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Printable Form 2555-EZ Fulton Georgia: What You Should Know

You cannot claim the earned income credit if you file Form 2555 or Form 2555-EZ, but you may still be able to get the foreign earned income exclusion. You will only need the foreign earned income exclusion if you are an international taxpayer, even if you have no U.S. income. The following table lists the income you must file as a foreign worker or resident alien. Form 2555 and Form 2555-EZ apply only in the case of an individual who meets the earned income requirements. (If you meet the requirements for foreign earned income, you do not need to file a tax form at all. The tax benefit is not available.) Earned Income Credit If you have more than one qualifying child, you might be able to take a credit for the income from all of your qualifying children. This would be a nonrefundable credit, so if you qualify, you cannot take the earned income credit yourself. If you did not meet the earned income requirements or the foreign earned income tests for all of your qualifying children, you can claim your deduction for the income from the children you claimed as a dependent. You do not have to claim the income of any children who never received any of the income you claimed for them. Qualifying Child You must be sure your children meet the requirements. The rules determine if your children meet the requirements. The child must be physically present in the U.S. at least half of their weekdays and the child must meet the physical presence test.  You cannot claim a dependent deduction for the income in excess of the amount you claim on your tax return. The income must be earned domestically.  Examples of qualifying children include your: 1.  Student with a bachelor's degree (or equivalent) 2.  Business Partner of a bachelor's degree who makes at least 50% of your business income. 3.  Student who resides in a foreign country in which you have an arm's length business relationship, such as a contract, partnership, or corporation. Amount Exceeding Earned Income Limit on which you Can Claim a Deduction If you meet the requirements, but the earned income or foreign earned income from qualifying children exceeds this amount, you may benefit from the foreign earned income exclusion by deducting the excess as a deduction on line 27 of Form 2555.

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