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The exclusion is an election. Taxpayers may claim the exclusion only if they file IRS Form 2555 or Form 2555-EZ. The form must be attached to a timely filed U.S. Individual Income Tax Return (IRS Form 1040) for the first year of election, or an amended timely filed return. IRS regulations allow the election with late-filed returns in some cases ...
Here are some key points to take away for the 2025 tax year, per the Internal Revenue Service (IRS): ... You must not have to file a Form 2555-EZ, Form 2555 or Foreign Earned Income.
The Form 1040EZ ("easy form"), Income Tax Return for Single and Joint Filers With No Dependents, was the simplest, six-section Federal income tax return, introduced in 1982. Its use was limited to taxpayers with taxable income below $100,000 (as of tax year 2016 [update] ) who take the standard deduction instead of itemizing deductions and have ...
Cannot file Form 2555, Foreign Earned Income. For tax year 2024, the EITC ranged in value from $632 to $7,380. For 2025, you can earn between $649 and $8,046. ... 20% or even 50% of the amount you ...
In other words, the housing amount must be deducted from the total foreign earned income to arrive at the excludable amount for foreign earned income exclusion purposes. Lastly, to choose the housing exclusion, Form 2555 is the only form allowed and must be completely filled out. Form 2555-EZ cannot be used to claim the foreign housing exclusion.
Here’s a checklist the IRS used to determine qualifying use of Form 1040EZ: You file your income tax return with a status of single or married filing jointly. Your taxable income is $100,000 or ...