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Form 2555-EZ online Bakersfield California: What You Should Know
On this form, you can exclude the foreign earned income of certain individuals and partnerships. If you can use some other form of the foreign earned income exclusion, use that instead. Here's why you should claim the exclusion: You want your U.S. taxes to be similar to the taxes you would pay if you earned most of your income from your job, without having to pay foreign tax If you have to pay more tax for foreign income, then you can deduct the difference in your U.S. tax, saving money There are many situations in which you can claim this exclusion, depending on the amount of income you exclude for tax purposes. It is important to note, though, before we begin, that you still have to pay taxes on the foreign income. You can claim this exclusion if your combined income is less than 107,600. The 107,600 level applies to single filers filing alone, joint filers filing as married filing separately, heads of household, and married couples filing a joint return. For more information, see our article on the Foreign Earned Income Exclusion (FTE) (Part I). You can also claim the foreign earned income exclusion if: You've lived abroad for a certain period of time (at least 183 days during the year) and your worldwide income for the year from all sources (including income from sources outside the United States) exceeds 107,600 You live and work out of your home or office in a foreign country for a certain period of time. This is called an “excludable period,” or simply “exclusion.” The exclusion begins on your return for the year in which the exclusion period starts and ends. For example, if you lived and worked out of a foreign country for 183 days, only 63 days of that time could be claimed as an exclusion period. However, if all of your income is from abroad, and you were a U.S. citizen, resident alien, or green card holder who lived and worked in the United States, your exclusion period could run through the full year—all years (including the period during which you lived out of the country). You cannot take the exclusion if you are a resident (or “immediate relative”) of a foreign country. Immediate relatives include your spouse, your parent, and your child (under age 21) if you file a joint return with that person. Here's an example to show how a U.S.
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