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Form 2555-EZ for Thornton Colorado: What You Should Know

The Earned Income Credit is a tax credit provided to an individual and family. You must not file Form 1040, Form 1040X, or Form 2555, as your primary source of income and must be listed in Part B of Form 1040X, as your qualifying child, elderly or disabled parent for the credit (or spouse or a qualifying member of your dependent's family for the credit if you're filing jointly and are age 65 or older). Forms 2555 and 2555-EZ must be filed on your income tax return and have Form 1040X as your qualifying child/disabled parent in addition to a Form 1040, 1040X, or 1040EZ. You can claim the earned income credit to claim the earned income exclusion (FEE) if you satisfy all the following conditions: your earned income for the tax year is over the FEE amount 107,600 (for purposes of this deduction only), you are a U.S. citizen resident abroad, and you can file a return for that tax year on Form 1040, but don't include it on Schedule A, Part II. If you are not a U.S. citizen, resident abroad, or have a qualifying relationship (such as a qualifying child), you may still be able to take the earned income credit, but the following will be required: you must have earned income, you must have been a U.S. citizen under age 21 during the calendar year of the year in which you earned the income, and you must file a return on Form 1040 or 1040X. If you are not an authorized representative filing a Form 1040X or a Form 2555, you must use Forms 2555-EZ instead, as they are for use with the FEE. The income you have earned under these two programs is taxable to you, even if you've moved to another state and have paid income taxes to others in the state. To claim the earned income exclusion, you must enter the amount of the income on Form 2555, so you can calculate your credit. To claim an FEE to reduce your tax for some state or local taxes, you will use Forms 1040 and 1040X to report income you may have paid to others, rather than report the amount of your income.

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