2555 Foreign earned income exclusion

[Bonnie]

I am filing a 2555 and the taxpayer has been in Kuwait since May 19th of 2007. He has not traveled home on vacation since going there but will be coming home the first of May for 3 weeks. My question is since the 12 month period to qualify as physical pressence is not yet up, in Part III on line 16, do I list 05/19/2007-05/19/2008 (since this date is in the future) Or do I list 05/19/2007-04/17/2008 (if I filed today) as the qualifying period. Not sure how to handle this since the 1 year period is not yet up at this time.

Thanks for any help on this.

[travis bickle]

please read the instructions for form 2555 slowly

I am filing a 2555 and the taxpayer has been in Kuwait since May 19th of 2007. He has not traveled home on vacation since going there but will be coming home the first of May for 3 weeks. My question is since the 12 month period to qualify as physical pressence is not yet up, in Part III on line 16, do I list 05/19/2007-05/19/2008 (since this date is in the future) Or do I list 05/19/2007-04/17/2008 (if I filed today) as the qualifying period. Not sure how to handle this since the 1 year period is not yet up at this time.

Thanks for any help on this.

for example, you do not have to be out of country for 12 months. the instructions say "for 330 full days out of any 12-month period".

so, start counting backwards from may 1, 2008 when your client departs kuwait; if he will be out of the country for 330 days counting backwards from may 1, 2008 NOTHING need be done.

also, please understand that the service means a FULL DAY when it says "full day".
if your plane lands at 0001, you did NOT spend a full day at that country -- instead, you spent "only" 23 hours and 59 minutes.

last but definitely not least -- take a look at the first page of instructions for form 2555. it says in the right hand column, lower portion, that you get an automatic extension of 60 days if you are out of the country on april 15.

so, your client has no problems at all [just read the instructions slowly].

man, i use to do 2555's in my sleep. . . counting the days backwards too :-)