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Foreign earned income exclusion Form: What You Should Know
Foreign Earned Income Exclusion, Form 2555 If you're an eligible individual, this tax return contains instructions for filing and paying the foreign earned income exclusion, in addition to Form 2555, the tax form used to claim income based deductions. When you file Form 2555, make sure to: Claim the exclusion for the years you want it to apply to; File the appropriate Form 1040 and Schedule F (Form 1040NR) electronically using the online service; For more information, visit our free tax guide on the FEE. If you use an IRS Form 1040EZ or IRS Form 1040NR, do not file Form 2555. If you are self-employed, it's important that you know that the tax code does not provide a foreign earned income exclusion, but you can exclude certain amounts from income. The tax code doesn't apply if: You're a student or trainee; or you plan to travel away from the United States for 1 full calendar year. When you pay income taxes in foreign countries, you must pay taxes on all earned or taxable international income. You may also have to pay taxes on income that you were unable to exclude on your U.S. tax return because of the following: The foreign country doesn't recognize the Social Security number you used for income tax purposes; The IRS isn't notified that you were an alien or the IRS determines this information is not in its records; You're asked to furnish supporting tax returns to prove that you are an eligible individual; Foreign tax credits do not apply when claiming the foreign earned income exclusion. To claim the foreign earned income exclusion, complete the forms shown below: Tax Forms For Claiming the Exclusion or Deduction for FEE Form 2555 — Foreign Earned Income Exclusion, Part I — Form 2555, U.S. Tax Return, Part I The Form 2555 form you used to claim the foreign earned income exclusion and foreign housing exclusion must be filed every year to keep your FEE status. You can file it electronically using the online service or print it and sign and mail it to yourself. The form must be filed by Jan. 31, and you must keep all supporting documents with the form. FEE Exclusion and Exclusion of Interest: Form 2555 — Form 2555, U.S. Tax Return Part I Form 2555 Part II — Form 2555, U.S.
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