Anyone have any experience filing for the foreign income exclusion (80K)? From the little reading I've done, it appears
you fill out form 2555 to figure out exclusion (80K if income overseas is greater than that), then put gross wages in normal box on 1040, and exclusion on line 21 on 1040 as a negative income and like magic---no tax on first 80K of income. Assumption is that you meet the residency test of >330 days working abroad.
Sounds almost too good to be true---anything else to be aware of /errors to be made/consequences later/etc.
you fill out form 2555 to figure out exclusion (80K if income overseas is greater than that), then put gross wages in normal box on 1040, and exclusion on line 21 on 1040 as a negative income and like magic---no tax on first 80K of income. Assumption is that you meet the residency test of >330 days working abroad.
Sounds almost too good to be true---anything else to be aware of /errors to be made/consequences later/etc.