Form 2555 for Portland Oregon 2024-2025

Form 2555 for Portland Oregon: What You Should Know

If you can't prove, or you aren't eligible for the exclusion or a housing exclusion or deduction, it is possible the US government will take away either the exclusion or deduction. If the US government levies or garnishes any wages from you, you could be ineligible for the exclusion. This means you will need to file a tax return that shows the withholding of any withheld federal wages from you. If your US wage withholding or tax liability has been reduced or eliminated for any reason, it makes it virtually impossible to figure out what you can exclude and what you will need to show. Here's how to figure out your foreign earned income exclusion and housing exclusion or deduction: Enter the foreign earned income on line 21, Part I of any Form 2555 form, Form 2555-EZ, or Form 1040, whichever applies. Use the “Excluded Foreign Earned Income” on line 26. Enter the foreign housing exclusion on line 26a, the foreign housing deduction on line 26b, and the foreign housing exclusion on line 27 for the year you receive the exclusion or deduction. A foreign housing exclusion can last for one year, two years, or three years. So you can enter on line 27 for the year you exclude any amounts for the preceding year. As an example, if you had an exclusion of 10,000 for 2025 that expired for the year that you claimed it, your housing exclusion could last for three years. But if the exclusion expired for 2017, you'd have to file form 2555 in 2025 to figure out how much the exclusion has increased for you, plus a few other things. Example of the Exclusion Formula You have 10,000 of foreign earned income (Line 31, Part I on your Form 2555), and can exclude 5,000 by claiming the housing exclusion. In addition, you can exclude that much for the year that you have the exclusion (5,000 + 10,000). To figure the housing exclusion on line 26, add 10% to the exclusion. To figure the housing exclusion on line 26a, add 10.50% of the exclusion. To figure the housing exclusion on line 26b, add 1% of the exclusion.

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