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I'm doing my daughters 1040/2555ez forms.She only has 55 in US interest and

about 600 in foreign interest.Using the 2555 I can exclude her dutch income but

am left with about 700 in interest(combining both interests)So when I get to line

22(1040) should just reflect the interest also line 37&38.When I subtract from the

deductions I'm at a minius so lines43,46,54,55,61,72,73 should reflect 0 or am I

screwing up?

Thanks for any help I can get.

Bernie
 

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Hello, I'm trying to fill out my 1040, 2555 and 1116 - though I've filled out the 1040 + 2555EZ in the past with no problem, my income now exceeds the $92,900... not because I've got any more money but because the $ went down 20% against the Swiss Franc, so the 2555 and 1116 have me defeated. I must be really thick. I've read the accompanying instructions which do NOT explain how to fill out these forms and I can't afford a tax guy to fill mine out (if I could get one - they all claim to be too busy in Switzerland and charge a minimum of $4,000).

Does anybody know where online I can find an example to follow so I can figure out which bits to fill out? I only have my salary on which I pay Swiss income tax, I want to deduct the $92,900 + the income tax I pay in Switzerland - the combination of the two will be more than my income for 2011 - not complicated but darn, if I can figure these forms out! Thanks!
 

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Hello, I'm trying to fill out my 1040, 2555 and 1116 - though I've filled out the 1040 + 2555EZ in the past with no problem, my income now exceeds the $92,900... not because I've got any more money but because the $ went down 20% against the Swiss Franc, so the 2555 and 1116 have me defeated. I must be really thick. I've read the accompanying instructions which do NOT explain how to fill out these forms and I can't afford a tax guy to fill mine out (if I could get one - they all claim to be too busy in Switzerland and charge a minimum of $4,000).

Does anybody know where online I can find an example to follow so I can figure out which bits to fill out? I only have my salary on which I pay Swiss income tax, I want to deduct the $92,900 + the income tax I pay in Switzerland - the combination of the two will be more than my income for 2011 - not complicated but darn, if I can figure these forms out! Thanks!
Have you downloaded Publication 54 from the IRS website? There are a couple of examples of forms in there that might be what you're looking for.
Cheers,
Bev
 

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Hello, I'm trying to fill out my 1040, 2555 and 1116 - though I've filled out the 1040 + 2555EZ in the past with no problem, my income now exceeds the $92,900... not because I've got any more money but because the $ went down 20% against the Swiss Franc, so the 2555 and 1116 have me defeated.
Have you tried just using the 1116 with the 1040? When I had multiple sources of income I found it easier to just use the 1116 and skip the 2555. In Canada we pay higher taxes so I always had excess foreign tax credit.
 

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Have you tried just using the 1116 with the 1040? When I had multiple sources of income I found it easier to just use the 1116 and skip the 2555. In Canada we pay higher taxes so I always had excess foreign tax credit.
Thanks Peg and Bev! The Publication 54 examples are kind of confusing though (or confusing for me who is accounting-dyslexic..) as they deal with situations way more complex than my own.

One question: my income for 2011 will exceed the $92,900 by about $14,000 (entirely due to the devaluation of the $ against the Swiss Franc) but I paid about $13,000 in Swiss income taxes for 2011. We don't have socialized medicine in Switzerland so taxes are lower because we have to pay (very expensive) private health insurance. Can I both deduct the $92,900 on the 2555 and then the $13,000 on the 1116 from the $14,000 that goes over the $92,900??

Thanks!!:confused:
 
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