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#1
03-27-2007, 05:02 AM
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 Re: Foreign Income Exclusion vs. Foreign Tax Credit VSLA...[at]weizmann.weizmann.ac.il (Larry Israel) wrote: - quote - > Are there conditions where it would be advantageous to take
Yes, Do you reside in the Continental North America and Do> the foreign tax credit via Form 1116, rather than the > foreign earned income exclusion on Form 2555? I would rather > not go through the torture of checking this by filling out > Form 1116. you have young children? In that case, CTC applies. Most others find 2555 good enough. << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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03-26-2007, 02:57 PM
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| Re: Foreign Income Exclusion vs. Foreign Tax Credit SLARRY[at]weizmann.weizmann.ac.il (Larry Israel) wrote: - quote - > Are there conditions where it would be advantageous to take
I have heard that there can be situations in which this> the foreign tax credit via Form 1116, rather than the > foreign earned income exclusion on Form 2555? I would rather > not go through the torture of checking this by filling out > Form 1116. would be advantageous. However, in all my years of working with expats, I have never seen such a case. Nor can I think of a scenario where you would forego the exclusion. That doesn't mean that it can't happen, just that I don't know what it would take. Lanny K. Williams, CPA Nawarat, Williams & Co., Ltd. Income Tax Services for Expatriate Americans << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
03-25-2007, 04:07 PM
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| Foreign Income Exclusion vs. Foreign Tax Credit Are there conditions where it would be advantageous to take the foreign tax credit via Form 1116, rather than the foreign earned income exclusion on Form 2555? I would rather not go through the torture of checking this by filling out Form 1116. << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| credit, exclusion, foreign, income, tax |
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