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This is my first year filing the 2555 and I want to make sure I got this down correctly:
1) 2555 is completed according to the GROSS revenue (not taxable revenue, correct?)
2) After converting the RMB into USD, based on monthly average ex rate, I put the total income on my 1040 form line 7
3) Since I lost a ton of money in stocks I take the standard $3000 deduction on line 13
4) According to form 2555 I put the (92,900) tax exemption in line 21, then get my total income.
5) Take the standard deduction on line 40, the standard exemption on line 42, then get my taxable income.
6) I pay the taxes according to the tax tables for this remaining balance
FWIW, I cannot claim any housing exclusion because my actual rent+etc. is still less than the 14,864 threshold.
Please tell me if I am missing something critical here. Thanks!