Form 2555 EZ Fill in Version Foreign Earned Income Exclusion

Instructions and help about Form 2555 EZ Fill in Version Foreign Earned Income Exclusion

okay for this video tutorial i wanted to cover the irs form 2555 which is a foreign earned income form and this is generally used with your 1040 to claim the foreign earned income exclusion okay so i have the form in front of us and then i have a slide here with some background information on the form itself and who can qualify and then the fact pattern we're going to use so i'm going to run through this first and then we'll jump back to the form so what is the foreign earned income exclusion well if we go to the tax code in section 911 it states that a qualified individual can exclude from their gross income the foreign earned income of such individual and the housing costs amount of such individual now of course there are there are limits on these amounts every year and it's adjusted generally every year for inflation so in 2021 the amount of foreign earned income you could exclude is up to 108 thousand seven hundred dollars okay now the reason this is important is because u s taxpa