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Choosing the foreign earned income exclusion 2025

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Form 2555 is a tax form used by U.S. citizens and resident aliens to report foreign earned income and claim exclusions or deductions related to that income for the tax year 2024. The form requires detailed information about the taxpayer's foreign residence, employment, and income earned abroad, as well as any housing expenses incurred. It includes sections for qualifying under the Bona Fide Residence Test or Physical Presence Test, and provides guidelines for calculating allowable exclusions and deductions.

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What is the 330 days foreign exclusion rule?

You meet the physical presence test if you are physically present in a foreign country or countries 330 full days during any period of 12 consecutive months including some part of the year at issue. The 330 qualifying days do not have to be consecutive.

How does the foreign income exclusion work?

The FEIE allows you to exclude foreign earned income from taxable income. It applies only to earned income, such as wages and self-employment income, and requires meeting either the Physical Presence Test or the Bona Fide Residence Test. However, it does not apply to passive income or eliminate self-employment tax.

Should I use FEIE or FTC?

Expats living in high-tax countries may benefit more from FTC, while those in low-tax countries may find FEIE more advantageous. Those with children may prefer FTC, as FEIE disqualifies them from the refundable Additional Child Tax Credit (ACTC).

How many days can a foreigner stay in the U.S. without paying taxes?

How Many Days Can You Be in the U.S. Without Paying Taxes? The IRS considers you a U.S. resident if you were physically present in the U.S. on at least 31 days of the current year and 183 days during a three-year period.

What does foreign earned income exclusion mean on FAFSA?

➔ Foreign income exclusion. If a U.S. tax filer earns foreign income, part of that income might be excluded from taxable income (using a Form 2555 or 2555EZ). This income counts as untaxed income, so the FAFSA tells the applicant to include the amount from line 43 of Form 2555 or line 18 of Form 2555EZ in Worksheet B.

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What is the foreign income exclusion for 2025?

The FEIE allows qualifying individuals to exclude up to $126,500 of foreign-earned income for the 2024 tax year ($130,000 for 2025).

How much foreign income is tax free in the USA?

However, you may qualify to exclude your foreign earnings from income up to an amount that is adjusted annually for inflation ($107,600 for 2020, $108,700 for 2021, $112,000 for 2022, and $120,000 for 2023). In addition, you can exclude or deduct certain foreign housing amounts.

Which taxpayer potentially qualifies for the foreign earned income exclusion?

A U.S. citizen or a U.S. resident alien who is physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months.

Choosing the foreign earned income exclusion 2025

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