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Wichita Kansas Form 2555-EZ: What You Should Know

Earned Income Exclusion:      I.E. income from a partnership, partnership, S-Corp, or S-Corporation — must only earn income from US source sources Non-US Sources of Foreign Income I have a Form 2555-EZ from a business that I have engaged to work abroad. What Income do I have to Add? The foreign income exclusion for a U.S. taxpayer is the maximum amount of income that may be excluded. The foreign tax credit that is allowed as a tax deduction is not tax-deductible as a tax for the U.S. However, this does not include a foreign tax credit for the foreign tax paid on dividends paid by U.S. controlled foreign corporations (CFC's). This would include income in the form of interest, dividends, and capital gains arising from US sources. What is the Foreign Earned Income Exclusion? The tax exclusion is the maximum amount of income that may be excluded. The Foreign Earned Income Exclusion is divided into three categories: Foreign source income, i.e. income from US source (such as dividends) Foreign taxable income, i.e. income from non-U.S. sources Foreign property, i.e. income from U.S.-controlled foreign corporations (CFC's) and dividends from U.S. controlled foreign corporations (CFC's) Income from US sources is income that is taxable here under U.S. tax rules. Dividends are from non-U.S. sources and foreign source property is income from US-based CFC's or dividends from US-based CFC's. The foreign source income must be from income not subject to U.S. tax. There is little distinction between earning income from US sources and earning income overseas. The foreign income exclusion only applies to income earned and reported by a U.S. corporation or US entity. The exclusion does not apply to income from a corporation, partnership or S-Corp.  US Dividends Received with Dividends from US CFC's If a U.S. corporation or US entity holds a dividend income or gain (including a gain derived from the sale of foreign bonds) from a qualified U.S.

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