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Yes, you have it ... The foreign earned income is on applicable to this year. The NOL can be carried forward. Hence use the foreign earned income exclusion and then apply as much of your NOL carry-forward as there is income left to apply
Because FEI excl is a yearly event and reduces income and you have a choice as to whether to apply NOL, your intuition is good
Okay, perfect. Thank you. I thought there might be a rule that NOL had to be used first.