Form 2555: How to fill out | Step-by-Step Instructions | Claim Foreign Earned Income Exclusion 2023

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This Video can be referenced to the 2019/2020/2021/2022 Tax year as well.

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The content on this YouTube channel is not legal advice. Everything is for informational purposes only and not for the purpose of providing legal advice. You should contact your legal or tax advisor to obtain advice for your particular issue


What US Expats must know?

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In this video, we show you how to complete Form 2555 for the Tax year 2019. This Video can be referenced to 2019/2020/2021/2022/2023 Tax year as well.

The Due date to file US Taxes for 2023 is April 15th, 2024.

You can always file an extension, form 4868, Automatic Extension, and file by October 15th, 2022.

If you are claiming BFR or PPT for 2019, using form 2555, You will have to complete Form 2350 for extensions beyond October 15, 2020.

Remember the due date for the Form 2350 extension is 30 days after you Qualify under PPT or BFR!

What are the two methods to claim Foreign Earned Income Exclusion?

The 1st test is called Bonafide Residence Test (BFR). This is a qualitative test, meaning you need to be a bona fide( Good Faith) resident of that country, tax home must be in that country, place of work, bank accounts, etc. must be in that country for an uninterrupted period that includes an entire tax year (January 1–December 31, if you file a calendar year return).
In the initial year of departure, you will have to satisfy the above test by being a resident of that country, the following year to claim BFR.

The second test is called the Physical Presence Test. This is a quantitative test, where a US Citizen or a resident must live in a Foreign country for at least 330 days (non-consecutive) over a 365-day period. The 330 full days can be interrupted by periods when you are traveling over international waters or are otherwise not in a foreign country. Assuming a 365-day annual year, a taxpayer can be in the US for a maximum of 35 days in a year to meet the test.

Update as of May 7, 2020 - COVID 19

Latest Update: Due to Covid-19, the IRS has provided a waiver of time requirements globally as of Feb. 1, 2020, and in the People’s Republic of China, excluding the Special Administrative Regions of Hong Kong and Macau (China), as of Dec. 1, 2019. The period covered by the waiver of time requirements ends on July 15, 2020. If an individual who has left the foreign country on or after Feb. 1, 2020, (or China on or after Dec. 1, 2019) but on or before July 15, 2020(unless extended by the IRS)  may be treated as a qualified individual during the period the individual was present in a foreign country. The individual must have either established residency or been physically present in that foreign country prior to those dates given above to be eligible. In short, all the other tests for Tax home, Foreign Earned Income exclusion still apply except for the days count.

Please Refer

https://www.irs.gov/pub/irs-drop/rp-2...

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