If you have used the Foreign Earned Income Exclusion (FEIE) in your previous year, some instances revoking it for a specific tax year and claiming the Foreign Tax Credit (FTC) would be beneficial. Some of the few instances are:
- When you want to claim the child tax credit
- When you want to contribute to IRA
- When you’re paying your correct taxes, and you’re in a country that has a higher tax rate than the US
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