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Form 2555-EZ Downey California: What You Should Know

See also: How to Use Form 2555. You can use this form to exclude most of your foreign earned income. However, the United States has an income limitation of 250,000. (You are allowed to exclude 10% of that amount.) So there are two ways you can work this out. Your Income — If you're an individual, you can exclude up to 100,000 of your foreign income from the 250,000 United States income limit. You may not be eligible for the exclusion if: At least half of your total foreign income comes in the form of wages; You are a nonresident alien (individual or U.S. corporation) for tax purposes, and you have a source of income other than wages from more than one “foreign country” (See: Definition of “U.S. country”), such as capital gains or qualified dividends; or In your case your income, including your foreign earned income, is more than a specified limit, generally the amount of foreign income not to be exempt from the U.S. income tax. See: Foreign Earned Income Exclusion. Your Situation — If you or your spouse are a U.S. citizen and have earned more than 75,000 of foreign income, you may be eligible for the FEE. See: Foreign Earned Income Exclusion for U.S. Citizens. You don't need Form 2555 for individual taxpayers, but you do need it to claim the 10 percent foreign tax credit. To claim the 10 percent foreign tax credit, you must claim one of the non-refundable itemized deductions, such as the mortgage interest deduction, if you itemize your deductions on Schedule A. If you're married, you and each spouse must file an individual income tax return and must use the same method of estimating your foreign income as your household itemized deductions and exemptions. If you have to do this, see the instructions for Schedule A below to determine which method to use. (For more information, see: Form 2555 and Form 2555-EZ: U.S. Expat Taxes. You must deduct some of your foreign income in figuring the tax on any amounts you have to pay to the IRS. This is a different tax than the U.S. income tax that you have to pay on all the money you make. This is the Foreign Earned Income Exclusion. See: U.S. Income Tax Basics.

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