Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I am a overseas contractor.I have a imporant question.I started

Customer Question
my last contract July 1.2007.Stayed...
I am a overseas contractor.I have a imporant question.I started my last contract July 1.2007.Stayed out of the U.S. for 330 days as of July 14 2008.Does my 365 days start again on July 14th,2008 when I returned back overseas? If,I come home for good the 7th of Nov.2008 will I have to pay taxes on money over $86,000 or will I have to pay taxes on all of the money from Jan.1st,2008 to Nov.7th,2008 or do I have to stay until Jan.1st,2009 to get my tax break? Thanks,Tom Burton
Submitted: 9 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 30 minutes by:
10/4/2008
Tax Professional: Lev, Tax Advisor replied 9 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,673
Experience: Taxes, Immigration, Labor Relations
Verified

According for the form 2555 instructions (that form you would use to claim your foreign income exclusion) - http://www.irs.gov/pub/irs-pdf/i2555.pdf

 

Physical Presence Test To meet this test, you must be a U.S. citizen or resident alien who is physically present in a foreign country, or countries, for at least 330 full days during any period of 12 months in a row. A full day means the 24-hour period that starts at midnight.

To figure the minimum of 330 full days, add all separate periods you were present in a foreign country during the 12-month period shown on line 16. The 330 full days can be interrupted by periods when you are traveling over international waters or are otherwise not in a foreign country.

So 330 day period is not required to be within any the tax year. As your period started on Jul 1, 2007 and will last till Nov 7, 2008 - you do qualify for the exclusion for 2007($85,700) and for 2008 ($87,600) - http://www.irs.gov/formspubs/article/0,,id=177960,00.html

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,673
Experience: Taxes, Immigration, Labor Relations
Verified
Lev and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,673
30,673 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
My question is: Is the foreign tax credit 100% Offset to the
Hi, my question is: Is the foreign tax credit 100% Offset to the Alternative Minimum Tax, if there are only foreign income? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
I have over $300K of foreign tax credits available for me to
I have over $300K of foreign tax credits available for me to use while I was an XPAT outside the U.S. I am now back in the U.S. and only spend a few days working overseas. I am looking for tax strateg… read more
TaxWhisperer
TaxWhisperer
Principal
Master's Degree
24 satisfied customers
I'm a tax resident alien on the H1B visa in the US. I
Hi I'm a tax resident alien on the H1B visa in the US. I recently married but my spouse is in India right now and she has no US income. How should I report this on my W4 and should I claim any allowan… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,797 satisfied customers
I am currently a nonresident alien, but I anticipate that I
I am currently a nonresident alien, but I anticipate that I will be a resident alien for 2018, as I expect to be present in the US for the entire year. I am being asked my my employer to provide them … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Does a non resident alien(F1/F2 visa) need to pay tax on his
Does a non resident alien(F1/F2 visa) need to pay tax on his foreign interest income? Does a non resident alien(F1/F2 visa) need to pay tax on his US business lending interest income? Does a non resid… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Resident Alien - Married couple - one is US citizen and the
Resident Alien -Married couple - one is US citizen and the other is Canadian but is US resident alien.If couple purchases a house as their primary resident, is there any tax implication outside of the… read more
Lev
Lev
Tax Advisor
30,673 satisfied customers
Questions to a CPA or Tax Attorney I'm a foreigner and
Questions to a CPA or Tax AttorneyHello, I'm a foreigner and living in Sweden. I need accounting and tax questions answered:The background is that I plan to establish a few LLC incorporated in Ohio US… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,797 satisfied customers
Does a non-resident alien need to file a tax return on
Does a non-resident alien need to file a tax return on interest income received from a US business loan?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
RE: FOREIGN TAX CREDIT We're filing a married joint filing
RE: FOREIGN TAX CREDIT We're filing a married joint filing tax return and have come up against some problems on form 1116. 1) Do we add both our names on the form? 2) On line 3a, it asks for certain i… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,797 satisfied customers
Form 3520- Received a bequest from a foreign Estate. Besides
Form 3520- Received a bequest from a foreign Estate. Besides my personal info, what other info, if any, goes on page 1 … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
This question is about foreign gifts and loans, taxes / the
This question is about foreign gifts and loans, taxes / the IRS. Im currently buying my wife out of the house title, and need $20,000 to do that. My dad is offering most of that money in the form of a… read more
abci168
abci168
Principal
27 satisfied customers
Client (US resident) with foreign salary and taxes paid in
Client (US resident) with foreign salary and taxes paid in foreign currency - Part II of 1116 form for some reason adds taxes paid only in US $ (line "o" through "r") - it does not take taxes paid in … read more
Lev
Lev
Tax Advisor
30,673 satisfied customers
D Form 8804 and 8805 need to be filed for a foreign
D Form 8804 and 8805 need to be filed for a foreign partnership if the partnership posted a loss for the year?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,797 satisfied customers
SSI Payments. The “Orphan Drug Act” income exclusion applies
SSI Payments. The “Orphan Drug Act” income exclusion applies to the first $2,000 per calendar year received by an SSI beneficiary, spouse, or deemor as compensation for participation in clinical trial… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,280 satisfied customers
Is not knowing you need to file a form 3520 for foreign
Is not knowing you need to file a form 3520 for foreign gifts enough to establish reasonable cause? Plan to voluntarily disclose after finding out the requirement. I did my taxes myself on Turbo Tax, … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,280 satisfied customers
I need help preparing Form 2555 having multiple employers,
I need help preparing Form 2555 having multiple employers, different countries … read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
When utilizing the foreign earned income exclusion and
When utilizing the foreign earned income exclusion and housing deduction on Form 2555 and coordinating with the Form 1116, the foreign tax credit must be reduced a formula for prorating tax credit ava… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
If I am eligible for Foreign Earned Income Exclusion as per
If I am eligible for Foreign Earned Income Exclusion as per IRS Regulations under the Bonafide Residence Test and I claim it, will it have an impact on my Green Card? I am from India and Indo-US Tax T… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x