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Printable Form 2555-EZ Wichita Falls Texas: What You Should Know
It's called the foreign earned income exclusion because the exclusion benefits U.S. citizens and residents only, not foreign owned corporations or partnerships. You must live or work in the United States to use this form.) If you are a resident or nonresident alien living in the United States, you are a foreign person. This means you are subject to U.S. income tax, at graduated rates, on any income you earn from whatever source. This includes a fair market value of foreign-sourced income when it's being taxed. If you are a nonresident alien whose only income is from U.S. sources, you are treated as having income from whatever source for U.S. tax purposes, regardless of how its source is earned. There are several ways you can earn income to use the foreign earned income exclusion. To calculate your earned income for the foreign earned income exclusion, you must include the following amounts with your income for the year: any foreign-source income you earn through an employer or by the performance or conduct of activities carried on by an employer, any foreign- earned income from property held for investment or to carry on a trade or business, and Any foreign-sourced income that you report to the IRS on Form 1040 or Form 1040A. For more information about this exclusion, see Pub. 463. A married couple filing a joint federal income tax return and qualifying children in the same family filing status do not take into account the foreign earned income exclusion amount when calculating their incomes. However, you do take into account the foreign earned income exclusion amount when you figure your adjusted gross income. Foreign earned income exclusion for residents of Canada and Mexico If you are a resident of Canada or Mexico, you are a foreign person. A married couple filing a joint federal income tax return and qualifying children in the same family filing status do not take into account the foreign earned income exclusion amount when calculating their incomes. However, you do take into account the foreign earned income exclusion amount when you figure your adjusted gross income. A person is a resident of Canada or Mexico only if he or she resides permanently or temporarily outside the United States. A foreign person living or conducting business in Canada or Mexico may be a Canadian or Mexican or, if an individual, a U.S. citizen or resident alien. Because of the U.S.
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