IRS 2555 2015 free printable template

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...

How to fill out IRS 2555

How to fill out IRS 2555

1. Obtain IRS Form 2555 from the IRS website.
2. Fill out Part I, providing your identifying information including name, address, and social security number.
3. Complete Part II by indicating your foreign earned income and the type of foreign income you received.
4. In Part III, specify your foreign tax home information and the number of days you were outside the United States.
5. If necessary, complete Part IV to claim the foreign housing exclusion or deduction.
6. Review all information for accuracy, and ensure all required signatures are completed.
7. Submit the completed form with your tax return or file it separately if applicable.

Who needs IRS 2555?

1. U.S. citizens or residents who earn income while living and working in a foreign country.
2. Individuals who want to claim the Foreign Earned Income Exclusion or the Foreign Housing Exclusion.
3. Taxpayers who qualify based on the physical presence test or the bona fide residence test.

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 needs to file Form 2555?

You need to file IRS form 2555 if you want to claim the Foreign Earned Income Exclusion. The FEIE is available to expats who either: Work outside the U.S. as employees, whether for a U.S. or non-U.S. employer. Work outside the U.S in a self-employed or partner capacity.

What is the foreign earned income exclusion for 2015?

For calendar 2015, the foreign earned income exclusion allows up to US$100,800 of foreign earned income to be excluded from a US citizen's income tax return.

Do I have to file form 2555 every year?

The FEIE is claimed by filing the Form 2555 with the IRS. Once you choose to claim an exclusion, the choice remains in effect for that year and all future years unless it is revoked. However, you need to include the form each year with your tax return in order to claim the benefit of that year.

What is a 2555 form used for?

If you qualify, you can use Form 2555 to figure your foreign earned income exclusion and your housing exclusion or deduction. You cannot exclude or deduct more than your foreign earned income for the year.

What is reported on Form 2555?

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.

Who must file IRS form 2555?

You need to file IRS form 2555 if you want to claim the Foreign Earned Income Exclusion. The FEIE is available to expats who either: Work outside the U.S. as employees, whether for a U.S. or non-U.S. employer. Work outside the U.S in a self-employed or partner capacity.

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What is IRS 2555?

IRS Form 2555 is a tax form used by U.S. citizens and resident aliens living abroad 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 earn income while living outside the United States and wish to exclude a portion of that income from U.S. taxation are required to file IRS Form 2555.

How to fill out IRS 2555?

To fill out IRS Form 2555, you need to provide personal information, details about your foreign residence, information about your foreign earned income, and any qualifying housing expenses. It is important to follow the instructions provided with the form carefully.

What is the purpose of IRS 2555?

The purpose of IRS Form 2555 is to allow eligible U.S. taxpayers to exclude a portion of their income earned abroad from U.S. taxation, thereby reducing their overall tax liability.

What information must be reported on IRS 2555?

IRS Form 2555 requires reporting personal identification details, the dates of foreign residence, total foreign earned income, qualifying housing expenses, and calculations to determine the excluded amounts.