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Form 2555-EZ California San Bernardino: What You Should Know

The Foreign Earned Income Disputed Credit March 21, 2023 — IRS Form 2555 is required to take advantage of the Foreign Earned Income Exclusion (FEE). Here's what you should know about Form 2555. Understanding IRS 2555 The U.S. income tax system is based on a double taxation relationship. In other words, if you are a U.S. resident and live outside the United States, you'll be taxed on your U.S. income. However, if you are a nonresident of the United States living outside the United States, you may be taxed separately for your worldwide income. This “double taxation” is referred to as the Foreign Earned Income (FEE) Exclusion. This exclusion is usually referred to as “Exclusion” or “Exclusion from U.S. Tax”, but depending on the circumstances, one or both of the terms may be more acceptable to your tax professional. Exclusion from U.S. Tax is the more formal term of the FEE exclusion. It is a tax benefit available to individuals who are residents of foreign countries and who have income that is subject to U.S. tax on a regular basis. Nonresidents who are residents of the United States may also be eligible for the FEE exclusion. For a full list of countries with which the United States has treaties and agreements, see Foreign Income Tax Treaty Database for Individuals. The exclusion applies to both gross income (i.e., amounts not covered by any credits or deductions) and the net income (i.e., the income from sources other than the United States). Qualifying for the FEE Exclusion The FEE exclusion is available to certain U.S. residents (i.e., those who meet one or more of the following criteria). Individual who, in the year of filing, was a citizen or national of the United States, the District of Columbia, or a possession or territory of either. Individuals who are resident in any foreign country and are subject to tax on U.S. financial income should be included in the qualifying category. You can qualify for the FEE exclusion if you meet any of the rules in this section. Individual who, in the year of filing, was a resident of any country as of the day before the year of filing. Individuals who are a resident of a non-U.S. foreign country but are a citizen in the United States should be included in the qualifying category.

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