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| *The Commerce Journal>>>United States Taxes |
Is Congress planning to repeal the Foreign Earned Income Exclusion law? |
I have heard there is a bill to repeal this law, which allows US citizens working in foreign countries to deduct from their taxes up to ~$87,000 of their income. I wasn't able to find any information on this. Please only answer if you have any hard information, like the bill #, or information from a tax professional. HR 4752 in the 110th congress is to remove the FEIE cap HR 4752 is the bill to remove the cap, not to eliminate it. You should check with Nancy Pellozi... Based on what she has accomplished since taking office she can't be to busy. Uhhh... HR 4752 is a bill to reintroduce the draft and national service and apply it equally to men and women. Unless there's a hidden rider regarding the FEIE, that's not the bill that would repeal the cap. Well living overseas for a number of years, I have never used it, if you have to depend on your salary where I live you are in a bad way, a doctor only makes about $500 a month. My social security is more than a Senator makes. Plus anyone making 87K here would not declare it anyway. Who knows what congress will actually do? Having a bill introduced certainly doesn't mean it will be passed. Although they'd probably have an easier time getting agreement to pass a bill to RAISE taxes than passing one that would CUT taxes. |
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Why you want to know that? ...Since you made the donation and don't have enough income to even file a return, nobody gets anything. Donations only reduce your taxable income and only if you itemize your deductions. The... of course. ...Yes it is... As long as you know if you are going to be filing joint or single & ready to do some math using this 1040 worksheet here on IRS.GOV ... No, He did not live with him at all. Unless he is away in college. You can claim your son if he is under the age of 19 in 2007 so that isn't an issue(24 if in school). ...Be careful... I would say no. Since you get support the government might audit your sister if she claims your son. I only say that since they benefits are in your name and not your sisters.. So you... Even after it is paid, it will stay on there. If bankrputcy is filed, the lien will stay on there. And by filing bankruptcy, that probably will not even relieve your family member of that tax lie... If you need help filling out the worksheet, call the IRS at 1-800-829-1040 ... |
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