Everything You Need To Know About The Foreign Earned Income Exclusion In 2023
Fillable Form 2555Ez Foreign Earned Exclusion 2013 from www.formsbank.com Introduction The foreign earned income exclusion is a great way for US citizens and residents to save money on their taxes. This exclusion allows taxpayers to exclude up to $105,900 of their earned income from their US taxes if it was earned overseas. This exclusion was first introduced in 1954 and has been updated over the years to keep up with inflation. In 2023, the foreign earned income exclusion will be at an all-time high and will provide great tax savings for US citizens and residents who are working abroad. What is the Foreign Earned Income Exclusion? The foreign earned income exclusion is an exclusion from US income taxes that allows US citizens and residents who are living and working abroad to exclude up to $105,900 of their earned income from their US taxes. This exclusion is available for US citizens and residents who are living and working abroad for at least 330 days in a 12-month period. The e...