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Mio was transferred from New York to Germany. He lived and worked in Germany for 358 days in 2020. Mios salary for 2020 is $

Mio was transferred from New York to Germany. He lived and worked in Germany for 358 days in 2020. Mio's salary for 2020 is $203,200. Assume a 366-day year. In your computation, round any division to four decimal places before converting to a percentage. For example, 0.473938 would be rounded to 0.4739 and converted to 47.39%. If required, round your final answer to the nearest dollar. What is Mio's foreign earned income exclusion?

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Answer #1

Foreign earned income exclusion

= 358/365 * foreign income exclusion for 2020

= 0.9808 * 107,600

= 105,534

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