Different Overseas Employers, Form 2555?
In 07, I had 2 different employers, in 2 different countries. I've been overseas, and fiing Form 2555 for years (with 1 employer), however, Form 2555 does not allow for 2 employers, and/or 2 countries! Strangely, it allows for moving expenses from one country to another, but ignores a possible job change! Suggestions?
Public Comments
- If you had more than one employer then you would have to file more than one 2555. The reason it shows moving expenses is because those might be deductible if it is the same employer. What I mean is sometimes moving expenses are allowable for moving back home. And, yes, you will have to qualify time wise for both employers. That doesn't mean you have to meet the time restrictions before you file...but you will have to qualify for them sometime in the future. If you have filed many 2555's then you should already know about the qualification requirements. Hope this helps.
- Filing form 2555 requires that you meet Bonafide Residency Test or Physical Presence Test. You can meet Physical Presence Test in you work in two different countries. You can't be Bonafide resident of two foreign countries at the same time. You can always use Form 1116 for foreign tax credit. On your U.S. return, you must report your worldwide income. It the total income meets the filing requirement, you must file your tax return.Filing in the U.S. does not necessarily mean that you will be paying taxes in US also. You will get credit for taxes paid in the foreign country. Read: http://taxipay.blogspot.com/2008/03/us-citizen-or-resident-with-foreign.html
