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Overland Park Kansas Form 2555-EZ: What You Should Know

You have been assessed foreign earned income.  See FEE for further details.  See U.S. Overseas Income in the 1040-ES and its Instructions for a list about foreign tax credit and other tax information relating to tax on foreign earned income.  In the 1040-ES it may be possible to exclude up to 100,000 of foreign earned income (see section 3 of Form 8879-EZ).  You are entitled to an exclusion of 100,000 for any year if you claimed the foreign earned income exclusion for that year, and you didn't  qualify as a dependent on someone else's returns. However, there is no exclusion for foreign investment income for which you received a waiver under section 121 or for which you can exclude as an adjustment to gross income under section 911.  Under section 1042(g), the exception for the foreign tax credit for foreign earned income isn't available to the foreign investor if the foreign investor is a U.S. citizen, resident or estate of a U.S. citizen.  Foreign Earned Income Deduction for U.S. Citizens and Resident Aliens — How to Use It Nov 30, 2023 — Here are the details on the foreign earned income deduction for U.S. citizens and resident aliens on their federal income tax form (Form 1040). You have to itemize deductions on Form 1040.  You can't deduct foreign expenses on your Form 1040, including expenses paid by a foreign person or foreign government (so the interest paid on foreign debt of U.S. citizens and resident aliens). If you itemize your deductions, you can't take the foreign earned income deduction unless you itemize your deductions on Form 3829 or your federal income tax return for the year of the foreign expenses. Form 8938-EZ is used for tax years ending after June 6, 2021, when you need to complete one Form 2555-EZ for each foreign earned income exclusion on Form 4684.  Form 2555-EZ allows the foreign investment income of an owner to be offset against the U.S. source income tax, and vice versa. It's important to know that you can't claim a foreign earned income exclusion, but you can claim the foreign tax credit.

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