- To qualify for the full exclusion, the taxpayer needs to be a resident of at least one foreign country for the entire taxable year or be present in at least one foreign country for 330 days during a consecutive 12-month period. Jared meets the residence requirement and qualifies for the full exclusion of $126,500.
- Pay received after the end of a tax year in which the services were performed is not considered foreign income.
- To qualify for the full exclusion, the taxpayer needs to be a resident of at least one foreign country for the entire taxable year, not half.
- Pay as a military or civilian employee of the U.S. government or its agencies is not considered foreign-earned income.
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What are the prerequisites for applying for a foreign tax credit?
Category : Foreign Tax Credit
Posted On : 2nd Mar 2025
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