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Who Needs to Use IRS Tax Form 2555?

tax form 2555What is Tax Form 2555?

Tax Form 2555 is an IRS tax form that determines Foreign Earned Income. It is meant for use by U.S. Citizens and Resident Aliens only.
In addition to Tax Form 2555, there is a smaller or “easier” version of this form known as 2555-EZ.

Who Should Use Tax Form 2555?

If you are working and residing in a foreign country (outside of the USA), you may want to use form 2555 when filing your taxes to make the most of the FEIE  (also known as Foreign Earned Income Exclusion).

The Foreign Income Exclusion is for Expats that qualify or meet certain criteria. This exclusion can allow Expatriates to exclude a little over $100,000 of their income from their federal taxes. This is a pretty considerable tax break, and it is often utilized by both long term and short term Expats.


How To Qualify?

In order to receive any of the exclusions or tax benefits of Tax Forms 2555 or 2555-EZ, you will need to pass the Bona Fide Residence Test or the Physical Presence Test.

It’s also important to note that the Foreign Earned Income Exclusions are only designed for income that you personally earned. It is not for other forms of income like interest, capital gains or dividends.

Call Our Orlando Office at (407) 382-6658 to Schedule Your Initial Consultation


What’s Covered in Form 2555?

Tax Form 2555 has 9 major parts or sections. They are as follows:

1. General Information
2. Taxpayers Qualifying Under The Bona Fide Residence Presence Test
3. Taxpayers Qualifying Under The Physical Presence Test
4. All Taxpayers
5. All Taxpayers
6. Taxpayers Claiming the Housing Exclusion and/or Deduction
7. Taxpayers Claiming the Foreign Earned Income Exclusion
8. Taxpayers Claiming the Housing Exclusion, Foreign Earned Income Exclusion, or Both
9. Taxpayers Claiming the Housing Deduction


What’s Covered in Form 2555-EZ?

Tax Form 2555-EZ has 4 major parts or sections. They are as follows:

1. Tests to See if You can Take the Foreign Earned Income Exclusion
2. General Information
3. Days Present in the United States
4. Figure Your Foreign Income Exclusion

Call Our Orlando Office at (407) 382-6658 to Schedule Your Initial Consultation


Download Tax Form 2555

To download Tax Form 2555 from the IRS please visit -> https://www.irs.gov/pub/irs-pdf/i2555.pdf.

To download the “Easy” version (2555-EZ), simply go to -> https://www.irs.gov/pub/irs-prior/f2555ez–2018.pdf.


Get Your Questions Answered

If you have any questions about forms 2555 or 2555-EZ, please be sure to give us a call so that we can help you.

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