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Community Forums › News and General Discussions Forum › Money and Finance Forum › 330 question

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330 question
Advice on what to do with all the money you made on your last contract besides investing in Pork Bellys and oranges. Also discuss Taxes, Investments, IRAs, Starting Your Own Company and Financial Q&A
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hitman13
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Joined: Apr 11, 2008
Posts: 102
Location: IRAQ
PostPosted: Wed Jun 25, 2008 7:34 am
Post subject: 330 question

Im sure that this has been asked before but if i go back to the states for a pre-employment training course for 30 days does that count against my 35 days i can be home per year??

thanks

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"Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety." - Ben Franklin
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ScoutsOut
Contractor
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Joined: Feb 21, 2007
Posts: 62
Location: Afghanistan
PostPosted: Wed Jun 25, 2008 7:40 am
Post subject: Re: 330 question

Yes it does.
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OldSoldier71
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Joined: Aug 11, 2006
Posts: 903
Location: New Jersey, Iraq, Africa, Mexico, Kuwait, Afghanistan, Walt Disney World.
PostPosted: Wed Jun 25, 2008 10:18 am
Post subject: Re: 330 question

ScoutsOut wrote:
Yes it does.

ScoutaOut, good to see you are still vertical. How goes it, my brother?

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PanaVet
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Joined: Sep 30, 2005
Posts: 1419
Location: CONUS for now
PostPosted: Wed Jun 25, 2008 12:07 pm
Post subject: Re: 330 question

When you say "year"....it's not necessarily calendar year but, 330 out of a 365 day period. It can be carried over 2 tax years.

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MattVonB
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Joined: Oct 01, 2007
Posts: 81
Location: The GunShine State
PostPosted: Thu Jun 26, 2008 3:06 am
Post subject: Re: 330 question

Panavet is right,

To gain the tax exempt status up to 82K , you must NOT be in the states, territories or commonwealths for more than 35 days out of any consecutive 365 days. Once you hit 36, the "clock" restarts.

There are no exemptions, combat zone or otherwise to this.

And if the new legislation for medicaid and SS becomes law, then it will hit a lot of bottom lines.

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Jody
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Joined: May 10, 2006
Posts: 1483
Location: Iraq
PostPosted: Thu Jun 26, 2008 8:51 am
Post subject: Re: 330 question

This guy makes me think about a guy named Roland carrying a Thompson.

I believe the tax exemption is higher now, based on this excerpt from the IRS page.

If you meet certain requirements, you may qualify for the foreign earned income and foreign housing exclusions and the foreign housing deduction.

If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income. However, you may qualify to exclude from income up to $85,700 of your foreign earnings. In addition, you can exclude or deduct certain foreign housing amounts.

You may also be entitled to exclude from income the value of meals and lodging provided to you by your employer. Refer to Exclusion of Meals and Lodging in Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad, and Publication 15-B, Employer's Tax Guide to Fringe Benefits for more information.

www.irs.gov/businesses...68,00.html

Look at that link and go from there. No better information than from the IRS.
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ScoutsOut
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Joined: Feb 21, 2007
Posts: 62
Location: Afghanistan
PostPosted: Fri Jun 27, 2008 7:38 am
Post subject: Re: 330 question

OldSoldier71 wrote:
ScoutsOut wrote:
Yes it does.

ScoutaOut, good to see you are still vertical. How goes it, my brother?


What's up, man? PM sent.
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hitman13
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Joined: Apr 11, 2008
Posts: 102
Location: IRAQ
PostPosted: Mon Jun 30, 2008 7:20 am
Post subject: Re: 330 question

Jody, thanks for the link. That explained everything I needed to know about the whole issue. Im not too savvy at reading IRS laws and thats why I had posted this here.

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