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2555 Ez instructions Form: What You Should Know
What if I'm a U.S. citizen? Only a United States citizen is allowed to claim the foreign earned income exclusion. However, anyone can write the exclusion on its own as long as they can produce proof of U.S. nationality. Do I need to pay the tax? To claim the foreign earned income exclusion, file a completed Form 2555-EZ. When do I need to file? You can expect to file Form 2555-EZ by April 15, 2021. Note: If you claim the foreign earned income exclusion, you do not need to file Form 1040. If you file Form 1040 for the taxable year, you only need to file one form. You would have to file one form if you were a nonresident alien. Who needs to file? Both you and your spouse. You can choose any one year to file your tax return. There is no deadline to file. Do I need to file? Yes. For most taxpayers, the total amount of income you earned abroad may not be more than 100,000 (line 15 of Form 2555-EZ). However, if you claimed the foreign earned income exclusion, you may not claim any foreign earned income tax credit on part of your foreign income. The part of your income that qualifies for the foreign earned income tax credit is your first 1,900 or 10% of that amount (whichever is less). When do forms take effect? You need to file your return by April 15, 2023 (the due date for any installment tax due). If you file a Form 1040-NR for the preceding year, you can use Form 2555-EZ in place of Form 1040NR. Is there a penalty for not filing tax returns? There is no penalty for filing Form 2555-EZ for the year of the foreign earned income exclusion. If you do not file the tax return, the IRS will calculate the exclusion and tax the exclusion amount. You may have to file an information return to correct the overpayment.
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