Assuming I input my income $27k into Form 2555 as an FEIE, do I need to delete or keep Form 1116 where my home country's gross income and taxes paid were registered? I paid $4191 in tax.
Must I keep form 1116 if opting for Exclusion? What information do I insert in the worksheet if so?
Essentially if I deleted Form 1116, the tax computations will be based purely on husband's income with a standard deduction for MFJ, is that right?
Husband is on the 12% tax bracket currently.
Looking at my situation, which option do you think would be more optimal, FEIE or FTC? Can we offset the full amount of FTC at next tax filing?
Appreciate your response.
Thanks
Pauline
