Line 36. Next to the amount on Form 1040 enter Form 2555. Add it to the total adjustments reported on that line. See instructions and attach computation. Next to the amount enter Form 2555. On Form 1040 subtract this amount from your income to arrive at total income on Form 1040 line 22 b line 27 is more than line 43. Go to www.irs.gov/Form2555 for instructions and the latest information. Attachment Sequence No. 34 For Use by U.S. Citizens and Resident Aliens Only Your social security number...Name shown on Form 1040 Part I General Information 1 Your foreign address including country 4a b 2 Your occupation Employer s name Employer s U.S. address Employer s foreign address a A foreign entity A U.S. company c Self Employer is check d any that apply A foreign affiliate of a U.S. company e Other specify 6a If you previously filed Form 2555 or Form 2555-EZ enter the last year you filed the form. b If you didn t previously file Form 2555 or 2555-EZ to claim either of the exclusions...check here and go to line 7. For Paperwork Reduction Act Notice see the Form 1040 instructions. Cat. No. 11900P Form 2555 2017 Page The physical presence test is based on the 12-month period from through Enter your principal country of employment during your tax year. Form Foreign Earned Income Department of the Treasury Internal Revenue Service OMB No* 1545-0074 Attach to Form 1040. Complete the Foreign Earned Income Tax Worksheet in the Instructions for Form 1040 if you enter an amount on...lines 45 or 50. c Have you ever revoked either of the exclusions. Yes No d If you answered Yes enter the type of exclusion and the tax year for which the revocation was effective. Of what country are you a citizen/national 8a Did you maintain a separate foreign residence for your family because of adverse living conditions at your tax home See Second foreign household in the instructions. b If Yes enter city and country of the separate foreign residence. Also enter the number of days during...your tax year that you maintained a second household at that address. List your tax home s during your tax year and date s established* Next complete either Part II or Part III. If an item doesn t apply enter NA. If you don t give the information asked for any exclusion or deduction you claim may be disallowed* Taxpayers Qualifying Under Bona Fide Residence Test see instructions Date bona fide residence began and ended Kind of living quarters in foreign country a Purchased house Rented house...or apartment Rented room Quarters furnished by employer 12a Did any of your family live with you abroad during any part of the tax year. b If Yes who and for what period 13a Have you submitted a statement to the authorities of the foreign country where you claim bona fide residence that you aren t a resident of that country See instructions. b Are you required to pay income tax to the country where you claim bona fide residence See instructions. this part. If you were present in the United...States or its possessions during the tax year complete columns a d below.
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Instructions and Help about IRS 2555
How to edit IRS 2555
How to fill out IRS 2555
Instructions and Help about IRS 2555
How to edit IRS 2555
To edit IRS Form 2555, you can utilize the editor features available in pdfFiller. This platform allows you to modify the document easily, ensuring that all required information is accurate before submission. You can add or remove details and also update any outdated information swiftly.
How to fill out IRS 2555
Filling out IRS Form 2555 involves several steps, which include collecting necessary documentation and accurate details about your foreign earned income and residency status. Here are the key steps:
01
Gather your income statements and records of foreign employment.
02
Determine your residency status in the foreign country.
03
Complete Part I to establish your foreign earned income eligibility.
04
Fill out Part II to claim the foreign earned income exclusion or housing exclusion.
05
Review all entered information for accuracy before submission.
About IRS 2 previous version
What is IRS 2555?
IRS Form 2555 is the “Foreign Earned Income” form used for claiming exclusions of foreign earned income and housing costs from U.S. taxes. U.S. citizens or residents who have earned income abroad must file this form to avoid double taxation on the same earnings.
Who needs the form?
Taxpayers who are U.S. citizens or resident aliens that earn income while residing in a foreign country typically need to file Form 2555. If your foreign earned income exceeds a certain exclusion amount, you should file this form to claim the exclusion properly.
Components of the form
The form's key components include sections for personal information, income earned abroad, declarations regarding residency, and calculations for exclusions. Accurately providing information in these sections is crucial for determining your eligibility for tax benefits.
What information do you need when you file the form?
When filing Form 2555, you need details about your foreign income, the duration of your stay abroad, and information regarding any tax treaties that may apply. Additionally, past tax returns and current residency documentation may be necessary to substantiate your claims.
Where do I send the form?
The submission of IRS Form 2555 should align with the filing address for your annual tax return. Generally, U.S. citizens living abroad should mail their completed forms to the appropriate IRS address designated for international taxpayers to ensure proper processing.
What is the purpose of this form?
The primary purpose of IRS Form 2555 is to allow eligible taxpayers to report foreign earned income and claim the Foreign Earned Income Exclusion. This helps prevent U.S. citizens living overseas from being taxed on the same income by both the U.S. and the foreign country of residence.
When am I exempt from filling out this form?
Exemptions from filing Form 2555 occur if your foreign earned income is below the exclusion limit or if your only income is derived from U.S. sources. Additionally, if you do not meet the bona fide residence or physical presence tests, you may not need this form.
What are the penalties for not issuing the form?
Failing to file IRS Form 2555 when required can result in penalties, including the loss of the foreign income exclusion and potential additional tax liabilities. Taxpayers may also face interest on unpaid taxes. It is essential to file this form correctly to adhere to IRS guidelines.
Is the form accompanied by other forms?
IRS Form 2555 can be accompanied by other forms, such as Form 1040, since it is often integrated into the broader tax return process. Depending on your situation, additional forms may be applicable, such as Form 1116 for foreign tax credits.
FAQ about IRS 2555
What should I do if I realize I've made a mistake on my filed IRS 2555?
If you've made an error on your IRS 2555, you can submit an amended tax return using Form 1040-X to correct it. Ensure that the changes are clearly noted, and reference the year and details of the original IRS 2555 for clarity. It's crucial to respond right away to avoid any potential penalties or delays in processing.
How can I check if my IRS 2555 has been received by the IRS?
To verify if your IRS 2555 has been received, you can use the IRS 'Where's My Refund?' tool if you filed electronically, or contact the IRS directly if you sent it by mail. Keep in mind that processing times can vary, and online inquiries can help you stay updated on the status of your submission.
What are some common errors to avoid when filing IRS 2555?
Common mistakes when filing IRS 2555 include incorrect calculations of foreign earned income, failing to meet the physical presence test, or not attaching necessary documentation. Review your entries carefully and consider using tax software to minimize the risk of errors and ensure compliance with IRS regulations.
Can I e-file my IRS 2555 along with my individual tax return?
Yes, you can e-file your IRS 2555 simultaneously with your individual tax return. Many tax software programs support this process and will guide you through it. However, ensure your software is compatible and meets any technical requirements for e-filing to avoid glitches during submission.
What steps should I take if my IRS 2555 submission gets rejected?
If your IRS 2555 submission is rejected, carefully review the rejection notice for specific error codes. Correct the identified issues and re-submit the form as soon as possible. Retaining evidence of your submission attempts can help if you need to provide clarification to the IRS.
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