foreign income

(economics) Income earned from work performed in another country.
(U.S.) Income earned by U.S. citizens from work performed in another country. Under the Tax Reform Act of 1976, the amount of annual income that can be excluded from taxable income by U.S. citizens working abroad was reduced from $20,000 (in some cases from $25,000) to $15,000. Foreign employees of U.S. charitable organizations are able to exclude $20,000 each year.

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