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Foreign Earned Income Exclusion

In this course, you will learn how taxpayers living abroad can use the foreign earned income exclusion, housing exclusion or housing deduction to reduce their exposure to U.S. taxation. You will also learn when it is not beneficial to claim the exclusion as well as the basics of filing Form 2555.

LESSON OBJECTIVES

After completing this course, Foreign Earned Income Exclusion (Form 2555), the participant will be able to:

  1. Explain the purpose of form 2555.
  2. List foreign earned income that is eligible for exclusion.
  3. List income types that are ineligible for exclusion.
  4. Describe taxpayers who are qualified to claim Foreign Earned Income Exclusion.
  5. Differentiate between the tax home test, bona fide residence test and physical presence test.
  6. Summarize how travel to Cuba can affect foreign earned income.
  7. Explain the filing requirements for married couples.
  8. Explain the differences between the housing exclusion and housing deduction and when either may be claimed.
  9. Describe when to file Form 2555.
  10. Decide whether claiming the exclusions will be beneficial to your client.

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion

Disclaimer

This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice