IRS Form 2555 Foreign Earned Income

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Instructions for IRS Form 2555 Foreign Earned Income

What Is IRS Form 2555?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury. Check the official IRS-issued instructions before completing and submitting the form.

FAQ

Q: What is IRS Form 2555?
A: IRS Form 2555 is a form used by US citizens or residents to declare and exclude their foreign earned income from US taxation.

Q: Who needs to file IRS Form 2555?
A: US citizens or residents who have earned income from working abroad and meet certain requirements need to file IRS Form 2555.

Q: What is foreign earned income?
A: Foreign earned income refers to income earned from working abroad, including wages, salaries, and self-employment income.

Q: What are the requirements to qualify for the foreign earned income exclusion?
A: To qualify for the foreign earned income exclusion, you must meet either the bona fide residence test or the physical presence test.

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 entire tax year.

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 in a 12-month period.

Q: Can I claim both the foreign earned income exclusion and the foreign tax credit?
A: No, you can only choose to claim either the foreign earned income exclusion or the foreign tax credit for the same income.