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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12471
Experience:  Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
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A taxpayer moves to the United Arab Emirates & begins working

Customer Question

A taxpayer moves to the United Arab Emirates & begins working there immediately on 5/5/2012. He was still working there on 4/15/2013 & was therefore granted an automatic 2 month extension to file his 2012 Form 1040. I filed his return after 5/5/2013 so he could take advantage of the foreign income exclusion, as he was out of the USA for 12 months as of 5/5/2013. When I complete his 2013 return, do I indicate 5/5/2013-12/31/2013 as the date of physical presence on Form 2555, as this limits his exclusion?
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

I'm a little confused...are you speaking about the 2013 taxes or the 2012 taxes? If 2013 he would be there the entire year if he didn't come back so you would use 1/1/13-12/31/13 as the dates.

MyVirtualCPA :

For 2012 he was there from 5/5/12-12/31/12

Customer :

I entered 5/5/2012-5/5/2013 as the physical presence period on the taxpayer's 2012 Form 2555 & was therefore only able to deduct .658% (241days/365 days) of the maximum foreign income exclusion. I just wanted to confirm whether I could offset 100% of the maximum foreign income exclusion of 95,100 in 2013.

MyVirtualCPA :

If you were in the UAE during 2013 for the entire year, then yes

MyVirtualCPA :

You can count the entire exclusion

MyVirtualCPA :

Is there anything else I can assist you with today?

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