topic Re: Amend returns to revoke Foreign Earned Income Exclusion for last 3 years to begin making IRA contributions in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-amend-returns-to-revoke-foreign-earned-income-exclusion-for-last-3-years-to-begin-making-ira/01/1735994#M164558 <P>Straight from the horse's mouth... Think long and hard before you make this decision it may not be worth doing.</P><P><A href="https://www.irs.gov/individuals/international-taxpayers/revoking-your-choice-to-exclude-foreign-earned-income" target="_blank">https://www.irs.gov/individuals/international-taxpayers/revoking-your-choice-to-exclude-foreign-earned-income</A></P> Tue, 20 Oct 2020 18:59:13 GMT Critter-3 2020-10-20T18:59:13Z Amend returns to revoke Foreign Earned Income Exclusion for last 3 years to begin making IRA contributions https://ttlc.intuit.com/community/tax-credits-deductions/discussion/amend-returns-to-revoke-foreign-earned-income-exclusion-for-last-3-years-to-begin-making-ira/01/1735844#M164539 <P>Until last year, I hadn’t been able to make any contributions to my IRA.&nbsp; I live abroad and have been using the FEIE.&nbsp; I made a contribution in 2019 before realizing taking the FEIE then barred me from doing so.&nbsp; I plan to make contributions every year from now on, so it appears I need to revoke the FEIE going forward. &nbsp;(I’m open to suggestions if someone has another idea - my income is generally low, around 25K.)&nbsp;</P><P>&nbsp;</P><P>Can I amend my last 3 returns (I believe that's the maximum number of years I can go back) to revoke the FEIE?&nbsp; I only made an IRA contribution for 2019, so I assume after amended it would correct the problem and I wouldn't have to pay the 6% penalty.</P><P>&nbsp;</P><P>I understand that once you revoke the FEIE you must wait 5 years before you have the option to claim it again.&nbsp; After amending the last 3 years, am I correct to assume that means I would then only have to wait 2 more years?&nbsp; And after 5 years, am I simply able to begin using the FEIE again if I want, or is there some process I have to through?</P><P>&nbsp;</P><P>Thanks in advance for any help!</P> Tue, 20 Oct 2020 11:25:07 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/amend-returns-to-revoke-foreign-earned-income-exclusion-for-last-3-years-to-begin-making-ira/01/1735844#M164539 LivingAbroad1 2020-10-20T11:25:07Z Re: Amend returns to revoke Foreign Earned Income Exclusion for last 3 years to begin making IRA contributions https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-amend-returns-to-revoke-foreign-earned-income-exclusion-for-last-3-years-to-begin-making-ira/01/1735994#M164558 <P>Straight from the horse's mouth... Think long and hard before you make this decision it may not be worth doing.</P><P><A href="https://www.irs.gov/individuals/international-taxpayers/revoking-your-choice-to-exclude-foreign-earned-income" target="_blank">https://www.irs.gov/individuals/international-taxpayers/revoking-your-choice-to-exclude-foreign-earned-income</A></P> Tue, 20 Oct 2020 18:59:13 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-amend-returns-to-revoke-foreign-earned-income-exclusion-for-last-3-years-to-begin-making-ira/01/1735994#M164558 Critter-3 2020-10-20T18:59:13Z
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topic Re: Amend returns to revoke Foreign Earned Income Exclusion for last 3 years to begin making IRA contributions in Deductions & credits
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-amend-returns-to-revoke-foreign-earned-income-exclusion-for-last-3-years-to-begin-making-ira/01/1735994#M164558
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<P>Straight from the horse's mouth... Think long and hard before you make this decision it may not be worth doing.</P><P><A href="https://www.irs.gov/individuals/international-taxpayers/revoking-your-choice-to-exclude-foreign-earned-income" target="_blank">https://www.irs.gov/individuals/international-taxpayers/revoking-your-choice-to-exclude-foreign-earned-income</A></P>
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Amend returns to revoke Foreign Earned Income Exclusion for last 3 years to begin making IRA contributions
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/amend-returns-to-revoke-foreign-earned-income-exclusion-for-last-3-years-to-begin-making-ira/01/1735844#M164539
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<P>Until last year, I hadn’t been able to make any contributions to my IRA.&nbsp; I live abroad and have been using the FEIE.&nbsp; I made a contribution in 2019 before realizing taking the FEIE then barred me from doing so.&nbsp; I plan to make contributions every year from now on, so it appears I need to revoke the FEIE going forward. &nbsp;(I’m open to suggestions if someone has another idea - my income is generally low, around 25K.)&nbsp;</P><P>&nbsp;</P><P>Can I amend my last 3 returns (I believe that's the maximum number of years I can go back) to revoke the FEIE?&nbsp; I only made an IRA contribution for 2019, so I assume after amended it would correct the problem and I wouldn't have to pay the 6% penalty.</P><P>&nbsp;</P><P>I understand that once you revoke the FEIE you must wait 5 years before you have the option to claim it again.&nbsp; After amending the last 3 years, am I correct to assume that means I would then only have to wait 2 more years?&nbsp; And after 5 years, am I simply able to begin using the FEIE again if I want, or is there some process I have to through?</P><P>&nbsp;</P><P>Thanks in advance for any help!</P>
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<pubDate>Tue, 20 Oct 2020 11:25:07 GMT</pubDate>
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Re: Amend returns to revoke Foreign Earned Income Exclusion for last 3 years to begin making IRA contributions
</title>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-amend-returns-to-revoke-foreign-earned-income-exclusion-for-last-3-years-to-begin-making-ira/01/1735994#M164558
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<P>Straight from the horse's mouth... Think long and hard before you make this decision it may not be worth doing.</P><P><A href="https://www.irs.gov/individuals/international-taxpayers/revoking-your-choice-to-exclude-foreign-earned-income" target="_blank">https://www.irs.gov/individuals/international-taxpayers/revoking-your-choice-to-exclude-foreign-earned-income</A></P>
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<pubDate>Tue, 20 Oct 2020 18:59:13 GMT</pubDate>
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