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How to calculate foreign income to add to Form 2555? Any social security, retirement plans, health insurance to a foreign country can be deducted from the gross income?

 
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KarenJ2
Expert Alumni

How to calculate foreign income to add to Form 2555? Any social security, retirement plans, health insurance to a foreign country can be deducted from the gross income?

No, you must enter your gross income.

 

Generally, since most foreign pensions aren't qualified plans, employee contributions do not reduce the employee’s taxable US income. UK /US treaty is the only treaty I know of that will, depending on the type of pension, allow you to deduct your pension contribution from your UK wages reported on your US tax return.

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3 Replies
KarenJ2
Expert Alumni

How to calculate foreign income to add to Form 2555? Any social security, retirement plans, health insurance to a foreign country can be deducted from the gross income?

No, you must enter your gross income.

 

Generally, since most foreign pensions aren't qualified plans, employee contributions do not reduce the employee’s taxable US income. UK /US treaty is the only treaty I know of that will, depending on the type of pension, allow you to deduct your pension contribution from your UK wages reported on your US tax return.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

How to calculate foreign income to add to Form 2555? Any social security, retirement plans, health insurance to a foreign country can be deducted from the gross income?

Hello,

If anyone could clarify or have more knowledge on US/France situation, I'd like the feedback. Not even mandatory social charges such as local social security can be deducted from the gross income to report on 2555? Thank you

MaryK4
Expert Alumni

How to calculate foreign income to add to Form 2555? Any social security, retirement plans, health insurance to a foreign country can be deducted from the gross income?

No  you must include all income that you received.

@ali16

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