The Statistics of Income Bulletin is issued quarterly by the Statistics of Income Division of the Internal Revenue Service. This report provides the earliest published annual financial statistics obtained from the various types of tax and information returns filed, as well as information from periodic or special analytical studies of particular interest to students of the U.S. tax system, tax policymakers, and tax administrators.
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Individual Foreign-Earned Income and Foreign Tax Credit, Tax Year 2021 PDF
By Jeff Curry and Maureen Keenan Kahr
For 2021, the total amount of foreign-earned income reported by U.S. taxpayers decreased in real terms to just under $48.2 billion, a 17.0% decline from 2016 levels of over $58.0 billion. However, foreign-source gross income reported by U.S. taxpayers increased in real terms by 49.4% to $365.5 billion for the year, while the total foreign tax credit claimed grew 30.0% to just under $29.5 billion. Unless otherwise stated, the statistics reported in this article are based on data compiled from Form 2555, Foreign Earned Income, 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.
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Related Link: Individual Foreign Earned Income/Foreign Tax Credit