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An important corollary to Couchcamel's comment ("and you can only exclude up to $76,000 of your income") is that you can only contribute to an IRA if your income exceeds the $76,000 credit limit.

From TMF's IRA page:

"Earned income that is excluded from gross income under the Foreign Earned Income rules is not considered compensation for purposes of determining the amount that can be contributed to an IRA."
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