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673 Form: What You Should Know

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online solutions help you to manage your record administration along with raise the efficiency of the workflows. Stick to the fast guide to do Form 673, steer clear of blunders along with furnish it in a timely manner:

How to complete any Form 673 online:

  1. On the site with all the document, click on Begin immediately along with complete for the editor.
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  4. Make sure that you enter correct details and numbers throughout suitable areas.
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Video instructions and help with filling out and completing Form 673

Instructions and Help about Form 673

Hi, I'm Brett Willoughby, CPA. Today, we're going to talk about qualifying for the foreign earned income exclusion. This is for overseas Americans who are living and working outside the US. There are two primary tax benefits that overseas Americans can qualify for. The first is the foreign tax credit. If they are living in a high-tax country, they can take a credit on their US tax return. The other benefit, which is more popular, is the foreign earned income exclusion. That's what we're going to discuss today. In order to take the foreign earned income exclusion, you have to do three things. First, you need to file a tax return stating that you want to take the income exclusion. This allows you to exclude up to $100,000 of income, which is tax-free. Second, you must live and work in a foreign country. If you have a job in a foreign country and that's where your home is, where you return to after temporary absences, you meet this requirement. The third requirement is to pass either the physical presence test or the bona fide residence test. This can be confusing, so let's break it down. Let's take the example of a client who lived in the US until August of year one, then went overseas to a small country called Lithuania in September. They remained there, except for a one month visit back to the US in June to see family and friends. To qualify for the physical presence test, you must be in a foreign country for 330 full 24-hour periods within any 365-day period. In this case, the client would qualify for the physical presence test based on the period they spent overseas. For international teachers or individuals who come back to the US for longer periods, they can qualify for the bona...