This lesson will help you identify and report income sources that do not have their own line on Form 1040. Part of the lesson is for all course levels and part is only for the International level.
The International part of the lesson will help you report income earned from worldwide sources. First, you need to be able to identify this type of income and determine if it is reportable. If it is, using the applicable exchange rates, convert the amount to the equivalent U.S. dollar value of the foreign currency.
This lesson will cover the foreign earned income exclusion reported on Form 2555 or Form 2555-EZ.