Instructions for IRS Form 2555 Foreign Earned Income

IRS Form 2555 Foreign Earned Income

This document contains official instructions for IRS Form 2555 , Foreign Earned Income - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 2555 is available for download through this link.

FAQ

Q: What is IRS Form 2555?
A: IRS Form 2555 is a tax form used by taxpayers who have foreign earned income and want to claim the foreign earned income exclusion.

Q: Who needs to file IRS Form 2555?
A: Taxpayers who have foreign earned income and meet the eligibility requirements for the foreign earned income exclusion may need to file IRS Form 2555.

Q: What is the foreign earned income exclusion?
A: The foreign earned income exclusion is a tax benefit that allows eligible taxpayers to exclude a certain amount of their foreign earned income from their taxable income.

Q: How do I determine if I am eligible for the foreign earned income exclusion?
A: To be eligible for the foreign earned income exclusion, you must meet either the physical presence test or the bona fide residence test.

Q: What is the physical presence test?
A: The physical presence test requires you to be physically present in a foreign country or countries for at least 330 full days during a 12-month period.

Q: What is the bona fide residence test?
A: The bona fide residence test requires you to be a bona fide resident of a foreign country for an uninterrupted period that includes a full tax year.

Q: How do I claim the foreign earned income exclusion on IRS Form 2555?
A: You can complete the relevant sections of IRS Form 2555 to calculate and claim the foreign earned income exclusion.

Q: Are there any other requirements or limitations for claiming the foreign earned income exclusion?
A: Yes, there are additional requirements and limitations for claiming the foreign earned income exclusion, such as the foreign housing exclusion or deduction and the overall limit on the exclusion amount.

Q: When is the deadline for filing IRS Form 2555?
A: The deadline for filing IRS Form 2555 is usually the same as the deadline for filing your federal income tax return, which is April 15th of each year.