Earned Income Exclusion and MFJ
Earned Income Exclusion and MFJ
The current (2011) limit for exclusion is $92,900 per person. If Married Filing Jointly, it will be double. The question is if one spouse earns $100K and other say $50K, do you exclude all of the earned income $150K or just $142,900 ($92,900+$50,000)?
Earned Income Exclusion and MFJ
Anyone? Please!!
Earned Income Exclusion and MFJ
Looking at the Form 2555 instructions it appears each of you need to file it using two separate forms (even if MFJ).
So I guess it would be 92,900 + 50,000.
(There are other aspects like housing exclusion etc)
See the following to confirm for yourself:
http://www.irs.gov/pub/irs-pdf/i2555.pdf instructions for Part VII
http://www.irs.gov/pub/irs-pdf/f2555.pdf where it has already printed the exclusion max amount.
So I guess it would be 92,900 + 50,000.
(There are other aspects like housing exclusion etc)
See the following to confirm for yourself:
http://www.irs.gov/pub/irs-pdf/i2555.pdf instructions for Part VII
http://www.irs.gov/pub/irs-pdf/f2555.pdf where it has already printed the exclusion max amount.