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Form 2555-EZ online DE: What You Should Know

Form 1040 and Form 1040A. These forms show foreign source income of taxpayers and foreign source deductions of U.S. taxpayers. Form 2555-EZ Foreign Earned Income Exclusion — Tax Prof and  Form 2555-EZ If you are filing Form 2555 under the foreign earned income exclusion, and you have been granted a reduction back to 20,450, you can't use Form 2848 to reduce it further. Instead, see below for details. If You Qualify for the Foreign Earned Income Exclusion If you are eligible to take the foreign earned income exclusion, you do not have to complete and file Form 2555. If you are eligible to take the foreign earned income exclusion but need less than or equal to the amount specified in the tables below, you cannot use Form 2848 to reduce it further. Instead, you can claim the amount on Form 1040, line 28, under “Other Income of the taxpayer.” For purposes of this paragraph, “qualifying U.S. source income” means the following and must be reported on Form 1040, line 28(c). Dividends, interest, or rent payments from, or property sold to, a U.S. source. Rent of residential real property, including the cost of land, improvements, and the value of any improvements to a dwelling. In addition, if you are not a U.S. citizen or resident, you may also be eligible for one of the foreign earned income exclusions under the following conditions. If you are a full-year resident of a foreign country, or are a dual citizen of a foreign country and one of the 50 United States or the District of Columbia; (a) you have income from worldwide employment and a U.S. source is your country of residency or your country by citizenship; or (b) you have income from non-taxable wages from an employer that meets the requirements set forth in the instructions. The following are the criteria for determining if you qualify for the foreign earned income exclusion under these exceptions. You are a resident of a non-U.S. country and the U.S. source income is non-taxable wages that are reported in boxes (a)(1), (2), (3), (5), or (8) of U.S. tax returns for the taxable year or were included in a foreign tax credit under section 543(d)(8)(G) of the Internal Revenue Code.

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