What is the Foreign Earned Income Exclusion amount for the year?

The Foreign Earned Income Exclusion for the tax year in question is set at $104,100. This amount reflects the maximum exclusion for individuals who meet certain eligibility criteria, such as the physical presence test or the bona fide residence test while living abroad.

The purpose of this exclusion is to alleviate the double taxation that U.S. citizens and residents might face when living and working in foreign countries. Under the IRS guidelines, qualifying individuals can exclude this amount from their taxable income, effectively reducing their overall tax liability. The figure is periodically adjusted for inflation, which is why it's important to refer to the specific year when identifying the correct exclusion amount.