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Video instructions and help with filling out and completing Form 2555-EZ
Music 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 a 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 2022 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 territories Antarctica or international waters you must actually be in a foreign country or in the country's territorial waters or airspace earn income does not include income from pensions or annuities income is an employee of the United States government or certain deferred payments such as income that is received after the year after the services were performed for example if services are performed in 2022 and payment is received in 2022 the payment received in 2022 cannot qualify for the exclusion these deferred payments sometimes occur with the payments of bonuses so we just discussed the first requirement having foreign earned income the second requirement is the tax home tests to meet the tax home tests your tax home must be in a foreign country or countries throughout your period of bona fide residence or physical presence your tax home is your regular or principal place of business employment or post of duty regardless of where you maintain your family residence if you don't have a regular or principal place of business because of the nature of your trade or business your tax home is your regular place of abode the place where you regularly live there is a special rule however that says you aren't considered to have a tax home in a foreign country for any period during which your abode is in the US the classic example of having an abode in the u.s. is an offshore oil rig worker who works a 28-day on 28-day off schedule returning to his or her family residence in the US during the off periods this oil rig worker would be considered to have an abode in the US and would not beat the tax home test so having a foreign tax home was the second requirement.