Limit on Excludable Amount
The maximum foreign earned income exclusion amount is adjusted annually for inflation. For tax year2021, the maximum foreign earned income exclusion is the lesser of the foreign income earned or $108,700 per qualifying person. For tax year2022, the maximum exclusion is $112,000 per person. If two individuals are married, and both work abroad and meet either the bona fide residence test or the physical presence test, each one can choose the foreign earned income exclusion. Together, they can exclude as much as $224,000 for the 2022 tax year.
https://www.irs.gov/individuals/international-taxpayers/figuring-the-foreign-earned-income-exclusion....
- Will my US taxes get calculated based on the 92K income, so since I’m filing jointly, I would be mostly in the 10/12% bracket up to 19.99K/81K, and a little bit of 22% bracket from 81K to 92K? (using the married filing jointly brackets here)
As much as you would like the excluded income to not affect which tax bracket you fall in it is not the case. It will "push you up" the brackets so more will be in the 22% bracket than you would like.
- Do my foreign taxes fully qualify for the FTC, i.e. the entire 30K taxes I paid on the full 200K income could be used as a tax credit? Or would the FTC get prorated somehow, since I used FEIE for the first 108K?
If you have income that is not excluded the FTC will be prorated... look at the form 2555 and the tax calculation worksheet for the peticulars.
