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Who needs 2555-EZ Form: What You Should Know

The physical presence test provides a way to get around the physical presence tests under section 71 in foreign tax credits. Read our¬†article about how an expat in the US under U.S. tax law can work around this ‚Äúphysical presence test‚ÄĚ. You won't qualify for the exclusion if you only have your U.S. home if you have a U.S.¬† Home Rule exemption for domestic trust income¬† The section 74(d) foreign earned income exclusion only applies to income that you have brought back to the US in a reasonable period of time prior to the filing Of course,¬† a tax home test is needed because the foreign earned income exclusion (or foreign housing exclusion) takes money that you earned in another foreign country and taxes it at the foreign tax rate. To qualify for an exclusion for the foreign earned income exclusion, you must satisfy one (1) of the following tests: Income from sources within the United States. Income earned in a foreign country which you use, or may use, in your United States trade or business. You cannot get a foreign earned income exclusion if you don't have income and assets in a foreign country where you can use the money in your US trade or business as long as it does not come back to the US in a reasonable period of time.¬† If the foreign earned income exclusion is larger than your foreign tax credit, you are still eligible for your full foreign tax credit. An expat who is resident in a foreign country and has lived in the US for less than 5 years can get a credit only if he or she meets one¬† (1) Qualifying residence test. The qualifying residence test is a set of tests designed to determine whether an expat reasonably can be considered a ‚Äúresident‚ÄĚ with respect to a particular¬† nation in the United States (and, in some cases, the US).¬† Generally, you must have lived in the foreign country for a minimum of 10 months over the 10 consecutive tax years before you can qualify for the foreign earned income exclusion, regardless of the number of years you have lived¬†within the United States. The qualifying home test is a set of tests designed to determine whether an expat has been granted a ‚Äútax home‚ÄĚ or home rule exemption for foreign earned income.

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