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Printable Form 2555-EZ Shreveport Louisiana: What You Should Know

You can file this form with the IRS or through the service company you used to file your tax return. What Information to Report?  You'll need to report the following information for Form 2555: income from working abroad, The amount of the exclusion; and The basis of the income. What Are the Rules for the Exclusion? The foreign earned income exclusion is a 250,000 income exclusion for married filing jointly, as well as a 100,000 exclusion for single tax filers and a 100,000 exclusion for married, unmarried, non-resident taxpayers. Where Do I Report this Amount? The amount you'll report on Form 2555 depends on which filing status you're in. The general information about working abroad with the U.S. Government can be found to the right. What If I'm in a Foreign Country on my Tax Return? If you're away from your U.S. residence for more than 330 days for any part of the year, you may not qualify for the exclusion, even if you have sufficient foreign earned income.  Foreign Earned Income Exclusion : If you make less than the minimum required foreign earned income amount and are an employee of the U.S. Government or any agency of the U.S. Government, you may be able to exclude a certain percentage of your foreign earned income for a tax year. See Form 2555-EZ. How Is the Exclusion Used? The exclusion is generally for tax years ending after March 4, 2007, without a final return or any amended return. It's limited to the amount of the exclusion that you may elect to claim. See Form 2555 for information on when to and when not to claim an exclusion. The maximum amount you can exclude is the lowest of: The tax imposed by your country on your income, or The amount of foreign earned income you earned with the U.S. Government If you make more than the maximum amount that you can claim, you'd have to pay taxes at that higher rate -- up to that amount for the year. But you wouldn't have to pay tax on your foreign earned income. Foreign Government Repatriation Exclusion: You can't bring back any of your foreign earnings and may not be eligible for the exclusion.

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