With regard to tax equalization payments, under Internal Revenue Service rules, U.S. citizens living overseas can exclude up to how much income earned abroad from taxes?
A) $27,800
B) $45,700
C) $68,300
D) $92,900

Question

Quizplus · Accepted Answer

D) Regarding tax-equalization payments, U.S. citizens living overseas were able to exclude up to $92,900 of gross income earned abroad in 2009 but the IRS adjusts the exclusion amount yearly for inflation. Also, credits against U.S. income taxes are given for a portion of the foreign income taxes paid by U.S. expatriates beyond the $92,900 level.

With Regard to Tax Equalization Payments, Under Internal Revenue Service