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Deductions & credits
Correct, you may not need or want to take the FEIE. The FEIE is voluntary. Here is a link to the IRS with more information.
U.S. citizens and resident aliens must report the income they earn outside of the U.S. annually. The Foreign Earned Income Exclusion (FEIE) can enable you to exclude the income from your US tax return. In 2020, this amount is expected to be $107,600, and it’s adjusted annually for inflation.
Who should use the FEIE?
To use the FEIE, you must be:
- Physically present in another country for 330 days of the year, or
- A “bona fide resident” of the country
TurboTax will figure out if you’re eligible for this exclusion or you can use this tool from the IRS.
March 17, 2021
10:41 AM