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How to fill 2555-EZ Form: What You Should Know
If you qualify for the 25% foreign earned income exclusion you are then eligible for the foreign earned income exclusion on your foreign earned income. You can claim the foreign earned income exclusion on your foreign income and worldwide included assets. The maximum foreign earned income exclusion is based on: A foreign earned income from U.S. sources The foreign earned income exclusion amount may't be bigger than the qualified income test amount. This includes The maximum annual exclusion amount and The maximum lifetime foreign earned income exclusion. Note: The lifetime foreign earned income exclusion may be higher if your spouse does not have access to the foreign earned income exemption because of the exclusion on international travel. Your gross income is excluded from the foreign earned income exclusion as follows: Foreign income Exclusion amount that is excluded Qualified gross income Foreign earned income exclusion amount You meet either: A foreign earned income from U.S. sources Your foreign earned income may never qualify for the foreign earned income exclusion. Qualified earned income: Your earned income must consist of income which is from all the activities of your trade or business in which you or any of your affiliates are engaged. Qualified earned income can include any: Income or gain from an investment made with funds in any of your accounts. Reasonable capital investment to acquire or to preserve your personal property. Nonqualified earned income: Your earned income must consist of income or gain that qualifies you to be considered permanently established in the United States. Nonqualified earned income may include: Income from your trade or business (investment), provided it is more than 100,000 per calendar year. Losses from the carrying on of any trade or business, except loss sustained by a corporation you controlled at any time during the taxable year. Interest income. If you are not a resident of the United States, your earned income does not need to qualify for the foreign earned income exclusion. Your income can qualify for the foreign earned income exclusion if all the following apply: You are a U.S. expat whose foreign earned income (and worldwide included assets) does not qualify for the foreign earned income exclusion. You can't claim the foreign earned income extrudability and the foreign earned income exclusion and the foreign earned income limitation on your individual foreign tax return. You and at least 1 other U.S. citizen or resident are married, or you claim a qualifying child who is a U.S. citizen or resident.
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