By Scott Hollenbeck and Maureen Keenan Kahr
For 2016, the total amount of foreign-earned income reported by U.S. taxpayers decreased in real terms by 11.2 percent from 2011 levels of $57.9 billion, to just over $51.4 billion. In contrast, foreign-source gross income reported by U.S. taxpayers increased in real terms by 19.5 percent to $216.7 billion for the year, while the total foreign tax credit claimed grew 14.5 percent to just under $20.1 billion. Unless otherwise stated, the statistics reported in this article are based on data compiled from Form 2555, Foreign Earned Income, Form 2555-EZ, Foreign Earned Income Exclusion, Form 1116, Foreign Tax Credit, and Form 1040, U.S. Individual Income Tax Return. U.S. taxpayers file these forms with their individual income tax returns to report foreign-earned income and claim the foreign tax credit.
Related Link: Individual Foreign Earned Income/Foreign Tax Credit