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I lived in the United Kingdom until the start of 2013 and paid income tax there at a higher rate than I would have paid in the US. I now live in Singapore where I pay tax at a lower rate than I would in the US. Can I take the foreign earned income exclusion (US$97,600) and also tax credits from the previous years I paid tax in the UK?


The BIDaWIZ Team's Answer:

You can certainly file an amended tax return by the later of 3 years after the filing date of the original return or 2 years after the tax is paid. You would make the foreign income election via IRS form 2555. It's important to note that if you elect the foreign earned income exclusion, you cannot also elect the foreign tax credit on the same income that is excluded. You can however claim the foreign tax credit on the income that is not excluded.

The BIDaWIZ Team



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