I have been living abroad for many years and using the FEIE (I have never revoked it). I now want to contribute to my Roth IRA, but the FEIE makes my taxable compensation $0, which means I can't make a contribution. May I choose to take less than the full amount of the FEIE that I qualify for?
For example:
My income is $26,000. I choose to apply the FEIE to $20,000 and have $6,000 in taxable income. I then make a $6,000 contribution to my IRA.
If this works, please let me know the best way to do this in TurboTax Home & Business.
If it doesn't work, is there a different type of retirement account that I could use? My income is from a multimember LLC, so a SEP IRA would be an option.
Thanks for any help!
