Form 2555 foreign earned income allocation worksheet

The worksheet gives support for amounts reported on Form 2555 and Form 1116. The worksheet is designed to be submitted with the return.
The
Form 2555 Foreign Earned Income Allocation Worksheet
is designed to help you report the allocation between U.S. and foreign earned income. The system calculates the Form 2555 exclusion using income earned during the foreign assignment. Any foreign income earned before, during, and after the foreign assignment is reported. Applicable exclusions are subtracted. This uses Form 1116, making it eligible for the foreign tax credit.
The worksheet reports the following:
  • How the current-year Foreign Earned Income reported on Form 2555, Page 2, Part IV calculates.
  • How any housing deduction carryover reported on Form 2555, Page 3 calculates.
  • How deductions to be allocated to excluded income calculate. Allocable deductions reported in the During Foreign Assignment column uses the Form 2555 Deductions Allocable to Excluded Income Worksheet to allocate and then report on Form 2555, Page 3.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close