Living the Storylines experience is an exciting prospect, traveling the globe with friends new and old and calling Earth your home, now let’s take a look at how we can help make this dream a reality.
If you meet certain requirements, you may qualify for the foreign earned income and foreign housing exclusions and the foreign housing deduction. If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income.
However, you may qualify to exclude from income up to $102,100 of your foreign earnings. In addition, you can exclude or deduct certain foreign housing amounts. You also may be entitled to exclude from income the value of meals and lodging provided to you by your employer.
Here are two examples based on USA citizens, 2018 Tax brackets of federal income
|Scenario||Income Level||Income tax|
(Land based living)
(Living on a Storylines vessel)
|Household with 1 single person income||$350,000||$98,189.50||$62,454.50||$35,735.00|
|Married household filing jointly annual income||$350,000||$75,379.00||$23,955.00||$51,424.00|
You may be able to exclude up to $102,100 of your foreign earned income in 2017. You cannot exclude more than the smaller of: $102,100, or Your foreign earned income (discussed earlier) for the tax year minus your foreign housing exclusion (discussed later).
If both you and your spouse work abroad and each of you meets either the bona fide residence test or the physical presence test, you can each choose the foreign earned income exclusion. You don’t both need to meet the same test. Together, you and your spouse can exclude as much as $204,200.
You don’t include in your income the value of meals and lodging provided to you and your family by your employer at no charge if the following conditions are met.
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