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Get your taxes done using TurboTax
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
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).
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 ) ?
Is there more I can do for you ?