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Deductions & credits
Hi Susan - thank you for your guidance on this topic - it was really appreciated as I have the same situation. (would like your thoughts as well, Greg).
One thing that worries me is that the IRS guidance says we must be very careful - that the FEIE applies on income X, and Foreign Tax Credit (FTC) applies on income Y; and X and Y can not overlap.
So if I enter all my foreign earned income (say $200K) as Foreign Earned Income in that section in TurboTax, and then exclude the max $107K, and then go to the section on TurboTax for the FTC and claim the remaining $93K - would that still show up in a way that it looks fine (e.g. the same income did not get FEIE and FTC) ?
Thank you!
May 23, 2021
2:09 AM