IRS HELPS CITIZENS ABROADWASHINGTON - The Internal Revenue Service and the U.S. Treasury have released guidance on the estimated tax penalty for citizens or residents of the United States living and working abroad.
The Tax Increase Prevention and Reconciliation Act of 2005, enacted in May 2006, changed the maximum amount of foreign-earned income and housing costs that can be excluded from gross income, increasing the amount of foreign-earned income that may be excluded to $82,400 and limiting the amount of housing costs that may be excluded or deducted.
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