Form 1116, Foreign Tax Credit (Individual, Estate, or Trust), calculates how much credit a U.S. taxpayer may claim for certain income taxes paid or accrued to a foreign country or U.S. possession. The credit is designed to mitigate double taxation, but it is limited to the portion of U.S. tax attributable to foreign-source taxable income. … Read more
Form 2555 is the calculation form for a U.S. citizen or resident alien who wants to claim the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction. It does not make foreign wages disappear automatically. The filer must establish a foreign tax home, meet either the bona fide residence test or … Read more
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