Question

Which of the following is NOT a requirement for a taxpayer to claim foreign earned income exclusion? B. A. The taxpayer must
0 0
Add a comment Improve this question Transcribed image text
Answer #1

The taxpayer must be physically present in a foreign country for 6 consecutive months during the tax year is not a requirement to claim foreign earned income exclusion because to meet the physical presence test, you must be physically present in a foreign country or countries for at least 330 full days during a 12-month period.

Correct answer is option B.

Add a comment
Know the answer?
Add Answer to:
Which of the following is NOT a requirement for a taxpayer to claim foreign earned income...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • What types of income qualify for the foreign-earned income exclusion? A. The exclusion is applicable to...

    What types of income qualify for the foreign-earned income exclusion? A. The exclusion is applicable to earnings from personal services rendered in foreign countries. To qualify, a taxpayer must either be a bona fide resident of one or more foreign countries for the entire taxable year or be present in one or more foreign countries for a minimum of 330 days during a period of 12 consecutive months. B. The exclusion is applicable to earnings from investments sold in foreign...

  • Question 57 of 75. Can a taxpayer claim both the foreign earned income exclusion and the...

    Question 57 of 75. Can a taxpayer claim both the foreign earned income exclusion and the foreign tax credit? No, the taxpayer must choose one tax benefit of the other. Yes, but the taxpayer cannot claim the credit for taxes paid on excluded income Yes, but the taxpayer cannot claim the credit and exclusion on income from the same country. Yes, but the taxpayer cannot claim the credit and exclusion on income in the same category 1 0 Mark for...

  • Question 57 of 75 Can a taxpayer claim both the foreign earned income exclusion and the...

    Question 57 of 75 Can a taxpayer claim both the foreign earned income exclusion and the foreign tax credit? O No, the taxpayer must choose one tax benefit or the other. O Yes, but the taxpayer cannot claim the credit for taxes paid on excluded income O Yes, but the taxpayer cannot claim the credit and exclusion on income from the same country O Yes, but the taxpayer cannot claim the credit and exclusion on income in the same category...

  • What types of income quality for the forecame income exclusion? O The exduos de lo ngs...

    What types of income quality for the forecame income exclusion? O The exduos de lo ngs from personal services rendered in foreign countries to quality, a taxpayer must be present in one or more foreign countries for a minimum of 300 days during a period of 12 months OB. The exclusion is topicale to carings from investments sold in foreign countries to quality, a taxpayer must be a bona fide resident of one or more foreign countries for the entire...

  • Question 55 of 75. The foreign earned income exclusion is allowed under IRC Section 401 411...

    Question 55 of 75. The foreign earned income exclusion is allowed under IRC Section 401 411 911 941 Mark for follow up Question 56 of 75. Can a taxpayer claim both the forei expayer claim both the foreign earned income exclusion and the foreign tax No, the taxpayer must choose one tax benefit or the other. O Yes, but the taxpayer cannot cla but the taxpayer cannot claim the credit for taxes paid on excluded income es but the taxpayer...

  • 1. FOREIGN-EARNED INCOME Christian Okoye is given a temporary assignment to work in a foreign country....

    1. FOREIGN-EARNED INCOME Christian Okoye is given a temporary assignment to work in a foreign country. He arrives on October 12, 2019, and departs on October 1, 2020. Mr. Okoye does not establish a permanent residency in the foreign country, but he is present for at least 330 days out of a 12-month period, beginning on October 13, 2019. (I.e. one day after he arrived in the foreign country.) Required: Based on the above information, how much income can Mr....

  • The use of the earned income credit could result in a taxpayer receiving a refund even...

    The use of the earned income credit could result in a taxpayer receiving a refund even though he or she has not paid any income taxes. True False Select either "Yes" or "No" to indicate whether the statement is one of the rules that all taxpayers must meet in order to claim the earned income credit (EIC). a. AGI may not be higher than set limits b. Foreign income exclusion not permitted c. Investment income cannot exceed $3,500 (2018 limit)...

  • Which of the following is not one of the three requirement to claim the FEIE? A)...

    Which of the following is not one of the three requirement to claim the FEIE? A) foreign earned income. B) tax home in a foreign country. C) meet either the bona fide residence test or the physical presence test. D) US citizen

  • Which of the following items should be properly excluded from gross income (i.e., included as part...

    Which of the following items should be properly excluded from gross income (i.e., included as part of gross income then subtracted as an exclusion)? (Choose all of the correct answers.) Interest received from state-issued bonds Foreign-income earned of $26,000 when the taxpayer was out of the country for 342 days during the year Forgiveness of the mortgage on a taxpayer's personal residence when he was insolvent before and after the forgiveness Lawsuit damages meant as a replacement of lost income...

  • 8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be...

    8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be subtracted from A. Gross income to arrive at adjusted gross income. B. Adjusted gross income to arrive at taxable income. C. The tax owed, or can result in a refund, but only if the taxpayer had tax withheld from wages. D. The tax owed, or can result in a refund, even if the taxpayer had no tax withheld from wages. [2] Which of the...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT