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I have a client who has overseas self-employment income. It…

I have a client who...
I have a client who has overseas self-employment income. It is my understanding that this income cannot be excluded from his taxes because his main home was in the US? Is that correct? Also would he qualify for earned income credit based on that?
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Answered in 3 minutes by:
8/15/2017
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,496
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello my name is ***** ***** I will be assisting your question today

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If you meet certain requirements, you may qualify for the foreign earned income and foreign housing exclusions and the foreign housing deduction.

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You may verify if the income is able to be excluded by using the IRS interactive tax assistant

https://www.irs.gov/uac/can-i-exclude-income-earned-in-a-foreign-country

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Self-employment income: A qualifying individual may claim the foreign earned income exclusion on foreign earned self-employment income. The excluded amount will reduce the individual’s regular income tax, but will not reduce the individual’s self-employment tax.

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Customer reply replied 10 months ago
I used the tax assistant and as per that it does not qualify for exclusion. So then can I claim earned income credit?

Yes, you may and should claim the earned income credit

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As long as the client has earned income and not a net loss

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Customer reply replied 10 months ago
he has earned income from foreign consulting and has worked at Walmart in the US which is why I am taking earned income credit.

Net earnings from self-employment are included in earned income for EITC purposes

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Sounds like you have done all of the necessary research and work!

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,496
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
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Customer reply replied 10 months ago
Thank you

Thank you for the positive rating.

Have a great day!

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Chad EA, CFP ®
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Category: Tax
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Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

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