IRS 2555 2020 free printable template

Form2555Foreign Earned IncomeDepartment of the Treasury Internal Revenue Service OMB No. 154500742020 Attach to Form 1040 or 1040SR. Go to www.irs.gov/Form2555 for instructions and the latest information.

How to fill out IRS 2555

How to fill out IRS 2555

1. Obtain IRS Form 2555 from the IRS website or your tax software.
2. Fill out your identifying information at the top of the form, including your name, Social Security number, and the tax year.
3. Indicate your foreign address if applicable in Part I.
4. Specify your tax home and describe your foreign employment in Part II.
5. Complete the Physical Presence Test or the Bona Fide Residence Test, depending on your situation, in Part III.
6. Calculate your foreign earned income exclusion by filling out Part IV.
7. Transfer the calculated exclusion to your 1040 tax return.
8. Review the completed form for accuracy, and sign and date it.

Who needs IRS 2555?

1. U.S. citizens and resident aliens who reside and work abroad and wish to claim the foreign earned income exclusion.
2. Taxpayers who qualify under the Bona Fide Residence Test or Physical Presence Test.
3. Individuals who have foreign income and want to avoid double taxation.

Instructions and Help about IRS 2555

This video discusses form 2555 and the foreign earned income exclusion first we will briefly go over the requirements to claim the exclusion, and then we will review the form line by line to simplify the video we will not be going over the housing deduction which is generally applicable to self-employed individuals if you are a US citizen or an u.s. resident alien living in a foreign country you are subject to the same US income tax laws that apply to citizens and residents living in the United States however if you meet certain requirements you may be able to exclude up to a hundred and two thousand one hundred dollars of foreign earned income for 2017 you qualify for the foreign earned income exclusion if you have foreign earned income you meet the tax home test, and you meet either the bona fide residence test or the physical presence test foreign earned income generally means income you earn from services you performed in a foreign country where the employer is located and where the payment is made are not relevant to determine if the income is foreign income the term foreign country does not include u.s. possessions US...

People Also Ask about

Who qualifies for foreign earned income exclusion?

A U.S. citizen or a U.S. resident alien who is physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months.

What is form 2555 EZ vs 2555?

Form 2555 (Foreign Earned Income Exclusion) calculates the amount of foreign earned income and/or foreign housing you can exclude from taxation. Form 2555-EZ is a simplified version of this form.

What is form 2555-EZ?

If you're an expat, the Form 2555-EZ Foreign Earned Income Exclusion (FEIE) allows you to exclude $107,600 of foreign earned income from your 2020 U.S. expat taxes and $105,900 from your 2019 expat taxes. Each year, the FEIE goes up to take inflation into account.

What are forms 2555 and 2555-EZ used for?

Form 2555 shows how you qualify for the bona fide residence test or physical presence test, how much of your foreign earned income is excluded, and how to figure the amount of your allowable foreign housing exclusion or deduction.

What is form 1116 and form 2555?

Form 2555 - Foreign Earned Income, used by taxpayers to claim the foreign-earned income exclusion, housing exclusion, and housing deduction. Form 1116 - Foreign Tax Credit, used by taxpayers to claim a credit against U.S. income tax liability for income taxes paid to a foreign jurisdiction.

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What is IRS 2555?

IRS Form 2555 is a tax form used by U.S. citizens and residents to report foreign earned income and to claim the foreign earned income exclusion and the foreign housing exclusion.

Who is required to file IRS 2555?

U.S. citizens and resident aliens who have foreign earned income and meet certain requirements, including the physical presence test or the bona fide residence test, are required to file IRS 2555.

How to fill out IRS 2555?

To fill out IRS 2555, taxpayers should gather information about their foreign earned income, the location of their tax home, and any housing expenses. They then follow the instructions provided by the IRS for completing each section of the form, ensuring accurate data entry for income exclusions and deductions.

What is the purpose of IRS 2555?

The purpose of IRS Form 2555 is to allow qualifying U.S. taxpayers to exclude a certain amount of their foreign earned income from U.S. taxation, and to exclude qualified housing expenses from their taxable income.

What information must be reported on IRS 2555?

The information that must be reported on IRS 2555 includes the taxpayer's identification details, the foreign earned income amount, the date the taxpayer first qualified for the foreign earned income exclusion, housing expenses, and the location of the taxpayer's foreign tax home.