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Do you know if you are allowed to contribute to a Roth 401k while claiming the FEIE?
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Oct 30, 2013 22:08
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| # ¿ May 16, 2024 10:42 |
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Juanito posted:Can you claim the foreign earned income exclusion if you live outside of the US, but you work full-time remotely for a company in the US? I've never been clear on this.
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Dec 17, 2013 14:09
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You can prorate your time outside the US from 2013 only after you have exceeded the 330 day requirement. So if you look at the 365 consecutive days from 9/1/13-8/31/14 and you are outside the US for 330 of those days, you can amend your 2013 returns to reflect these 3 months. If you continue to be outside the US for the remainder of 2014, you can take the full years worth of exclusion and continue taking it while you continue to meet the 330 out of 365 requirement. I did this successfully in a previous year. For me, I moved abroad in early December so I amended for about a month of tax free time. I will say, however, that I was with the same company and receiving roughly the same pay while in the US and after moving abroad. I am not sure how it would work if you earned different amount of money while at home and abroad. Turbotax actually works pretty well for the FEIE, it's what I've been using for the last 3 years and seems to be doing it right.
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Feb 26, 2014 02:38
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There's nothing wrong with filing now and amending later, just takes some extra work on your part. A reason you would do this is if you were due a refund for 2013 (in addition to what you'd get back from the 2013 portion of the FEIE) and didn't want to wait until next September to get it.
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Feb 26, 2014 22:15
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