Us IRS Forms
May 14th, 2007
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Question: I worked overseas but got paid by an US corporation. Can I treat this income as foreign source income?
If I can use IRS form 2555 to exclude the foreigh source income that I earned from overseas but paid by an US corporation? I stayed overseas over 330 days during the year.
Answer: As long as you meet the physical presence test or the bona-fide residence test you can use Form 2555 to exclude all or a part of your income.
If you paid foreign income taxes on the earnings you may want to try figuring your taxes with From 1116 and take the credit for the foreign income taxes paid and see if that works out better for you. You can choose whatver way is best for you financially.
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