As an US person living abroad - you may claim a foreign earned income exclusion.
The person may qualify for the foreign earned income exclusion - he/she should:
-- Work and reside outside the United States for at least 330 days during the year, or
-- Meet either the Bona Fide or Physical Presence tests.
If the person qualifies, he/she may exclude up to $91,500 (2010 in foreign wages -- plus housing allowances (limited to 30% of the earned income exclusion).
To receive that exclusion - the taxpayer should file either form 2555 or 2555EZ.
Here are forms you likely need:
Please be aware that - the exclusion above will not affect self-employment taxes - only income taxes. Only earned income is excludable - income from wages and self-employment. For instance - dividends, investment income, rental income, etc - are not excludable.
Please also be aware that this credit is not granted automatically - you need to file a tax return and claim the credit.
Considering your situation - as you left US on March 1, 2010 - you need to be in a foreign country at least 330 days between March 1, 2010 and March 1, 2011.
The amount you may exclude in 2010 will be 305 (days in a foreign country) / 365 * $91,500
Generally, as you will be in Malaysia for at least 182 days in a calendar year - you will be considered a tax resident. A resident individual is taxed on his chargeable income after deducting personal reliefs at a graduated rate from 0% to 27%.
The chargeable income of resident individuals is computed by deducting the personal reliefs from the total income. - http://www.mida.gov.my/en_v2/index.php?page=personal-income-tax
If the same income is taxable in the US and in a foreign country - you may claim a credit for taxes paid in a foreign country on your US tax return.
To determine the amount of credit -the person should use the form 1116 and attach it to the tax return. - http://www.irs.gov/pub/irs-pdf/f1116.pdf
Here are instructions - http://www.irs.gov/pub/irs-pdf/i1116.pdf
You might find helpful IRS publication 519 - http://www.irs.gov/pub/irs-pdf/p519.pdf
Let me know if you need any help.