pk
Level 15
Level 15

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@BKKPilot , 

Having read your post, 

(a)  for the year 2024  you do qualify for FEIE. However you cannot exercise the election till you meet the Physical Presence Test  interval of 12 months .  If you choose to use FEIE, then you have to wait till you have the  uninterrupted 12 month test period  completion  -- 07/xx/2024 through 07/xx/2025 -- that encompasses your  2024 foreign earning period.

(b)  Because of the carry forward / backward  mechanism  when using FTC ilo  FEIE, if you choose to revoke FEIE the following  blackout  period applies:

 Code Section 911

(e)Election

(1)In general

An election under subsection (a) shall apply to the taxable year for which made and to all subsequent taxable years unless revoked under paragraph (2).

(2)Revocation

A taxpayer may revoke an election made under paragraph (1) for any taxable year after the taxable year for which such election was made. Except with the consent of the Secretary, any taxpayer who makes such a revocation for any taxable year may not make another election under this section for any subsequent taxable year before the 6th taxable year after the taxable year for which such revocation was made.  "

 

Thus , since you have used FEIE   ( 2019 ), that choice is still in effect a  change  to  FTC   ( General category  ONLY ) now would be a revocation  of  that election and therefore  the blackout period would come into play.

 

Which country are we talking about  ( current  Tax home ) ?

 

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