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Get Information About Form 2555ez And Its Separate Instructions Is At Www - Irs
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How to fill out the information about Form 2555EZ and its separate instructions
Filling out Form 2555EZ can help individuals exclude certain foreign earned income from their taxable income. This guide will provide you with a clear, step-by-step approach to filling out this form efficiently and accurately.
Follow the steps to complete Form 2555EZ online.
- Click ‘Get Form’ button to obtain the form and open it in the editor.
- Provide your name as shown on Form 1040 and your social security number in the appropriate fields.
- Indicate that you meet the criteria to use this form by ensuring you are a U.S. citizen or resident alien, have earned wages/salaries in a foreign country, and your total foreign earned income is $100,800 or less.
- Complete Part I by answering the questions regarding the Bona Fide Residence Test and Physical Presence Test. Include dates where required.
- In Part II, enter your foreign address, occupation, and employer details, including their addresses. Specify if the employer is a U.S. business, foreign business, or other.
- If applicable, answer questions regarding past filings of Form 2555 or 2555-EZ and any previous revocations of the foreign earned income exclusion.
- Complete Part III if you were present in the U.S. during the relevant tax year, providing dates and income earned while in the U.S. on business.
- In Part IV, calculate your foreign earned income exclusion using the lines provided. Be sure to enter the totals accurately and reflect the appropriate calculations based on your qualifying period.
- Finally, review all entries for accuracy, and then proceed to save changes, download, print, or share the completed form as needed.
Complete your Form 2555EZ online today to ensure your foreign earned income is accurately excluded from your taxable income.
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The maximum foreign earned income exclusion amount is adjusted annually for inflation. For tax year 2019, the maximum foreign earned income exclusion is the lesser of the foreign income earned or $105,900 per qualifying person. For tax year 2020, the maximum exclusion is $107,600 per person.
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