the adjusted gross income exclusion, if any, minus the foreign tax credit. A tax credit is credit applied against a tax liability. If a state has elected to credit the income tax in excess of the exclusion amount, the taxpayer's home state SURE tax rate can be the same as the state's effective tax rate on the income of the taxpayer. Note: The exclusion amount is not less than 2,854,500 for a married filing jointly taxpayer in 2018. This 2,854,500 limitation is reduced by 100,000 for each dependent child, 275,000 of taxable income for married taxpayers filing separate returns, and 2,500 of non-base-period income from foreign sources. The exclusion amount is not increased by the amounts included in other exemptions and deductions. There are various credits against income tax, including the American Opportunity Income Credit. The American Opportunity Tax Credit (ATC) can be used to reduce the American Opportunity Credit (AOC). The foreign earned income exclusion is available to you, your spouse (if filing jointly), and any other qualifying U.S. citizens, resident aliens, and qualifying permanent residents (including nonresident alien workers).
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