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990-pf due date Form: What You Should Know
Form 2555, Foreign Earned Income, the foreign earned income exclusion and the foreign housing exclusion to reduce your U.S. tax and other taxes. If you are not a U.S. citizen, foreign corporation, or foreign trust and qualify for the foreign earned income exclusion, you can reduce your U.S. tax bill by claiming the earned income credit. The IRS calls this the “exclusion.” You must have earned income to be eligible for the foreign earned income exclusion. If you don't, the exclusion is unavailable or no longer available by itself. You must meet the other six requirements of Form 2555, Foreign Earned Income. Foreign earned income is income that is: received from sources within the United States for your gross income, and, or, which is: received from a taxpayer who is a resident of one of the four countries listed at the top of this page. The U.S. is the only country listed in the table. If you are a resident of, or a citizen of, one of these four countries, you're not eligible for the exclusion. But, if you are a citizen or resident of the other countries, you can receive the excluded income tax-free. This income, as well as excluded income taxes paid directly to a foreign government, are subject to an offsetting foreign tax credit (FTC). The FTC can reduce the amount of taxes you owe to zero. (Taxes paid to foreign governments are deductible, but foreign government contributions to your health insurance are not.) If you are a resident of a country that is among the countries not listed, you're also not eligible for any of the benefits of the excluded income tax credits because you're not eligible. You can't take advantage of the three foreign housing exclusion or the foreign-earned income exclusion. If you are a resident of one of the countries in the list without being eligible for some of the benefits that might normally apply, you can receive the value as an exclusion if you meet the following test. You must have a U.S. residence or qualified business located in a foreign country that is one of the countries listed above, to qualify for the exclusion. The value of the exclusion is limited to your foreign earned income reduced by the amount of foreign housing exclusion or foreign-earned income exclusion to which you are also entitled. See the table below: Country No.
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