rklcorp
Level 2
Sunday
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Form 2555 new client living in Portugal since 2022. The prior accountant was taking the full exemption from Form 2555 (2022, 2023 & 2024) even tho all of the income is social security & pensions (unearned income).
The form is pretty explicit in not allowing the Form 2555 for unearned income. The client is an active Research Professor Emeritus for a University but does not receive a W-2 or 1099-NEC. He only receives a 1099-R.
Are there any exceptions I can use to link his active professor status to Form 2555?
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sjrcpa
Level 15
yesterday
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Is the1099-R retirement income his only income?
Or is he getting employment income that is not reported on a W-2 or 1099?
You are correct 1099-R income does not qualify for the foreign earned income exclusion.
The more I know the more I don’t know.
