2011 2555 ez form-2025

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What Is The Purpose Of Form 2555? Form 2555 is used to claim the Foreign Earned Income Exclusion (FEIE). If eligible, you can also use Form 2555 to request the Foreign Housing Exclusion or Deduction. These two exclusions help US taxpayers abroad benefit from huge tax savings.
Complete Form 1040 Line Items Once Form 2555 is completed, the amount of excluded foreign-earned income will transfer to Line 7 of your Form 1040. This reduces your total taxable income by the amount of the exclusion. If you claimed the Foreign Housing Exclusion as well, it will also be included here.
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.
Form 2555 is a tax form that can be filed by US citizens and Green Card Holders who have earned income from outside the United States and Puerto Rico. It is used to claim the foreign earned income exclusion and/or the foreign housing exclusion.
To qualify, the tax must be imposed on you by a foreign country or U.S. possession and you must have paid the tax. Taxes on income, wages, dividends, interest, and royalties generally qualify for the foreign tax credit.
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Form 2555 (Foreign Earned Income Exclusion) calculates the amount of foreign earned income and/or foreign housing you can exclude from taxation. Form 2555-EZ is a simplified version of this form. Heres how to add or remove a Form 2555 or 2555-EZ from your return: Sign in to TurboTax and open or continue your return.
The source of your earned income is the place where you perform the services for which you receive the income. Foreign earned income is income you receive for performing personal services in a foreign country. Where or how you are paid has no effect on the source of the income.

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