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Spokane Valley Washington Form 2555-EZ: What You Should Know

Form 2555 to figure your foreign earned income exclusion and your housing exclusion or deduction (2021).  You cannot exclude or deduct more than the exclusion and deduction provided in the tax table, even if you receive an exclusion amount more than for the calendar year of the exclusion. The following instructions tell you how to use Form 2555. For taxpayers using Form 2555, the exclusion amount is the amount shown under paragraph (a) in section 26(a) of the U.S. Internal Revenue Code. Form 2555 instructions — IRS Amounts shown under section 26(a) of the U.S. Internal Revenue Code are not adjusted for inflation. You cannot include any deduction for foreign housing expenses in determining the amount of foreign earned income. You cannot deduct nonhousing expenses incurred when commuting to the U.S. as a basis for housing expenses. Form 2555 instructions — IRS If you file a joint return with someone who uses Form 2555, the exclusions are calculated using the exclusion amount. If filing a separate return, the exclusions are calculated using the exclusion amount. Form 2555 instructions — IRS In some cases, you may be eligible for additional exclusion amounts. For more information, visit IRS.gov for “Tax Benefits for Taxpayers Filing in Multiple Years” [2017]. 2021. Annual exclusion. If you do not qualify for the foreign earned income exclusion or the housing exclusion, you may be able to exclude up to 102,500 in earnings from foreign sources for the taxable year. If you qualify for the exclusion, attach to Form 1040, Part III, line 21, Schedule A, line 21, or Form 1040, Part II, line 23, Schedule A, line 33. If you are claiming the foreign housing exclusion, attach Form 2555, Foreign Earned Income, to your tax return. If you are claiming the foreign housing exclusion, attach Form 2555-EZ, Foreign Earned Income Exclusion — Foreign Housing Information. You cannot use Form 1040, Part III, line 21, or Form 1040, Part II, line 23, Schedule A, line 33 — line 21 for these exclusions. You can use Schedule C (Form 1040) or Schedule D (Form 1040) for these exclusions.

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