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Community Forums › News and General Discussions Forum › Money and Finance Forum › 330 question |
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330 questionAdvice 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 Contributing Member


Joined: Apr 11, 2008 Posts: 102 Location: IRAQ
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Posted: Wed Jun 25, 2008 7:34 am Post subject: 330 question |
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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
_________________ "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


Joined: Feb 21, 2007 Posts: 62 Location: Afghanistan
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Posted: Wed Jun 25, 2008 7:40 am Post subject: Re: 330 question |
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Yes it does.
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OldSoldier71 Top Operator!


Joined: Aug 11, 2006 Posts: 903 Location: New Jersey, Iraq, Africa, Mexico, Kuwait, Afghanistan, Walt Disney World.
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Posted: Wed Jun 25, 2008 10:18 am Post subject: Re: 330 question |
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| ScoutsOut wrote: |
| Yes it does. |
ScoutaOut, good to see you are still vertical. How goes it, my brother?
_________________ To really live, you have to nearly die.
The unwanted, doing the impossible, with next to nothing, for the ungrateful. -Afghanistan 2009-2011
RIP Carey Robinson, KIA 28AUG2006, Iraq.
He died for me and I killed 'em back for him.
Site Manager, Camp Phoenix
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PanaVet SA-Moderator


Joined: Sep 30, 2005 Posts: 1419 Location: CONUS for now
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Posted: Wed Jun 25, 2008 12:07 pm Post subject: Re: 330 question |
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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.
_________________ Don't make me use UPPERCASE!
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MattVonB Contractor


Joined: Oct 01, 2007 Posts: 81 Location: The GunShine State
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Posted: Thu Jun 26, 2008 3:06 am Post subject: Re: 330 question |
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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.
_________________ Through '66 and 7, they fought the Congo war
With their fingers on their triggers, knee deep in gore
For days and nights they battled the Bantu to their knees
They killed to earn their living and to help out the Congolese
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Jody SA-Moderator


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


Joined: Feb 21, 2007 Posts: 62 Location: Afghanistan
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Posted: Fri Jun 27, 2008 7:38 am Post subject: Re: 330 question |
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| 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 Contributing Member


Joined: Apr 11, 2008 Posts: 102 Location: IRAQ
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Posted: Mon Jun 30, 2008 7:20 am Post subject: Re: 330 question |
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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.
_________________ "Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety." - Ben Franklin
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