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For the latest information about developments related to Form 2555 and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form2555. What's New Exclusion amount.
Information about Form 2555, Foreign Earned Income, including recent updates, related forms, and instructions on how to file. If you qualify, you can use Form 2555 to figure your foreign earned income exclusion and your housing exclusion or deduction.
Purpose of Form. If you qualify, you can use Form 2555 to figure your foreign earned income exclusion and your housing exclusion or deduction. You cannot exclude or deduct more than the amount of your foreign earned income for the year.
The foreign earned income exclusion is claimed by filling out IRS tax form 2555 and filing it along with your tax return. To accurately complete Form 2555, you must provide comprehensive details regarding your foreign employment and residency status.
Form 2555, known as the Foreign Earned Income Exclusion form, is a critical U.S. tax form for American citizens or resident aliens residing in a foreign country. This form allows you to exclude a specific amount of your foreign earned income from federal income tax.
Form 2555 is used by United States citizens who live and earn income abroad to claim an exclusion for foreign earned income. If you have a foreign employer or foreign-sourced self-employment income, you may qualify for the Foreign Earned Income Exclusion (FEI).
Form 2555 does involve some paperwork, but don’t let that worry you. Let’s take it step by step. The IRS requires proof of your foreign-earned income and your tax home in a foreign country. What this means is that you’ll need to pull together some key documents.