Form Foreign Earned Income Exclusion 2555-EZ Department of the Treasury Internal Revenue Service 99 OMB No. 1545-0074 Attach to Form 1040. Next to the amount enter 2555-EZ. On Schedule 1 Form 1040 subtract this amount from your additional income to arrive at the amount reported on. Cat. No. 13272W Form 2555-EZ 2018 Page Days Present in the United States Complete this part if you were in the United States or its possessions during 2018. A foreign business. Other specify If you previously filed...Form 2555 or 2555-EZ enter the last year you filed the form. If you didn t previously file Form 2555 or 2555-EZ check here and go to line 11a. Have you ever revoked the foreign earned income exclusion. See instructions. Be sure to include this amount on Form 1040 line 1. Caution If the amount on line 17 is more than 103 900 don t file this form. You must file Form 2555 instead. days on Schedule 1 Form 1040 line 21. Complete the Foreign Earned Income Tax Worksheet in the Instructions for Form...1040 if you enter an amount on line 18. Go to www*irs*gov/Form2555EZ for instructions and the latest information* Attachment Sequence No* 34A Your social security number Name shown on Form 1040 You May Use This Form if You Part I Are a U*S* citizen or a resident alien* Earned wages/salaries in a foreign country. Had total foreign earned income of 103 900 or less. See line 17. Are filing a calendar year return that covers a 12-month period. Don t have self-employment income. And You Don t have...business/moving expenses. Don t claim the foreign housing exclusion or deduction* Tests To See if You Can Take the Foreign Earned Income Exclusion Bona Fide Residence Test Were you a bona fide resident of a foreign country or countries for a period that includes an entire tax year See instructions. If you answered Yes you meet this test. Fill in line 1b and then go to line 3. b Enter the date your bona fide residence began and ended see instructions a Yes. Physical Presence Test Were you...physically present in a foreign country or countries for at least 330 full days during 2018 or. any other period of 12 months in a row starting or ending in 2018 Fide Residence Test above. b The physical presence test is based on the 12-month period from through No General Information 4 Your foreign address including country 6 Employer s name b c 10a d 11a Tax Home Test. Was your tax home in a foreign country or countries throughout your period of bona fide residence or physical presence...whichever applies. 5 Your occupation 7 Employer s U*S* address including ZIP code 8 Employer s foreign address Employer is check any that apply A U*S* business. List your tax home s during 2018 and date s established* b Of what country are you a citizen/national For Paperwork Reduction Act Notice see the Form 1040 instructions. d Income earned in U*S* on business attach computation c Number of days in U*S* on business b Date left U*S* a Date arrived in U*S* Figure Your Foreign Earned Income...Exclusion Maximum foreign earned income exclusion Enter the number of days in your qualifying period that fall within 2018 Did you enter 365 on line 14 Yes.
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Instructions and Help about IRS 2555-EZ
How to edit IRS 2555-EZ
How to fill out IRS 2555-EZ
Instructions and Help about IRS 2555-EZ
How to edit IRS 2555-EZ
Editing IRS 2555-EZ can be crucial for ensuring accuracy before submission. Utilize a tool like pdfFiller, which allows for easy editing of tax forms. Simply upload the completed form and make necessary adjustments before saving or downloading the updated version.
How to fill out IRS 2555-EZ
Filling out the IRS 2555-EZ involves several steps. First, gather all relevant documentation including proof of foreign earned income and residence. Then, complete the form by following these steps:
01
Enter your personal information including your name and taxpayer identification number.
02
Document your foreign earned income and specify the country where it was earned.
03
Fill in dates indicating your foreign residency period.
04
Calculate the exclusion amount using the designated worksheet incorporated within the form.
05
Sign and date the form before submitting it to the IRS.
Latest updates to IRS 2555-EZ
Latest updates to IRS 2555-EZ
Stay informed about the IRS 2555-EZ by checking for updates from the IRS website. Updates can impact eligibility criteria or filing instructions. For example, changes to the maximum exclusion amount are typically announced annually.
All You Need to Know About IRS 2555-EZ
What is IRS 2555-EZ?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
Due date
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
All You Need to Know About IRS 2555-EZ
What is IRS 2555-EZ?
IRS 2555-EZ is a simplified tax form for claiming the Foreign Earned Income Exclusion. It is designed for U.S. citizens or resident aliens who work abroad and meet specific criteria. This form allows eligible filers to exclude a certain amount of their income earned outside the United States from U.S. income tax.
What is the purpose of this form?
The primary purpose of IRS 2555-EZ is to help expatriates and foreign workers avoid double taxation on income earned abroad. By using this form, qualifying applicants can effectively reduce their taxable income, making it a beneficial tool for many Americans living overseas.
Who needs the form?
Individuals who need IRS 2555-EZ are typically those who have foreign earned income and meet the physical presence test or the bona fide residence test. To qualify, a taxpayer must have earned income overseas and reside in a foreign country for the required period as defined by the IRS.
When am I exempt from filling out this form?
You are exempt from filling out IRS 2555-EZ if your foreign income does not exceed the exclusion limits set by the IRS or if all your foreign earnings are reportable under other income streams such as wages from U.S. employers. Additionally, those without foreign earned income are also exempt.
Components of the form
IRS 2555-EZ includes several key components: personal information fields, income reporting sections, deductions, and a calculation worksheet for the exclusion. Accurate completion of each component is critical to ensure proper processing and to maximize benefits under the tax code.
Due date
The due date for submitting IRS 2555-EZ coincides with the regular tax return deadline, typically April 15 of the tax filing year. However, expats may qualify for automatic extensions, which can alter your due date to October 15.
What are the penalties for not issuing the form?
Failure to file IRS 2555-EZ when necessary can result in a variety of penalties. The IRS may impose fines for late filings or for incorrect reporting of income. Additionally, missed opportunities for foreign income exclusion may lead to an increased tax bill, thus underscoring the importance of accurate submissions.
What information do you need when you file the form?
When filing IRS 2555-EZ, you will need information such as your foreign earned income amounts, the tax year you're filing for, and dates of residence abroad. Keeping accurate records of your earnings, including pay stubs and statements from foreign employers, is essential for accurate reporting.
Is the form accompanied by other forms?
Normally, IRS 2555-EZ can be filed alongside Form 1040, the standard U.S. individual income tax return. It is recommended to check for any additional forms required based on your specific tax situation, especially if you have other income or deductions to report.
Where do I send the form?
Where to send IRS 2555-EZ depends on whether you are filing a paper return or an electronically filed one. Paper filers should send the completed form to the address specified in the form instructions, usually to the IRS service center corresponding to their state of residence. For electronic filing, the form is submitted along with Form 1040 through approved e-filing software.
FAQ about IRS 2555-EZ
What should I do if I realize I made a mistake after filing IRS 2555-EZ?
If you've already filed your IRS 2555-EZ and discover an error, you should prepare to amend the form. You can create a corrected version and submit it as an amended return. Ensure that you clearly mark it as amended, and it’s wise to include an explanation of the changes. Keeping records of all forms submitted will help in the event of any follow-up.
How can I track the status of my IRS 2555-EZ submission?
To verify the receipt and processing of your IRS 2555-EZ, you can use the IRS's e-file tracking tools. If you submitted electronically, check the confirmation email for acknowledgment. Common issues include rejection codes, which you can typically rectify and re-submit without penalties if addressed promptly.
What privacy measures are in place for the information I provide in IRS 2555-EZ?
The IRS implements robust data security protocols to protect personal information provided in forms like IRS 2555-EZ. Record retention guidance suggests keeping copies for a specific period. Always ensure your submissions comply with privacy standards to safeguard your information.
Are there any common errors to watch out for when submitting IRS 2555-EZ?
Yes, common errors include incorrect personal details, mismatched income amounts, and missing signatures. Double-checking all entries before submission can help avoid these mistakes. It's advisable to consult certain guidelines to clarify complexities and ensure accuracy.
What should I do if I receive a notice from the IRS after filing IRS 2555-EZ?
Receiving a notice from the IRS after filing your IRS 2555-EZ warrants immediate attention. Review the notice carefully, gather necessary documents, and respond within the stipulated timeframe. You may need to provide documentation to support your filings; consulting a tax professional can be beneficial.
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