Instructions 2555-2026

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The document provides instructions for U.S. citizens and resident aliens filing Form 2555 to claim foreign earned income exclusions and housing deductions due to the COVID-19 pandemic. It outlines eligibility criteria, including the bona fide residence and physical presence tests, and details on how to apply for waivers of time requirements if affected by adverse conditions. Additionally, it highlights changes in tax regulations for 2019, such as the discontinuation of Form 2555-EZ and increased exclusion amounts.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your complete address in Line 1, including city, state, and country. This is essential for establishing your tax home.
In Part II or Part III, choose either the Bona Fide Residence Test or the Physical Presence Test. Ensure you meet the criteria outlined in the instructions.
For foreign earned income, report all relevant amounts in Part IV. Include wages and any other compensation received for services performed abroad.
Complete Part VI to detail your housing expenses. Be sure to include only reasonable costs that are not lavish or extravagant.
Review all entries for accuracy before submitting your form through our platform, ensuring compliance with IRS guidelines.

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Versions	Form popularity	Fillable & printable
2023	3.8 Satisfied (53 Votes)
2022	4.8 Satisfied (34 Votes)
2021	4.8 Satisfied (77 Votes)
2020	4.3 Satisfied (259 Votes)
2019	4.2 Satisfied (62 Votes)

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Who needs to fill out form 2555?

Who can use Form 2555? You must have foreign earned income and meet one of two residency tests in order to use Form 2555.

What expenses qualify for foreign housing exclusion?

Qualified housing expenses (exclusion) include rent, utilities (except telephone), property insurance, small repairs, and parking fees. To use the exclusion or deduction, your qualified housing expenses must exceed the base housing amount, which is 16% of the FEIE for the year.

Who has to complete form 2555?

If you are working and/or living abroad and meet certain requirements, you may be eligible to use the Foreign Earned Income Exclusion. If you meet the requirements, you can complete Form 2555 to exclude your foreign wages or salary from income earned in the foreign country.

What is the IRS form 2555 used for?

Form 2555. You must attach Form 2555, Foreign Earned Income, to your Form 1040 or 1040X to claim the foreign earned income exclusion, the foreign housing exclusion or the foreign housing deduction.

Who needs to report foreign income?

If you own assets or investments overseas, including offshore bank accounts, you need to declare the relevant returns as if they were in Australia. This may include: interest from bank deposits or bonds. dividends from shares.

Who is not qualified for a foreign earned income exclusion?

Not foreign earned income: Foreign earned income does not include the following amounts: Pay received as a military or civilian employee of the U.S. government or any of its agencies. Pay for services conducted in international waters or airspace (not a foreign country)

How do I know if I am qualified for a foreign earned income exclusion?

To qualify for the FEIE, you must meet all three of these requirements: Your tax home must be in a foreign country. You must have foreign-earned income. You must pass either the Bona Fide Residence Test or the Physical Presence Test.

What is Form 2555 foreign earned income 2024?

Purpose: Form 2555 is used to claim the Foreign Earned Income Exclusion (FEIE), which allows U.S. citizens and resident aliens living abroad to exclude a portion of their foreign earned income from U.S. taxation. For 2024, the exclusion limit is up to $126,500.

Instructions 2555-2026

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