Need a CPA for Foreign Earned Income and who deals with K-1

[Evan Loader]

I have a somewhat unique situation where for all of 2019 I earned my W-2 income overseas(in Bahrain) is working as a civilian defense contractor supporting the US Navy. I will qualify for the Foreign Earned Income Exclusion(FEIE) for the maximum allowed amount since I earned significantly more than the max amount. I will have been overseas for the minimum 330 days out of 365 to qualify for the exclusion. (Once I finish here in Bahrain I'll have 333 days overseas). 

I also am invested in 2 separate real estate multifamily syndications(1 is a private 2 property syndication in Georgia and the other is a single apartment property in Kentucky). So I will be receiving a K-1 from both sponsors. 

I know there are CPAs out there that specialize in expat tax services, but are there any here that do and also specialize in K-1? I would consider Turbotax if it was the FEIE only, but combined with the K-1 I want to hire a professional. Plus Intuit fees and e-file fees for state forms for Turbotax are now so high it makes sense to hire a professional anyway. This is the only year I will be using the FEIE as I am taking a permanent position back in the US in Connecticut starting in early January. I will have W-2 income and the K-1 only. Thanks in advance. 

[Paul Allen]

Originally posted by @Evan Loader:

I have a somewhat unique situation where for all of 2019 I earned my W-2 income overseas(in Bahrain) is working as a civilian defense contractor supporting the US Navy. I will qualify for the Foreign Earned Income Exclusion(FEIE) for the maximum allowed amount since I earned significantly more than the max amount. I will have been overseas for the minimum 330 days out of 365 to qualify for the exclusion. (Once I finish here in Bahrain I'll have 333 days overseas). 

I also am invested in 2 separate real estate multifamily syndications(1 is a private 2 property syndication in Georgia and the other is a single apartment property in Kentucky). So I will be receiving a K-1 from both sponsors. 

I know there are CPAs out there that specialize in expat tax services, but are there any here that do and also specialize in K-1? I would consider Turbotax if it was the FEIE only, but combined with the K-1 I want to hire a professional. Plus Intuit fees and e-file fees for state forms for Turbotax are now so high it makes sense to hire a professional anyway. This is the only year I will be using the FEIE as I am taking a permanent position back in the US in Connecticut starting in early January. I will have W-2 income and the K-1 only. Thanks in advance. 

A word of caution: The FEIE is never as good as you think it will be. If you were there for 333 of 365 days (indicating you are qualifying under the physical presence test), then you will not get the maximum exclusion. You will get 333/365 (91.23%) of the maximum exclusion. Also, the excluded income is excluded at your lowest tax rates such that all remaining income is taxed at your highest marginal rate. And finally, while the excluded income escapes federal income tax, it is still subject to payroll taxes.

The FEIE is a fantastic tax break if you can get it, but I find many people have unrealistic expectations about it. Have a shawarma and enjoy the views!