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Form 2555-EZ for St. Petersburg Florida: What You Should Know

Complete the Form. 2655. This form shows your earnings, as well as the number of days that you were in the United States during the tax year. Enter all amounts on page 1 of Form 2555. Do not add the amount of foreign earned income excluded from foreign earned income on page 4 of Form 2555. How to Calculate What You're Exempt From The Foreign Tax Credit To determine whether you are currently exempt from the foreign tax credit, include all or the portion of any amount that you withheld on Form W-2 or Form 1040, U.S. Income Tax Return, from which you took an exemption. Use the table below to complete the exemption calculation. The foreign tax credit is a tax deduction intended to offset the tax you've already paid to foreign governments or international organizations. The amount of the credit is based on the number of years that you spent in the U.S. as an FTE, and includes the following: You can't have been a U.S. resident for more than 10 years. 1 All foreign earned income. If you don't have any foreign earned income and have no foreign housing deduction, the exemption is 0. If you have no foreign housing deduction and have no foreign earned income, the amount of the exemption is 100. Use the table below to enter any amounts of foreign tax paid. Amount to enter: Note: You may see the dollar amounts of the exclusions, exemptions, and credits in foreign tax paid. These numbers are rounded to the nearest 0. You will see dollar amounts of the exclusions, exemptions, and credits in the next line. If you entered an amount of foreign taxes withheld on Form W-2, include your foreign tax paid on the first line of Form 2555. Enter the foreign tax paid on form W-2 on line 5 of Form 2555. If you did not enter any foreign tax withheld, do not complete Form 2555. Use the table below to determine if you have the foreign earned income exclusion and the housing deduction. Amount to enter: If you have the foreign earned income exclusion, but not the housing deduction, then you have a foreign earned income exclusion. If you have neither of these exclusions and do not have the foreign housing deduction, you need to figure out if any of your earned income (including any foreign income) is includible in gross income by using Form 8829.

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