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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.
Have investment income below $11,000 in the tax year 2023. Have a valid Social Security number by the due date of your 2023 return (including extensions) You cannot file Form 2555, Foreign Earned ...
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.
1040. As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.
For tax year 2023, this means that the standard deduction for singles is $13,850, up from $12,950, while joint filers will enjoy a bump of $1,800 in their standard deduction, to $27,700.
In 2023, the fact that April 15 falls on a Saturday and the Emancipation Day holiday on the following Monday, April 17, is also why the deadline is later. April 18 is also the last day to request ...
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