Can foreign pensions be excluded on Form 2555?

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Foreign pensions cannot be excluded on Form 2555.  Foreign earned income for purposes of the foreign earned income exclusion does not include pensions and annuity income (including social security benefits…

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I have been working abroad for many years and claiming the Foreign Earned Income Exclusion using a Form 2555. I claim the Physical Presence test every year. Can you explain the difference between the so-called Physical Presence test and the Bona Fide Residence test?

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To be eligible for the foreign earned income exclusion, you must have a tax home in a foreign country and be a U.S. citizen or resident alien. You must also…

Continue Reading I have been working abroad for many years and claiming the Foreign Earned Income Exclusion using a Form 2555. I claim the Physical Presence test every year. Can you explain the difference between the so-called Physical Presence test and the Bona Fide Residence test?

If my foreign earned income is below the foreign earned income exclusion threshold amount, am I still required to file a U.S. individual income tax return?

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Yes, since the foreign earned income exclusion is voluntary, you must file a tax return to claim the foreign earned income exclusion.  It does not matter if your foreign earnings…

Continue Reading If my foreign earned income is below the foreign earned income exclusion threshold amount, am I still required to file a U.S. individual income tax return?

What deductions and/or credits am I allowed on my U.S. income tax return as a U.S. citizen living and working in a foreign country?

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U.S. citizens and resident aliens living outside the United States generally are allowed the same deductions as citizens and residents living in the United States. If you paid or accrued…

Continue Reading What deductions and/or credits am I allowed on my U.S. income tax return as a U.S. citizen living and working in a foreign country?