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Form 2555, Foreign Earned Income Exclusion

  Рет қаралды 36,412

Andrew Mitchel

Andrew Mitchel

Күн бұрын

Пікірлер: 36
@debbee18
@debbee18 6 жыл бұрын
I can't thank you enough for this! I do my own taxes and this line by line explanation is just what I needed for assurance I was completing it correctly. Much better than reading through the instructions.
@e0o9kii
@e0o9kii 5 жыл бұрын
If you work for a foreign government, in the 2018 Form 2555-EZ, do you pick foreign business or other?
@davidstepanczuk
@davidstepanczuk 4 жыл бұрын
This is as good as it gets. This is the way tax videos should always be. Andrew, thank you very much.
@robwin0072
@robwin0072 Жыл бұрын
I must say, you did a fantastic job on step-by-step, line-by-line information, for F2555. Kind Regards.
@alexadnan1032
@alexadnan1032 4 жыл бұрын
What an amazing and detailed explanation, you saved us a lot of money and efforts in navigating all these terms, thank you so much
@nf3922
@nf3922 4 жыл бұрын
GOD bless you!!! Everyone keeps saying digital nomads should do this on their glitzy travel vlogs and none of them have provided any help on how to fo it.
@lainawilloughby5561
@lainawilloughby5561 6 жыл бұрын
Great precise explanation of the 2555 or The Foreign Earned Income Exclusion under IRC 911! Great Job Andrew!
@rawantheodory3619
@rawantheodory3619 4 жыл бұрын
THANK YOU ANDREW !!
@stoneh2ovino
@stoneh2ovino 4 жыл бұрын
OK, line 33 says to stop if you don't exceed the threshold, but then you can't finish Section VII!!!! Number 41 says subtract line 36 from 27...this is now impossible if you have to stop at line 33!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
@gregorypesce9004
@gregorypesce9004 5 жыл бұрын
Please do a video on foreign tax credit !
@terrisimoneau6856
@terrisimoneau6856 5 жыл бұрын
I have read elsewhere that line 38 needs to take into account the time we were in the US and those days must be subtracted from the qualifying days. Is this true? If so, then why don't you deduct the week this person was present in the US?
@10X_Brain_Time
@10X_Brain_Time Жыл бұрын
Income Earned from US Employment with US Employer but Worked Remotely from Abroad 365 days a tax year so still qualify for FEIE ?..
@icskatingqn
@icskatingqn 3 жыл бұрын
Amazing job - thank you!
@Gruntol5
@Gruntol5 5 жыл бұрын
The 2017 Form 2555 line 37, gives "maximum foreign income exclusion of $102,100." The 2018 Form has this line blank. I found out elsewhere that it's now $104,000, but you cannot enter it there. Someone at IRS goofed..
@AndrewMitchelTax
@AndrewMitchelTax 5 жыл бұрын
I think it has something to do with the browser. The number is there in Internet Explorer, but not there in Chrome or Firefox.
@AndrewMitchelTax
@AndrewMitchelTax 5 жыл бұрын
Also, if you download the form to you computer, the number is on Line 37 as it should be.
@gunsunnuva8346
@gunsunnuva8346 2 жыл бұрын
On Line 6a, is that the prior year or two years back? In other words, if this 2017 form is being filed IN 2018, then 2016 would be two years ago when it was filed. I guess my question is, does Line 6a refer to the last TAX year in question or the last year IN WHICH you filed for that year? For example, this 2017 form would be filled out in a video in 2018. One year offset.
@joseproo6206
@joseproo6206 6 жыл бұрын
What about 2018 to present in 2019 will be the same?
@moppypuppy781
@moppypuppy781 3 жыл бұрын
Can you submit Form 2555 online somehow? I'm in a foreign country, hence why I needed the form in the first place.
@jessicamendoza9454
@jessicamendoza9454 Жыл бұрын
how do you calculate the number of days in your qualifying period that fall within your 2022 tax year?
@jessicamendoza9454
@jessicamendoza9454 Жыл бұрын
does that just mean the number of days you lived in that foreign country for the tax year?
@Ashstar4
@Ashstar4 4 жыл бұрын
What if you are a dual citizen of the US and Canada but live and work in Canada what Social security number do you put down, your US one or Canadian one. And on line 7 what country would you put as a citizen/national do you put United States/Canada.
@hollylackey959
@hollylackey959 3 жыл бұрын
Great video! Quick question if we are paid salary monthly do we convert the foreign currency to USD monthly using the exchange rate for day it was received or do we take the total salary for the year and use a yearly average conversion rate to translate to USD?
@kristichu8395
@kristichu8395 3 жыл бұрын
Usually use yearly ave exchange rate to convert. You can find the rate on the IRS website. I'm a CPA and prepare tax return for our clients. This is what we do.
@hollylackey959
@hollylackey959 3 жыл бұрын
@@kristichu8395 Thank you the tip Kristi.
@TurboRonin83
@TurboRonin83 3 жыл бұрын
They want to know as much about you as possible even if you are not rich. The tentacles of the US are long and strong. I wonder how it will be when they will be replaced by China? The TAX policies of the USA makes one wonder which country is better.
@WALLACE9009
@WALLACE9009 5 жыл бұрын
Physical presence of 330 days? Does this mean that you have to physically be 330 consecutive days without exiting the country?
@AndrewMitchelTax
@AndrewMitchelTax 5 жыл бұрын
No. It means 330 days during any 12 month period. The 330 days do not need to be consecutive.
@WALLACE9009
@WALLACE9009 5 жыл бұрын
@@AndrewMitchelTax Even if they are not consecutive is almost the entire year!
@trekkienzl2862
@trekkienzl2862 5 жыл бұрын
I traveled to the US on holiday from 15 Dec 2018 to 2 Jan 2019. Do you think I'll still qualify for the Foreign Earned Exclusion? Also, what should I write in Part III, line 16?
@cyme5
@cyme5 5 жыл бұрын
So, I live in a high tax country, and just heard about this form...I visited the US for 3 weeks last summer, but have lived in Norway for many years....should I use this form? I don't even know where to start, as my income is not really job based...but medical-disability.
@balisong46
@balisong46 5 жыл бұрын
I would use the foreign tax credit in that case. Total taxes paid to norway would be taxes you don't have to pay to US
@mohammedalojayan9834
@mohammedalojayan9834 3 жыл бұрын
thhanks ! very hepful I wish you could repeate it withe 2555 2021
@chrisgorrod9602
@chrisgorrod9602 5 жыл бұрын
What do I fill in if I work for a business on a self employed basis?
@trekkienzl2862
@trekkienzl2862 5 жыл бұрын
I traveled to the US on holiday from 15 Dec 2018 to 2 Jan 2019. Do you think I'll still qualify for the Foreign Earned Exclusion? Also, what should I write in Part III, line 16?
@sivakondeeti
@sivakondeeti 6 жыл бұрын
thanks for the great vedio
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