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Form 2555-EZ for Waterbury Connecticut: What You Should Know
Form 2555-EZ is a separate tax return that you can fill out in one place to include any information required for both foreign earned income exclusion and foreign housing exclusion. To qualify for a foreign earned income exclusion, you must have earned income in a foreign country and must have lived in the foreign country for at least 330 full days during the 12-month period ending with the date of the foreign income tax return (or if a Form 1040 or a Form 1040A or 1040EZ has been filed by the person claiming foreign housing exclusion, the date of the tax return). A foreign housing exclusion applies to a taxpayer living overseas who does not have U.S. citizenship and has earned income in the United States within the preceding 12 months. The amount of income that qualifies depends on your filing status. A married couple filing jointly with no children is entitled to one additional child tax credit (not to exceed 1,000) for each qualifying child. However, the number of allowances that may be claimed is limited to 2,000 allowances per tax year for all taxpayers. For example, a married couple filing jointly with three children could claim one additional child tax credit for a total benefit of 1,600 for all three kids. A married couple filing jointly who had no children could claim only 2,000 allowances for a total of 2,000. If you have the ability to perform substantial services for a foreign country as well as live in the country for 183 days of the tax year, you may be able to qualify for the foreign housing exclusion by showing the foreign earned income exclusion and the foreign housing exclusion has no minimum residency requirements. This form is available from the U.S. Treasury's Office of Foreign Assets Control (OFAC) website at. Form 2555-EZ: U.S. Expat Taxes — Community Tax If you're a working American, you need to file taxes no matter where you live. IRS Form 2555-EZ can be used by qualifying taxpayers. If you are subject to U.S. income tax by the IRS and you live in a foreign country with a tax treaty that allows the United States to treat your earnings more favorably than generally available to Americans, you may qualify for a reduced foreign tax credit.
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