Next to the amount on Schedule 1 Form 1040 line 36 enter Form 2555. Add it to the total adjustments to income reported on line 36. See instructions and attach computation. 21. Next to the amount enter Form 2555. On Schedule 1 Form 1040 subtract this amount from your additional income to arrive at the amount reported on Schedule 1 Form 1040 line 22. 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 2018 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 line 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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How to fill out IRS 2555
Instructions and Help about IRS 2555
How to edit IRS 2555
To edit IRS 2555, you can use pdfFiller, which offers tools to easily make adjustments or corrections to the form. Ensure all changes are saved and clearly reflect your current tax situation. After editing, review the form to confirm that all information matches your documentation.
How to fill out IRS 2555
To fill out IRS 2555 accurately, follow these steps:
01
Download the IRS 2555 form from a reliable source or access it through pdfFiller.
02
Gather necessary documentation, including details of foreign income and foreign tax credits.
03
Complete each section of the form with accurate data, following the IRS instructions for clarity on each line.
04
Review the completed form for any errors or omissions before submission.
05
Submit the form alongside your tax return or as per IRS guidelines.
About IRS 2 previous version
What is IRS 2555?
IRS 2555, also known as the Foreign Earned Income Exclusion form, is utilized by U.S. citizens and resident aliens who earn income in foreign countries. This form allows eligible taxpayers to exclude a certain amount of foreign-earned income from their taxable income, thus reducing their overall U.S. tax liability.
Who needs the form?
U.S. citizens and resident aliens who have foreign earned income and meet specific requirements such as the physical presence test or the bona fide residence test need to file IRS 2555. Additionally, if you are claiming the foreign housing exclusion or deduction, you must also complete this form.
Components of the form
IRS 2555 is divided into several key sections, including Part I, which determines your eligibility for the foreign earned income exclusion, and Part II, which is used to calculate the exclusion amount. Additionally, Part III addresses foreign housing amounts that can be excluded or deducted. Each part requires detailed information about your foreign income and residence status.
How many copies of the form should I complete?
Generally, you need to submit one copy of IRS 2555 with your tax return. Keep a copy for your records. If you file electronically, the software will guide you in submitting the form accurately.
What information do you need when you file the form?
When filing IRS 2555, you need specific information, including your total foreign earned income, the dates of your foreign residence, and any applicable foreign tax credits or deductions. Additionally, documentation supporting your residence and income may be necessary to substantiate claims made on the form.
Where do I send the form?
The filing location for IRS 2555 depends on how you file your tax return. If filing by mail, refer to the IRS instructions for the specific address based on your residence and whether you're including a payment with your return. If filing electronically, follow the prompts in your tax software for submission.
What is the purpose of this form?
The primary purpose of IRS 2555 is to provide a means for qualifying U.S. taxpayers to exclude foreign earned income from their taxable income. This exemption helps mitigate the double taxation that can occur when individuals are taxed on the same income by both the U.S. and a foreign country.
When am I exempt from filling out this form?
You are exempt from filling out IRS 2555 if you do not have foreign earned income or if your foreign income does not exceed the allowable exclusion limit set by the IRS. Other scenarios include not meeting the residency requirements or if you are already utilizing the Foreign Tax Credit with Form 1116.
Due date
IRS 2555 must be filed by the tax return due date, which is typically April 15 for most taxpayers. However, if you file for an extension, be sure to submit the form by the extended deadline, usually October 15.
What payments and purchases are reported?
IRS 2555 does not specifically report payments or purchases. Instead, it focuses on reporting foreign earned income and qualifying expenses associated with housing. Ensure you accurately detail your foreign income to maximize your potential exclusions.
What are the penalties for not issuing the form?
Failing to file IRS 2555 when required can lead to penalties, which may include the loss of the foreign earned income exclusion and additional taxes owed. There may also be failure-to-file penalties that accrue if the form is not submitted by the due date.
Is the form accompanied by other forms?
IRS 2555 may be accompanied by Form 1040 or Form 1040-SR when filing your annual U.S. tax return. If you are also claiming foreign tax credits, you may need to file Form 1116 alongside IRS 2555 for a comprehensive tax submission.
FAQ about IRS 2555
What should I do if I need to correct a mistake on my IRS 2555 after submission?
If you discover an error on your submitted IRS 2555, you should file an amended form, specifically Form 2555-A, to correct it. It's important to explain the corrections clearly and send it to the IRS as soon as possible to avoid potential penalties.
How can I track the status of my IRS 2555 submission?
To track the status of your IRS 2555, you can use the IRS online tool for checking the status of your refund or call the IRS directly. Be sure to have your details ready, including personal information and any confirmation numbers to expedite the process.
Are there special considerations for filing IRS 2555 for non-residents?
Non-residents filing IRS 2555 must ensure they meet specific criteria related to foreign earned income and may need to provide additional documentation. It’s advisable to consult a tax professional familiar with international tax laws to navigate this process correctly.
What common errors should I avoid when filing IRS 2555?
Common errors include miscalculating foreign earned income, failing to meet physical presence or bona fide residence tests, and not attaching required documentation. Reviewing the instructions thoroughly before submission can help mitigate these mistakes.
What are the technical requirements for e-filing the IRS 2555?
When e-filing your IRS 2555, ensure you are using compatible tax software that supports the form and verify that your internet browser is up-to-date. Also, keep your documents secure and accessible during the filing process to avoid technical issues.
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