Form 2555 – Foreign Earned Income
US citizens who work outside the USA can exclude some of their earnings when filing a US tax return. To qualify for foreign income exclusion, you need to
- Work and reside outside the United States
- Meet the Bona Fide or Physical Presence tests
To apply for foreign income exclusion you will need to file IRS form 2555. There are also a number of other deductions that you can claim, inclusind housing, trips and other.
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{ 2 comments… read them below or add one }
I am a U.S. citizen living in Kuwait. I am living tax-free (IRS Form 2555). IRS agents have told me over the phone that I cannot make any IRA contributions of any kind because of my tax-exempt status. So, should I just let my money sit in my U.S.. bank account, put it under my pillow…or what? How do folks filing Form 2555 plan for retirement?
No CPA or financial advisor has yet been able to answer me. Thank you for anything you can offer!
Ben
Весёлые посты у вас выходят, но они выходят очень не часто