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What Is Form 2555?
Form 2555 is a tax form used by United States taxpayers who qualify for the Foreign Earned Income Exclusion (FEIE). This exclusion allows eligible taxpayers to exclude a certain amount of their foreign income from their taxable income. Taxpayers must file IRS form 2555 with the Internal Revenue Service (IRS) to claim this exclusion.
How To Fill Out Form 2555 Online
Filing form 2555 housing deduction online is a straightforward process that can be completed in a few simple steps. Here's how to do it:
- Determine your eligibility for the Foreign Earned Income Exclusion (FEIE): To qualify for the FEIE, you must meet certain criteria such as being a US citizen or resident alien, having a tax home in a foreign country, and passing either the bona fide residence test or the physical presence test. If you meet these requirements, you can proceed to the next step.
- Get a copy of the form: You can find and fill out the 2555 form for free on the PDFliner website.
- Fill out Part I - General Information: In this section, you should provide your personal information, including your name, address, and social security number.
- Fill out Part II - Qualifying Bona Fide Resident or Physical Presence Test: In this section, you must provide information about the test you are using to qualify for the FEIE. If you are using the bona fide residence test, you will need to provide information about your residence in a foreign country. If you are using the physical presence test, you must provide the dates you were physically present in a foreign country.
- Fill out Part III - Income: In this section, you must provide information about your foreign earned income, including the amounts and sources of your income.
- Fill out Part IV - Deductions: In this section, you must provide information about any deductions you are claiming, such as foreign housing deductions.
- Fill out Part V - Carryover of Excess Limitation: If you couldnt claim the full amount of your FEIE in a previous year, you could carry over the excess to the current year by filling out this section.
- Attach any required supporting documents: Depending on your situation, you may need to attach additional documents to support your claim for the FEIE. For example, if you are claiming a foreign housing deduction, you will need to provide documentation to support your claim.
- Submit your completed Form 2555 to the IRS: You can submit your completed Form 2555 online using the IRS e-file system or mail it to the appropriate IRS address.
What Should Form 2555 Include
Form 2555 should include information about your foreign income, as well as any taxes you may have paid to foreign governments. Here are some of the items that you will need to include on the limit on housing expenses form 2555:
- Personal Information: At the top of Form 2555, you'll need to provide your name, address, and Social Security number.
- Income Information: You'll need to report your total foreign earned income for the year, as well as any housing allowances or exclusions you may be claiming.
- Foreign Taxes Paid: If you paid taxes to a foreign government on your foreign earned income, you can claim a credit for those taxes on your US tax return. You'll need to report the amount of foreign taxes paid on Form 2555.
- Exclusions: If you qualify for any exclusions, such as the Foreign Earned Income Exclusion or the Foreign Housing Exclusion, you'll need to provide details on Form 2555.
- Carryover of Exclusions or Deductions: If you couldn't claim the full amount of your foreign earned income exclusion or housing exclusion or deduction for the year, you may be able to carry over the unused portion to the next year.
When to Request Form 2555
Here are some situations in which you may need to file Form 2555:
- You are a US citizen or resident alien working abroad: If you are a US citizen or resident alien and you are working abroad, you may be eligible for the FEIE. To claim this exclusion, you must file Form 2555 with the IRS.
- You are a nonresident alien with US income: If you are a nonresident alien with income from US sources, you may still be able to claim the FEIE if you meet certain requirements. To claim this exclusion, you must file Form 2555 with the IRS.
- You have foreign earned income and are claiming other deductions: If you have foreign earned income and are claiming other deductions, such as foreign housing deductions, you must file Form 2555 with the IRS to claim these deductions.
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Fillable online Form 2555