You'll need to sign in or create an account to connect with an expert.
No, you will not need to file Form 2555 related to the Foreign Earned Income Exclusion if you are not eligible to take this exclusion.
Therefore when reporting your foreign-sourced income, you would only use Form 2555 if you meet the Bona Fide Residence Test or Physical Presents Test (if you or your spouse is a U.S. citizen or resident alien who is either bona fide resident of that foreign country for the entire calendar year or who was physically present in a foreign country or countries for at least 330 full days during any period of 12-consecutive months) and you are trying to claim an IRS - Foreign Earned Income Exclusion.
Otherwise you would include any foreign income (in USD) on line 21 of your 1040. You enter this income under Federal Taxes> Wages and Income>I'll choose what I work on (jump to full list)> scroll down to "Less Common Income"> Miscellaneous Income (start/revisit/update)> Other reportable income (start/revisit/update) enter this information here as foreign source income and the amount (see screenshot)
If you paid any foreign taxes on this income, you would be able to take a Foreign Tax Credit on your US tax return.
No, you will not need to file Form 2555 related to the Foreign Earned Income Exclusion if you are not eligible to take this exclusion.
Therefore when reporting your foreign-sourced income, you would only use Form 2555 if you meet the Bona Fide Residence Test or Physical Presents Test (if you or your spouse is a U.S. citizen or resident alien who is either bona fide resident of that foreign country for the entire calendar year or who was physically present in a foreign country or countries for at least 330 full days during any period of 12-consecutive months) and you are trying to claim an IRS - Foreign Earned Income Exclusion.
Otherwise you would include any foreign income (in USD) on line 21 of your 1040. You enter this income under Federal Taxes> Wages and Income>I'll choose what I work on (jump to full list)> scroll down to "Less Common Income"> Miscellaneous Income (start/revisit/update)> Other reportable income (start/revisit/update) enter this information here as foreign source income and the amount (see screenshot)
If you paid any foreign taxes on this income, you would be able to take a Foreign Tax Credit on your US tax return.
You would still qualify using a period of February 2015 to February 2016. If you do not want to use the exclusion for those 2 months, you have to revoke it (assuming you used in before).
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
cnhowardcell
Returning Member
epb140
New Member
CCrain
Level 1
cjdistura
New Member
whiteashley442
New Member