Are there conditions where it would be advantageous to take the foreign tax credit via Form 1116, rather than the foreign earned income exclusion on Form 2555? I would rather not go through the torture of checking this by filling out Form 1116.
I have heard that there can be situations in which this would be advantageous. However, in all my years of working with expats, I have never seen such a case. Nor can I think of a scenario where you would forego the exclusion. That doesn't mean that it can't happen, just that I don't know what it would take. Lanny K. Williams, CPA Nawarat, Williams & Co., Ltd. Income Tax Services for Expatriate Americans
Yes, Do you reside in the Continental North America and Do you have young children? In that case, CTC applies. Most others find 2555 good enough.
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