Purpose of Form If you qualify, you can use Form 2555 to figure your foreign earned income exclusion and your housing exclusion or deduction. You cannot exclude or deduct more than the amount of your foreign earned income for the year.
Do you have to file Form 2555?
You must attach Form 2555, Foreign Earned Income, to your Form 1040 or 1040X to claim the foreign earned income exclusion, the foreign housing exclusion or the foreign housing deduction. Do not submit Form 2555 by itself.
Do I have to file foreign earned income?
If you are a U.S. citizen or a resident alien, your income is subject to U.S. income tax, including any foreign income, or any income that is earned outside of the U.S. It does not matter if you reside inside or outside of the U.S. when you earn this income.
What does it mean to file Form 2555-EZ?
A simplified form that one files with the IRS to claim a foreign earned income exclusion from U.S. taxation of income earned in a foreign country.
What do you need to know about FEIE Form 2555?
Form 2555 is the Foreign Earned Income Exclusion (FEIE). This form allows you to claim the Foreign Earned Income and Foreign Housing Exclusion. You’ll need to prove yourself as an American expat that you qualify for the exclusions.
What to know about Form 2555, foreign earned income?
About Form 2555, Foreign Earned Income. If you qualify, you can use this form to figure your foreign earned income exclusion and your housing exclusion or deduction. You cannot exclude or deduct more than your foreign earned income for the year.
Do you have to have a bona fide residence to file Form 2555?
You meet either the bona fide residence test or the physical presence test (discussed later). However, see COVID-19 Emergency Relief, later. Note. Income from working abroad as an employee of the U.S. Government does not qualify for either of the exclusions or the housing deduction. Don’t file Form 2555. Tax home test.
