I have been in a foreign country since Nov 2007, and
had not gone to US since then. I am planning a trip
to US, between 11/29/08 - 1/3/09.
Now when I file tax for 2008, per my understanding from Pub
54, I believe I can pick the 12-month period as
1/1/08 - 12/31/08 to claim the full amount for 2008.
Please see if my understanding is correct.
Since I am in foreign country the between 1/1/08 - 11/28/08,
that gives me 332 days. So I qualified the physical
presence test by using 1/1/08 - 12/31/08. And since
this is the same as the calendar/tax year (365 days
lies in 2008) so I can exclude the full 85700 (or whever
amount for 2008). Is this correct? Thanks a lot!
Physical Presence Test - How to pick the 12 months?
2008-07-23 8:28 am
回答 (3)
2008-07-23 9:47 am
✔ 最佳答案
That sounds good. Just bear in mind that the minimum is 330 days of physical presence IN a foreign country. Time spent in transit over the high seas is NOT time IN a foreign country so watch your departure date very closely! I personally know of one taxpayer who lost the exclusion for that reason.Edit: If you use November to November as another respondent suggests, you'd have to apportion the exclusion so you'd only receive about 11/12ths of it. You can get the full nut if you watch your dates carefully and use the calendar year.
2008-07-23 11:17 pm
When picking the 12 months, the trick is the 35 days (36 with the leap year) of US time. 11/29 (if that's your day of arrival) to 12/31 is 33 days. If that's it out of the year, you can happily choose 1/1 to 12/31 and max out the exclusion.
Also, if you left the US 11/1/2007 and didn't come back until 11/29/2008, your "year" for 2007-2008 (366 days) could be wiggled back to be something like 10/1/2007 to 9/30/2008, which would give you 3 months of exclusion, not 2 months, for the 2007 tax year. (Remember you can't file with the exclusion form until you actually reach 330 days, but you can amend.) This is very useful if your salary is more than $87,500....
And, let's say you finally return to the US in July. You start with July to July, but if your income is higher (and you could use more exclusion), you then see if you can claim August to August... There is no requirement that your back to the US trips occur evenly throughout your time away (or at all). Many folks carefully take vacation time to other non-US cities.
Also, if you left the US 11/1/2007 and didn't come back until 11/29/2008, your "year" for 2007-2008 (366 days) could be wiggled back to be something like 10/1/2007 to 9/30/2008, which would give you 3 months of exclusion, not 2 months, for the 2007 tax year. (Remember you can't file with the exclusion form until you actually reach 330 days, but you can amend.) This is very useful if your salary is more than $87,500....
And, let's say you finally return to the US in July. You start with July to July, but if your income is higher (and you could use more exclusion), you then see if you can claim August to August... There is no requirement that your back to the US trips occur evenly throughout your time away (or at all). Many folks carefully take vacation time to other non-US cities.
2008-07-23 6:46 pm
You can count 12 months from Nov 2007 to 11/29/2008 so plan in such a way that you are out for 12 months continuously.
On your U.S. return, you must report your worldwide income. If the total income meets the filing requirement, you must file your tax return.Filing in the U.S. does not necessarily mean that you will be paying taxes in US also. You will get credit for taxes paid in the foreign country. Read: http://taxipay.blogspot.com/2008/03/us-citizen-or-resident-with-foreign.html
On your U.S. return, you must report your worldwide income. If the total income meets the filing requirement, you must file your tax return.Filing in the U.S. does not necessarily mean that you will be paying taxes in US also. You will get credit for taxes paid in the foreign country. Read: http://taxipay.blogspot.com/2008/03/us-citizen-or-resident-with-foreign.html
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