Is Form 2555 mandatory?
You need to file IRS form 2555 if you want to claim the foreign earned income exclusion. You can claim an exclusion for income you earned abroad if you qualify under the bona fide residence test or the physical presence test and if you have a foreign tax home.
What is US tax form 2555?
Form 2555. Form 2555 shows how you qualify for the bona fide residence test or physical presence test, how much of your foreign earned income is excluded, and how to figure the amount of your allowable foreign housing exclusion or deduction.
Is there a Form 2555 for 2019?
Form 2555-EZ. Beginning with tax year 2019, all taxpayers will be required to use the Form 2555 to claim the foreign earned income exclusion. The Form 2555-EZ will no longer be available to make the election to exclude foreign earned income and the foreign housing cost amount.
How do you qualify for Form 2555?
Filing Taxes for 2018 or Before? See If You Qualify for Form 2555-EZ
- You must have been physically present in a foreign country for at least 330 days in a 12-month period.
- You must be a US citizen or resident alien.
- You must have earned less than $103,900 in 2018 of wages in a foreign country.
Does TurboTax do 2555?
Yes – TurboTax supports filing Form 2555, Foreign Earned Income, to calculate your foreign earned income exclusion and foreign housing exclusion or deduction.
What is the IRS Form 2555?
IRS Form 2555 is the Foreign Earned Income Exclusion form. The form is used primarily by Expats who meet the IRS Foreign Earned Income Exclusion.
Who needs to file Form 2555?
At its most basic level, IRS Form 2555 is an optional foreign income tax document for people who have earned substantial income from international employers. The Form 2555 is used to calculate foreign earned income, and deduct certain expenses such as international housing.
Do I need to file for Form 2555?
No, you will not need to file Form 2555 related to the Foreign Earned Income Exclusion if you are not eligible to take this exclusion. Therefore when reporting your foreign-sourced income, you would only use Form 2555 if you meet the Bona Fide Residence Test or Physical Presents Test (if you or your spouse is a U.S. citizen or resident alien who is either bona fide resident of that foreign country for the entire calendar year or who was physically present in a foreign country or countries
How do I file a 2555?
How do I file a 2555? IRS Form 2555 can be found on the IRS website. You will need to submit this form to the IRS along with your Form 1040. The IRS estimates that Form 2555 will take a non-tax specialist 2.5 hours to complete. The Form 2555 instructions however are eleven pages long. The instructions provide detailed answers for a variety of situations.
