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FERM VIL stands for Foreign Earned Income Exclusion Statement of Voluntary Agreement.
U.S. citizens or residents who qualify for the Foreign Earned Income Exclusion are required to file FERM VIL.
FERM VIL can be filled out online on the IRS website or through a tax preparation software. The form requires information on foreign earned income and qualifying housing expenses.
The purpose of FERM VIL is to allow eligible taxpayers to exclude a certain amount of their foreign earned income from taxation in the United States.
Information such as foreign earned income, the foreign country where the income was earned, qualifying housing expenses, and the period of time in a foreign country must be reported on FERM VIL.
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