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Form 2555-EZ online WV: What You Should Know
That is, exclude 100,000 from your foreign earned income limit. The rules do not permit you to use the foreign earned income exclusion (to the extent permitted) to reduce your modified adjusted gross income to 75,000 or more for the full year. What Is the Difference Between the Foreign Earned Income Exclusion and the Foreign Tax Credit? For more information, read the following, published by the Internal Revenue Service: Foreign Earned Income Exclusion — IRS How to Use Income from Outside the U.S. for Filing the U.S. Tax Return — IRS The following information covers the use of foreign personal income when filing. Form 2438 — Information for Filing Foreign Tax Returns. Form 2438 is a document required to be filed by a foreign resident or U.S. controlled corporation on the timely filed federal tax return. This form helps you calculate the foreign tax credits and deductions. The credits are a deduction from foreign income to tax equal to the foreign taxes paid. The deductions, which have the tax effect of eliminating the U.S. tax and creating a tax avoidance situation, are in relation to foreign earned income, subject to the limitations specified in the foreign earned, foreign net income, and foreign housing exclusion and exclusion from the foreign earned income exclusion sections. Form 2438 must be filed by the filing due date if you use the foreign earned income exclusion. How do I prepare and file my tax return? You've gone through two separate forms—Form 1040 and 1040A, which are the one-time income tax forms—and your tax information is accurate. However, you have a big tax problem. Your U.S. federal income tax return will be late, and you will owe a tax penalty. Why? You may have been able to claim the foreign earned income exclusion because you have been overpaying U.S. taxes. Or you may have failed to properly deduct the foreign housing exclusion, and you should have reported this on Schedule E. For most taxpayers this will be the source of their tax debt because you were overpaying your U.S. taxes and did not properly claim the foreign earned income exclusion. If this is the case, you will have an added tax liability. There are various ways to deal with the overpayment.
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