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Form 2555-EZ online Davenport Iowa: What You Should Know

Foreign earned income is taxable in the country from which earned income is derived. You may be able to exclude the foreign income if it exceeds a certain threshold. If you are a U.S. citizen, or are able to claim a foreign earned income exclusion, you must fill out Form 2555-EZ, which includes a section called Part II, and attach it to your tax return. However, you can't claim this credit on your federal income tax return. How much foreign earned income is included on your federal income tax return? Most income that is earned abroad, such as income you earn through foreign employment, may be excluded from your gross income and will not contribute to your taxable income. The general rule is this: your adjusted gross income (AGI) minus certain deductions, if any, can't exceed certain limits. These limits vary from federal tax year to federal tax year. For tax purposes, your AGI plus those items can't exceed the foreign earned income exclusion (EIE) of 50% of your U.S. gross income, not including foreign housing benefits. If you can't claim a foreign earned income exclusion, but you meet the limits and must fill out Form 2555-EZ, you might need to figure that part of your tax bill yourself. You also might want to read IRS Publication 505, Foreign Tax Credit Handbook, which gives further information on the EIE and the foreign housing exclusion. Here are some practical steps to be sure you're getting the most out of form 2555-EZ. If you can't claim a foreign earned income exclusion, but you meet the limits and must fill out Form 2555-EZ, you might need to figure that part of your tax bill yourself. First, you should fill out Form 2555-EZ. Do this before October 15, if filing your tax return for the current tax year, or before January 15, if filing for the prior tax year. Second, you should also figure the tax on that part of your tax return that includes your foreign earned income. For taxes paid on October 15, 2016, you have to file Form 1040NR. For taxes paid on January 15, 2017, you have to file Form 1040NR-EZ. Do all of this as soon as possible, because you usually will have to make all or part of the refund.

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