This means that, while taxpayers will no longer be able to deduct foreign real property taxes as an itemized deduction on Schedule A, they still may be able to obtain some benefit by including them as a qualified housing expense on Form 2555
, Foreign Earned Income, page 3, Part VI.
Presence or absence of special Forms or Schedules (Form 2555
, Form 1116, Form 1040 Schedule C, and Form 1040 Schedule F).
Is the Form 2555
exclusion on the federal return equally applicable to a 540NR return?
* Form 2555
. The IRS relies heavily on the information reported in Part I of Form 2555
, Foreign Earned income (including information about tax homes), in deciding whether or not the taxpayer qualifies as a bona fide resident.
7,2014, Redfield filed a delinquent return, which included Form 2555
, Foreign Earned Income, electing to exclude earnings from his work in Afghanistan.
Unless otherwise stated, the statistics reported in this article are based on data compiled from Form 2555
, Foreign Earned Income, Form 2555-EZ, Foreign Earned Income Exclusion, Form 1116, Foreign Tax Credit, and Form 1040, U.S.
The earned income exclusion (3) (Form 2555
, Foreign Earned Income) appeared beneficial.
taxpayers filed Form 2555
, Foreign Earned Income, with Form 1040, U.S.
Answer yes if the taxpayer (and spouse if filing a joint return) is not filing form 2555
or form 255-EZ to exclude from gross income earned in foreign countries or to deduct exclude foreign housing amount.
The election must be made on Form 2555
, Foreign Earned Income, or other comparable form.
income tax before credits 582.8 591.0 752.6 Foreign tax credit 1.6 2.4 4.0 Total foreign income exclusion 10.0 12.5 13.5 Returns with a Form 1116 (3) Foreign-source gross income 11.1 19.6 32.8 Foreign taxes paid 2.8 4.3 6.1 Returns with a Form 2555
(4) Total foreign earned income 12.8 17.9 23.8 Percentage change Item (1) 2001 1987 to 2001 (4) (5) Worldwide income (2) 6,245.1 43 U.S.