Hi Everyone.
Need some help to verify if the following model I built for US taxes is right.
quick background: 2nd year in Singapore. 1st year was only here for 9 months and my company had a consultant do my taxes. This year I am on my own. On local package (not expat) for year 2023, so no housing or other benefits paid by employer. Pretty much all income is Singapore based and taxed by Singapore government. Been present in Singapore all year.
I assume my US federal tax liability for 2023 will be as follows:
i) Adjusted Gross Income = Income - Foreign Earned Income Exclusion - Filing status (head of household)
ii) for Tax bracket use AGI before Foreign Earned Income Exclusion
iii) Tax to AGI in (i) above using brackets from (ii)
Subtract SG tax paid as a tax credit from (iii).
Does this look right? anything i missed. Because FEIE is large ($126,000 for 2023), it looks like for income <$300,000 your federal liability may end up being 0 after SG tax credit. this was a bit of a surprise to me and I wanted to verify.
