Revoking Foreign Income Exclusion.

Jul 25, 2011
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Background: I am using Turbo Tax to file my taxes. I am a born US citizen who moved abroad to teach English. I was physically abroad for 365 days of 2010. I qualify for the foreign earned income exclusion, however it is not necessary as my standard deduction and exemptions are higher than my humble income. with or without the exclusion I will pay no taxes. When i take the exclusion nearly all fields of my 1040 are 0.

When i elect not to take the exclusion, turbo tax says I qualify for an "additional child tax credit" as well as the "making work pay" credit.

My question is whether this is right or I have input something incorrect in the turbo tax software. I tried to trudge through about 6 publications and I eliminated the EIC (because i was NOT in the US any days in 2010).

I know revoking it means I will not qualify for the exclusion in the future 5 years which I am fine with as my income will never be higher than my deductions and exemptions.

Thanks for any of your help.


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