Get the free Foreign Earned Income Exclusion Form

This form is required for the verification of the Foreign Earned Income Exclusion reported on the 2024-2025 FAFSA. Students and parents need to provide tax information for 2022, including IRS tax transcripts or appropriate returns, to confirm reported foreign income for financial aid processing at UTSA. Submission instructions and priority deadlines for the fall and spring semesters are included.

How to fill out foreign earned income exclusion

How to fill out foreign earned income exclusion

1. Determine your eligibility by checking if you meet the requirements for the foreign earned income exclusion.
2. Fill out IRS Form 2555, Foreign Earned Income, or Form 2555-EZ, if eligible.
3. Complete Part I of Form 2555, providing information about your foreign earnings and time spent abroad.
4. In Part II, claim the foreign earned income exclusion by entering the appropriate income amounts.
5. Complete Part III if you qualify for the housing exclusion by providing the necessary expenses.
6. Submit the form with your tax return to the IRS.

Who needs foreign earned income exclusion?

1. U.S. citizens or resident aliens living and working outside the United States.
2. Individuals who earn income from foreign sources and want to reduce their taxable income.
3. Taxpayers who spend a significant amount of time abroad and meet the physical presence test or the bona fide residence test.

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What is foreign earned income exclusion?

The foreign earned income exclusion allows U.S. citizens and resident aliens living and working abroad to exclude a certain amount of their foreign earned income from U.S. taxation.

Who is required to file foreign earned income exclusion?

U.S. citizens and resident aliens who earn income from foreign sources while living outside the United States are required to file for the foreign earned income exclusion.

How to fill out foreign earned income exclusion?

To fill out the foreign earned income exclusion, taxpayers should complete Form 2555 or Form 2555-EZ and report their foreign earned income and qualifying expenses, ensuring they meet the residency or physical presence test.

What is the purpose of foreign earned income exclusion?

The purpose of the foreign earned income exclusion is to prevent double taxation of income earned abroad by U.S. citizens and residents, thereby encouraging Americans to work and live in foreign countries.

What information must be reported on foreign earned income exclusion?

Taxpayers must report their total foreign earned income, the date they qualified for the exclusion, and details of their foreign address and residency on Form 2555.