Preparing Form 2555 for Foreign Income Exclusion Self-Study
If you have a client who works and receives income from another country, you must be careful of double taxation, meaning paying taxes twice on the same source of earned income. This comprehensive course explores the tax implications of working abroad and introduces the forms needed to file the taxpayer’s return. To mitigate potential double taxation, §911 provides a foreign earned income exclusion and a foreign housing deduction or exclusion to qualifying taxpayers. Form 2555, Foreign Earned Income, calculates these exclusions. In this course, you’ll learn how to complete this form.
Upon completion of this course, you will be able to:
- Determine if a client qualifies for the foreign earned income exclusion and the foreign housing deduction or exclusion
- Differentiate between the foreign housing deduction and exclusion
- Identify Social Security issues and self-employment issues related to working abroad
- Identify how totalization agreements and tax treaties with foreign countries impact the taxpayer
- Prepare Form 2555, Foreign Earned Income
This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.