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Foreign Earned Income Exclusion

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

ScenarioIncome LevelIncome tax
(Land based living)
Income tax
(Living on a Storylines vessel)
Potential Savings
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

Limit on Excludable Amount

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.

Exclusion of Meals and Lodging

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.

      1. The meals are furnished:
          a. On the business premises of your employer, and
          b. For the convenience of your employer.
      2. The lodging is furnished:
          a. On the business premises of your employer,
          b. For the convenience of your employer, and
          c. As a condition of your employment. If these conditions are met, don’t include the value of the meals or lodging in your income, even if a law or your employment contract says that they are provided as compensation.


Information prepared on 2nd April 2018 - Version 1.1
Sources: www.irs.gov

Legal Disclaimer
The information provided in this and accompanying material is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other professional to determine what may be best for your individual needs. Storylines Inc. does not make any guarantee or other promise as to any results that may be obtained from using our content. No one should make any investment decision without first consulting his or her own financial advisor and conducting his or her own research and due diligence. To the maximum extent permitted by law, Storylines Inc. disclaims any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses. Content contained on or made available through the website or via email is not intended to and does not constitute legal advice or investment advice and no attorney-client relationship is formed. Your use of the information on the website or materials linked from the Web is at your own risk. Storylines Inc. is a Delaware registered Company.