tax time

[Kez/JWolf 6]

Thanks rebeccajo, I knew that... I was refering to not wanting to be involved in the thread anymore as I do not wish to have another encounter with our lawyer friend... not in the mood today...

Kez

[Baileyj96 0]

Just to let you know............... I called turbo tax today because the program would not allow me to fill in the 2555 form. He said it wouldn't be available until Feb 1st. So you might not want to try it out until then.

Baileyj96

[Darkchild80 0]

Sorry I didn't mean to say tax break but a tax credit!! Sorry for the confusion!

[Kez/JWolf 6]

Thats ok we all make mistakes.... I am sure the 1000's of peoples tax returns done by me over the last 2 years I think they would have been shouting before now if there was such a tax break....

would be nice...

Kez

[Yodrak 7]

rebeccajo,

The amount for 2006 is $82,400, adjusted for the percentage of time spent in the foreign country, and it applies to the amount of foreign-earned income not the combined incomes.

Yodrak

.....

If he earned income in his home country before he came over in 2006, you'll need to declare that income. Unless your combined incomes are over $80000 you probably won't pay any tax on that income, but you need to declare it nonetheless (yes there's another form for that).

.....

[rebeccajo 14]

hey Yodrak - Thanks for clearing that up. I should have known it might have changed! And it just applies to the foreign income? Is that part new?

How much do we get for exemptions this year?

mileage?

*milking the cow*

Becca

rebeccajo,

The amount for 2006 is $82,400, adjusted for the percentage of time spent in the foreign country, and it applies to the amount of foreign-earned income not the combined incomes.

Yodrak

.....

If he earned income in his home country before he came over in 2006, you'll need to declare that income. Unless your combined incomes are over $80000 you probably won't pay any tax on that income, but you need to declare it nonetheless (yes there's another form for that).

.....

Edited January 22, 2007 by rebeccajo

[Yodrak 7]

Becca,

No, it's not new. The foreign-earned income exclusion has always applied only to foreign-earned income.

Yodrak

hey Yodrak - Thanks for clearing that up. I should have known it might have changed! And it just applies to the foreign income? Is that part new?

...

Becca