holding USA green card, if i work oversea in HK, do I have $80,000 tax exemption?

Question

holding USA green card, if i work oversea in HK, do I have $80,000 tax exemption? If yes, is this $80,000 exemption applicable for each of the married couple (me and my wife), or
applicable for joined oversea income from both us.

Answer 1

There is no longer an exemption from foreign income, the rules have changed in 2006.

Previously, the first $80,000 of foreign income was exempt for taxpayers meeting certain foreign residency requirements.

Starting with the 2006 tax year, foreign income will be taxed at the tax rate corresponding to total income. Then, the tax on the first $82,400 of income will be subtracted. This results in a higher tax bracket for foreign income than before 2006, when the first $80,000 of foreign income was exempt from income tax.

Computation of foreign income is done for each individual regardless of filing status.

Answer 2

It's for each of you, but only if you file a timely return AND meet other criteria.

Get a copy of IRS Pub 54 from the IRS website for full details.