One of the amounts the IRS recently adjusted for inflation is the foreign earned income exclusion amount. This is the amount U.S. citizens or resident aliens who live in foreign countries for at least one uninterrupted tax year can exclude from their foreign earned income. Citizens and resident aliens taxed by the United States on their worldwide income may exclude up to $126,500 from tax in 2024. In general, eligible taxpayers can also exclude or deduct from income certain housing costs. They may further be allowed to deduct from income meals and lodging provided by their employers. If you work abroad and have tax questions, contact us for more information.
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