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Greenback Co-founder David McKeegan says, “The FEIE is indexed to inflation. For income earned in 2023, you can exclude $120,000, which means that nearly 88% of US households could be paying zero federal income tax simply by living overseas.”
On October 18th, 2022, the IRS announced the inflation adjustments for the 2023 tax year. Included in the announcement was an increase to the Foreign Earned Income Exclusion (“FEIE”) from $112,000 for income earned in 2022 to $120,000 for income earned in 2023. While this news may have easily been overlooked, Greenback Expat Tax Services, a leading US expat tax preparation company, feels this is a momentous occasion for both Remote Workers living abroad and Digital Nomads.
“Inflation in the US is running very high, which is quite painful if you live in the USA. But the dollar is robust, and there are many places worldwide with a significantly lower cost of living and higher quality of life than the USA. The FEIE is indexed to inflation, and for income earned in 2023, the amount you can exclude is $120,000, which means that nearly 88% of US households could be paying zero federal income tax simply by living overseas!”
To that end, Greenback expects to have a lot of Americans planning their international moves in the wake of these changes. “We see a tremendous amount of interest from location-independent workers in the US, many of whom are trying to figure out what the tax implications would be if they moved abroad. When they find out that they actually save money, they are floored! It is a great thing for workers who can live and earn abroad,” said Mr. McKeegan, “the quality of life you can afford now is significantly better than just a few years ago.”