I am filing a Foreign Tax Exclusion (Form 2555). Do I figure my tax on the amount on line 43 or do I have to figure it using the worksheet for line 44?
![]() |
I am filing a Foreign Tax Exclusion (Form 2555). Do I figure my tax on the amount on line 43 or do I have to figure it using the worksheet for line 44?
Neither; these lines are used for the Housing Exclusion calculation.
The amout excluded is calculated in Part VII. The actual tax is calculated on Form 1040.
If you want my professional help, email me at [email protected] or [email protected].
I either have to figure my tax on the amount on line 43 as everyone else does, or use worksheet 44 to do it. I do not have a Foreign Housing Exclusion just Foreign Income as I am a US Citizen and live and work on a US Military Installation so housing is provided.
You missed my point.
You do NOT calculate the tax on Form 2555; you calculate the EXCLUSION in Part VII, Lines #37 - #42. The amount excluded is then transferred to Line #21 of Form 1040 as a NEGATIVE number.
All times are GMT -7. The time now is 10:51 PM. |