Helen is a U.S. citizen and a CPA who moved to London, England, three years ago...
Helen is a U.S. citizen and a CPA who moved to London, England, three years ago to work for a British company. This year, she spent the entire year in London and earned a salary of $126,800. How much of her salary will she be allowed to exclude from gross income in the United States?
Homework Answers
ANSWER : 107600 for 2020 ( 105900 for 2019)
A US citizen or resident alien who live in a foreign country can exclude foreign income upto an amount adjusted anually for inflation.It is 107600 for 2020.
The conditions to be qualified to claim exclusions
The US citizen must be a bona fied resident of a foreign country for an entire year.
A US resident alien who is a citizen or a national of a foreign country with which US has income tax treaty
The US citizen or resident alien who is physicaly present in a foreign country for atleast 330 days in 12 consecutive months
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