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Exclusion amount. For 2011 the maximum exclusion has increased to 92 900. 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 your foreign earned income for the year. You may be able to use Form 2555-EZ Foreign Earned Income Exclusion if you did not have any self-employment income for the year your total foreign earned i...

How to fill out 2555 instructions

How to fill out 2555 instructions:

1. Gather all necessary information such as your personal details, income, and tax documents.
2. Read through the instructions carefully to understand the requirements and eligibility criteria.
3. Begin by providing your name, social security number, and other identifying information in the appropriate sections.
4. Follow the instructions to report your foreign earned income, foreign housing expenses, and any exclusions or deductions you may be eligible for.
5. Fill out the necessary schedules and forms according to the instructions provided.
6. Double-check all the information provided and ensure accuracy before submitting the form to the appropriate tax authority.

Who needs 2555 instructions?

1. U.S. citizens or resident aliens who have earned income from foreign sources.
2. Individuals who qualify for the foreign earned income exclusion and/or the foreign housing exclusion or deduction.
3. Taxpayers who need to accurately report their foreign income and determine their tax liability for filing purposes.

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What is 2555 instructions?

The 2555 instructions pertain to the Foreign Earned Income form (Form 2555) issued by the Internal Revenue Service (IRS) of the United States.

Who is required to file 2555 instructions?

Individuals who have foreign earned income and meet certain residency requirements may be required to file the 2555 instructions.

How to fill out 2555 instructions?

To fill out the 2555 instructions, you need to accurately report your foreign earned income, foreign housing expenses, and provide other relevant information as specified by the IRS.

What is the purpose of 2555 instructions?

The purpose of the 2555 instructions is to calculate and report any foreign earned income exclusion and/or foreign housing exclusion or deductions that may be applicable to reduce your tax liability.

What information must be reported on 2555 instructions?

On the 2555 instructions, you must report your foreign earned income, qualifying days of residency, foreign housing expenses, and any other required information as instructed by the IRS.