dnjustax
Level 3

Hi!

One of my client's revoke FEIE on year 2017, but his income has been increased a lot and using Form 2555 and form 1116 combination would be favorable this year. 

In that case how can I get the IRS's permission? Does he  files the request form with the tax return? or should he get the permission before filing his tax return? And how long would it take?

Thank you!

0 Cheers
sjrcpa
Level 15

Thee 2555 instructions say to See Pub. 54 for more information

https://www.irs.gov/Pub54

Page 20. 

 


The more I know the more I don’t know.
TaxGuyBill
Level 15

I suspect that between the high IRS fee for the ruling, your high fee for a complex application for the ruling, and that it might not even be approved, it may likely be better to just not do it, and wait until the 5 year period ends next year.

 

View solution in original post

dnjustax
Level 3

Thank you!

0 Cheers
dnjustax
Level 3

Yes, I think that would be cheaper.

Thank you so much!