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-   -   Is the brakedown for the years as follows for Form(s) 2555 line 16 (https://www.askmehelpdesk.com/showthread.php?t=675298)

  • Jun 25, 2012, 10:23 PM
    Wiltax
    Is the brakedown for the years as follows for Form(s) 2555 line 16
    Help I need help on filing returns, I've read the Instructions for Form 2555 and meet the eligibility for Foreign Income Exclusion, but still have some questions.
    Here's my questions, thanks in advance if you can help.

    , I need to fine the bests and most accurate way to file the Form 2555, I don’t pass for the Bona fide resident test so that leaves me with the Physical Presence test. I STARTED work 17 April 2003 and stopped work march 22, 2005.
    I want to use Physical Presence. So would it be like following:
    2003 17, April
    May
    June
    July
    August
    September
    October
    November
    December
    January
    February
    March
    2004 16 April
    May
    June
    July
    August
    September
    October
    November
    December
    January
    February
    2005, 22 March
    On line 16 for 3 From/s 2555, world be?

    1) April 17 2003 to Dec 31 2003

    2.) Jan 1 2004 to Dec 31 2004

    3.) Jan 1 2005 to mar 22 2005

    Please would you help me on this I could use all the help / advice I can get

    Thank you,
    Rick Wilson
  • Jun 26, 2012, 06:34 AM
    AtlantaTaxExpert
    Rick:

    I assume you are filing past due tax returns, given the dates you are quoting.

    First off, call the IRS and confirm that you MUST file the 2003 and 2004 return. When filing past-due, unfiled tax returns, the IRS normally only requires you go back SEVEN years, which means the only year you would have to file in the time-span quoted is 2005, UNLESS the IRS specifically asked for the earlier years.

    On the Form 2555, list the entire period you were out of country on each return. For 2003 and 2005, you pro-rate the exclusion based on the number of days spent outside of the United States. For 2004, you get the full exclsuion, which is about $87,000 for 2004.

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