Form 2555-EZ

Form 2555-EZ

A simplified form that one files with the IRS to claim a foreign earned income exclusion from U.S. taxation of income earned in a foreign country. One may file Form 2555-EZ (instead of Form 2555) if one's foreign income is less than $92,901 (the maximum amount as of 2011), if one is not self-employed, and if one does not claim deductions for moving expenses or housing.
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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.
These returns had one or more of the following: a foreign tax credit, an attached Form 1116, foreign-earned income exclusion, housing exclusion or housing deduction, or an attached Form 2555 or Form 2555-EZ.
7 percent with an attached Form 2555 or Form 2555-EZ, on delinquent returns for tax years prior to 2011.
An individual who elects the exclusion does so on Form 2555 (or Form 2555-EZ, if the circumstances are simple).
The 2001 data presented in this article are based on a sample of individual income tax returns, Forms 1040, processed during Calendar Year 2002, with either a foreign tax credit, an attached Form 1116, a foreign-earned income exclusion, housing exclusion or housing deduction, or an attached Form 2555 or Form 2555-EZ.
5 percent of the sampled returns with an attached Form 2555 or Form 2555-EZ were for tax years prior to 2001, reported on delinquent returns processed during the 2001 filing period.
The sample was stratified based on: (1) the presence or absence of Form 2555, Foreign Earned Income, Form 2555-EZ, Foreign Earned Income Exclusion, and Form 1116, Foreign Tax Credit; (2) presence or absence of other specific forms or schedules; (3) the larger of positive income or negative income; (4) the size of business and farm receipts; and (5) the usefulness of returns for tax policy modeling purposes.