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Form 2555 for the Foreign Income Exclusion

What is Form 2555

For U.S. expatriates who live and work in a foreign country, the IRS provides substantial tax savings by allowing you to exclude a significant portion of your foreign earned income from U.S. taxation on IRS Form 2555. If you have your tax home in a foreign country and satisfy the requirements of the physical presence or the bona fide residence test, then you may be eligible to claim the exclusion. To do so, however, you must file a tax return on Form 1040 and attach it to your tax return.

Form 2555 Instructions

The main purpose of IRS Form 2555 is for the IRS to evaluate whether you qualify for the foreign earned income exclusion by requiring answers to probing questions that relate to the physical presence and bona fide residence tests. Part I of IRS Form 2555 requires some basic personal information such as where you live and work in the foreign country. As you progress through the form, you will notice that you only need to fill out either Part II or Part III, depending on whether you qualify for the foreign earned income exclusion under the physical presence or bona fide residence test. Therefore, you should become familiar with the requirements of each test before sitting down to prepare IRS Form 2555. Because expatriate tax returns are fairly complex, you should consider finding a qualified expatriate tax accountant to complete IRS Form 2555 for you.

Form 2555 Physical Presence and Bona Fide Resident Tests

As an expatriate, you should understand the difference between the physical presence and bona fide resident requirements for the foreign exclusion. Under the physical presence test, the IRS only requires that you be in the foreign country for a total of 330 days during a consecutive 12-month period. However, to qualify for the exclusion using the bona fide residence test, the IRS requires you to maintain a residence in the foreign country for an entire calendar year. Once you determine which test to use, you can then focus on either Part II or Part III of the IRS Form 2555.