For Paperwork Reduction Act Notice see the Form 1040 instructions. Cat. No. 11900P Form 2555 2015 Page The physical presence test is based on the 12-month period from Enter your principal country of employment during your tax year. Form OMB No* 1545-0074 Foreign Earned Income Department of the Treasury Internal Revenue Service Attach to Form 1040. Information about Form 2555 and its separate instructions is at www*irs*gov/form2555. 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 2 Your occupation Employer s name 4a Employer s U*S* address b Employer s foreign address a A foreign entity b 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 did not previously file Form...2555 or 2555-EZ to claim either of the exclusions check here and go to line 7. c Have you ever revoked either of the exclusions. Yes 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 No 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 does not apply enter NA. If you do not 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 Purchased house Rented house or apartment 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. Rented room 13a Have you submitted a statement to the authorities of the foreign country where you claim bona fide residence that you are not 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. Do not include the income from column d in Part IV but report it on Form 1040. a Date arrived in U*S* 15a b Date left U*S* c Number of days in U*S* on business d Income earned in attach computation List any contractual terms or other conditions relating to the length of your employment abroad* Enter the type of visa under which you entered the foreign...country. Did your visa limit the length of your stay or employment in a foreign country If Yes attach explanation.
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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 2555, first download the form from the Internal Revenue Service (IRS) website or obtain it through an authorized vendor. You can edit the form using pdfFiller, which allows you to easily modify text fields and correct any errors without the hassle of reprinting or requesting a new form. Ensure you save your changes regularly to avoid losing any important information.
How to fill out IRS 2555
Filling out IRS 2555 involves several key steps to ensure accurate reporting of foreign income. Start by gathering necessary information, such as your foreign earned income and residency details. Review each section of the form, entering your data in the designated fields. It is essential to double-check calculations, particularly for exclusions and deductions related to your income to guarantee compliance with IRS requirements.
About IRS 2 previous version
What is IRS 2555?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 2 previous version
What is IRS 2555?
IRS 2555 is a tax form used by U.S. citizens and resident aliens to report foreign earned income and to claim the Foreign Earned Income Exclusion. By filing this form, taxpayers can exclude a certain amount of their foreign earnings from U.S. taxation, providing significant tax relief for those living and working abroad.
What is the purpose of this form?
The purpose of IRS 2555 is to allow eligible taxpayers to exclude foreign earned income from U.S. taxation and to claim the foreign housing exclusion or deduction. This helps to avoid double taxation on income earned outside of the United States and simplifies the tax filing process for expatriates.
Who needs the form?
Taxpayers who reside outside of the United States and earn income from foreign sources must typically file IRS 2555. This includes U.S. citizens or resident aliens working in foreign countries. To qualify for the Foreign Earned Income Exclusion, filers must meet specific requirements regarding their residency status and the nature of their income.
When am I exempt from filling out this form?
You may be exempt from filing IRS 2555 if your foreign earned income is below the exclusion limit defined for the tax year or if you are not claiming the Foreign Earned Income Exclusion or housing exclusion. Additionally, individuals who are bona fide residents of foreign countries may have different filing requirements based on their specific circumstances.
Components of the form
IRS 2555 consists of several sections, including personal information, income earned outside the U.S., housing expenses, and election declarations. Each part gathers information necessary to calculate the eligible exclusions. Ensure that each section is completed accurately to facilitate a smooth filing process.
What are the penalties for not issuing the form?
If IRS 2555 is not filed when required, taxpayers may face penalties, including fines and interest on any unpaid tax. Furthermore, failing to disclose foreign income can lead to an audit and additional scrutiny from the IRS, which can escalate into more serious tax compliance issues.
What information do you need when you file the form?
When filing IRS 2555, you need information such as your foreign earned income, the country or countries you worked in, dates of residency, and any housing costs related to your living abroad. Accurately gathering this data is crucial to successfully claim the foreign earned income exclusion.
Is the form accompanied by other forms?
IRS 2555 is often accompanied by other forms, such as IRS Form 1040, which is the standard individual income tax return. Depending on your situation, you might also include Form 8889 for Health Savings Accounts or other specific forms that apply to your tax situation. Always check the latest IRS instructions for guidance on additional form requirements.
Where do I send the form?
The mailing address for IRS 2555 depends on whether you are filing it with your tax return or if you are sending it separately. Typically, if you are filing electronically, your software will instruct you on submission procedures. If filing by mail, refer to the IRS instructions for the appropriate address based on your location and the type of return you are submitting.
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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