NEW! 2023 Filing US Taxes Abroad | WEBINAR: My Expat Taxes with Nathalie Goldstein
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- Опубліковано 21 лип 2024
- File your US Taxes from outside the United in 2023. File your taxes as an expat, avoid double taxation, and comply with FATCA and FBAR filing. Whether claiming the FEIE or Foreign Tax Credits, everything you need to know is presented by IRS Enrolled Agent and CEO Nathalie Goldstein.
File with MyExpatTaxes! Go to: tinyurl.com/2p86evk4
Intro to MyExpatTaxes (00:00)
Today's Agenda (01:57)
2023 US Tax Updates, Stimulus Checks Update (03:24)
Who Needs to FIle US Tax Return from abroad? (07:25)
Never Filed from Abroad? The Streamlined Procedure (14:25)
2023 Tax Deadline for US Expats (19:16)
US Expat tax forms (23:05)
Expat Tax Benefits: FEIE, FTC, Tax Treaty (25:00)
Child Tax Credit Refunds (30:04)
FATCA & FBAR Filing (32:43) - Навчання та стиль
Join a Live Webinar ➡ app.livestorm.co/myexpattaxes
How do I contact you?
Hi there! You can reach us at www.myexpattaxes.com @@user-jp4uy8hj1y
Thank you Nathalie. Confusing subject matter presented in a very simple strait forward method. Even I could understand it!
Glad it was helpful!
Very helpful presentation Natalie thanks
Glad it was helpful!
Thank you
Wow! I to new job and Moving to KSA! Your channel is so informative! Thank you!
That's such exciting news! Wishing you all the best in your new country. 💙
I'm a newly-licensed CPA, and I don't have much experience with Foreign Taxes, if at all. This was a great introduction, and dive into all of this, so I really appreciate your company sharing with the masses, thank you!
We are so glad it helped!
Hi Natalie, last year I filed my taxes for the first time since living in Germany 28 years. I was so scared and worried that I was going to have problems but, thank God I found your UA-cam channel and I just want to tell your viewers that your company is the best!!! I was so relieved to have filed my taxes and be caught up with the IRS!! My taxes for 2022 is being prepared here in Germany so I'll be contacting your company soon. Thank you and all your great staff for the professional help and assistance.😅
Thank you so much for taking the time to share your positive experience with our company! We are thrilled to hear that you found our services helpful and professional. It means a lot to us to know that we have helped ease your worries and successfully catch up with the IRS. We strive to provide excellent customer service and make the tax filing process as stress-free as possible for our clients. We look forward to working with you again on your 2022 taxes and appreciate your continued trust in our team. 💙
@@MyExpatTaxes hi I live in Canada and work and pay taxes here. Do I still have to file for irs ?
The last year that I filed was 2021.
If yes !! How much do you charge ?
@@Mimi-bq3ov Hi there, you can file now and file a late 2021 & 2022 return and e-file now or file a Streamlined return for 2023, 2022 and 2021 later in the year, but will have to paper-mail then.
Our pricing can be found here: www.myexpattaxes.com/pricing/
Nice video. Can you tell me if I leave abroad and TRADE do i need to pay tax ?
Thank you Nathalie for your very informative and useful video and channel! I'll look into your packages and services. One key question about US citizens and treaty benefits form 8833: In what special situations can a US citizen elect to use form 1040NR to claim Tax Treaty benefits? This question is regarding a US citizen who hasn't visited the US since 2015 and in the previous 6 years visited the US simply for vacations less than 31 days except in 2 years and didn't pass the "substantial presence test (3-yr rule)" in any year since 2009; moreover, he hasn't claimed any US benefits including an entitled social security pension and medicare, nor applied for any covid benefits. He is a dual national US-Portugal and has physical and tax residence in the latter; his income is all from an international UN pension with no payments nor contributions from US Gov or US companies. I'd appreciate an answer to this as I'm finding conflicting information. For example in your comparative package info, the "i" under 1040NR states... "For non US residents or citizens/greencard holders that still have a US reporting requirement" but the form title suggests it is for nonresident aliens! A related question is whether a US citizen/greencard holder can be treated as a "Dual Status" taxpayer which seems to have different reporting and taxing implications. Thanks in advance. a6p789
As a US Citizen, you can generally never file 1040NR. You can claim a limited number of treaty benefits with your 1040 return though! You file a Dual Status Return if you end up giving up your US Citizenship.
Thanks, great video.
Any details on how to file when having a German life insurance plan. Is that supported by my expat tax?
Also what about German tax free embursements to reduce impact of inflation. How is that taxes in the us? By claiming a treaty?
1, If your life insurance plan has a monetary value than you need to add it on the FBAR.
2, Government sponsored payments from Germany can normally be exempt via tax treaty.
We have a section for each of these items in MyExpatTaxes!
LISTEN TO THIS WOMAN PEOPLE! I got my filing package last night via email and HOLY CRAP! I've been putting my taxes off for nearly 2 decades and I just found out I'm actually owed money!? This is nuts! Obviously I'm not going to count my chickens before they hatch but if my filing goes through, my tax return will cover the filing fee to these guys and all of my credit card debt in one shot.
Hi Natalie, thank you so much for such an informative video! I'm doing my own expat taxes for the first time so this has helped a lot. Question: I have a main account and savings account at the same bank in Switzerland, do these count as the same account or different account on the FBAR? Thanks so much in advance!!
Hi! You'll need to report both accounts on your FBAR.
Sorry, if late: only newer passports after 2010 show this passage. older passports don’t. There is no requirement to always renew ones passport, if one has another one.
The updated income tax system, established in 1913 and subsequently amended in 1916, extended its applicability to "every citizen of the United States, whether residing at home or abroad."
If you are US citizen, regardless if you are a dual-citizen, you are required to file a US tax return if you meet the thresholds for filing.
@@MyExpatTaxes So, the US government ist expecting anyone born on it‘s soil to:
1) Know all laws, regulations and interpretations of these for the last 100+ years, including all relevant lawsuits of this timeframe. Even if one lives somewhere else and received a foreign education
2) Expects to gather, analyse and fully understand all rules and regulations, even if they are in a foreign language for him/her (because he/she left the US as child together with it‘s foreign parents)
Isn‘t that a little bit too much expected for an average person?
How many US citizens know all laws and can apply them from the last century? Try to read Cook vs. Tait. This kind of english ist not taught in school!
Great video Natalie, really valuable information! I have a question and if you could help me figure it out it could potentially help me make a life changing decision. I would like to keep all my finances in the US, that is a remote job, all my investment accounts and banking accounts, passive income etc, but live in Spain. Since I wouldn't make any income in Europe, would I be required to file as an expat ? And if so, could you point me to where I could learn more about this scenario ?
Hi there! You may still need to file if you meet the threshold for US taxes. Check out MyExpatTaxes.com in our blog section, about filing in 2024
In regard to maximum balance (now i’m not sure if I submitted it correctly 😱😰) For instance, let’s pretend that the maximum I earned on a monthly basis is $1,200- do I add up each monthly bank statement ($14,400) or do I report that the most money I ever had on a monthly basis was $1,200?? Please help 🙏🏼🙏🏼
Other than that, I filed mine recently via your tool. It’s a wonderful tool 👍🏼🥰 thanks Natalie and May God bless you 🙏🏼
Hi! Good question! When calculating your maximum balance, use the highest balance in a day - so even if the money was only there for a few minutes, you need to include that amount. And don't forget it's the total of ALL your foreign accounts. Hope that helps!
Are the 2555 and 1040 forms generated by TurboTax automatically when you answer all those questions about FEIE and what trips you took, etc? Or do I have to fill them out manually from a blank PDF file?
Hey, we can't comment in regards to TurboTax. But with MyExpatTaxes software, these forms are automatically generated. 😉
Hello Nathalie, does your service automatically calculate the FX spot rate for me when inputting my foreign income for the year?
Yep, we use the IRS Yearly Average Exchange Rates. 😉
Hallo Natalie, I filed with your company and was really pleased with the convenience. I filed married filing separately but my husband is now a Green Card Holder effective January 2023. Since I will be filing for 2022. Do I still file married filing separately?
Hey there! Thank you for letting us know that our services met your expectations for convenience! You should elect to file as Married Filing Separately. When you have a non-US spouse... you always want to keep them out of the US tax system unless it is exceptionally beneficial to add them. 😉
I am 22 single, no kids, and I am not California resident yet. I am going to relocate to California to work soon, any advice ? I heard California has some weird tax when you leave California. Appreciate your advices. Thank you!
Overseas employment incomes are paid in local currency. Taxes return is based on US dollar. How to select the date on foreign exchange rates? We know, exchange rates change every day. Please advise
Hi there, the IRS shares a list of accepted exchange rates. See here: www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates
If I make ACTIVE captial gains in Japan and want to use the Foreign Earned Income benefits. Would I still be in compliance?
Hey @judecowie7007, you might want to take our FTC/FEIE quiz to get personalized recommendations from our tax experts. 😉
Hello, I’m using your service for the first time this year. I usually get the FEIE benefit, but when I was filling out on your site, I didn’t see anything for it.
Hi Andre! MyExpatTaxes software is designed to select the best tax benefit for your personal situation. So based on the questions you answer the FEIE or FTC will be included in your tax return. If you run into any more trouble you can email team@myexpattaxes.com
Hello Nathalie, thank you for your helpful video, My partner and I moved to Spain Mar 24th of last year and would like to file our FEIE this year. We own a home in Spain, but we are not currently residents of Spain. We spent 2023 doing what expats call “The Schengen Shuffle” our travels included Spain, Montenegro, Albania, Bulgaria and now Thailand. Do all these destinations need to be entered on the 2555, or does the US care, as long as we never entered the US?
You can use the bona fide residence test OR physical presence test to determine whether you are eligible to use the Foreign Earned Income Exclusion.
Bona Fide Residence test: Were you a registered resident subject to local income taxes in your host country for at least a full calendar year? Then you can claim the FEIE for up to the maximum amount ($112,000).
OR:
Physical Presence Test: You will need to be outside of the US for 330 full days in a consecutive 12-month period, that begins or ends in the tax year. If yes, you qualify for the FEIE. Depending on your qualifying period, you may have to prorate the maximum FEIE amount you can take.
In your case, the Physical Presence Test would be applicable!
Thank you Nathalie, what are your thoughts on what I list as my
‘Tax Home” do I have to list all places I visited ?
By what date do you have to send in the payment if you have to pay taxes this year?
In 2023, April 18th is tax payment day!
Hi Natalie. Am a us citizen living in Mexico where I receive my social security benefits as my only income in a Mexican bank. This account requires fbar report? Thanks
Hey! In your case, if the balance of your Mexican bank account exceeds $10,000 at any point during the year, you would be required to file an FBAR. This applies even if your only income is Social Security benefits.
It's important to note that failure to file an FBAR can result in significant penalties, If you need help on this, feel free to reach out! 😉
I am not sure if I understood the FEIE. Is it only if yoy made money abroad? What if you had a freelance job kind of thing in the US, you get pay in dollars from the US, but you lived the entire year abroad? Can you still use that exemption?
Thank you for your video, very informative 👍🏻
The Foreign Earned Income Exclusion (FEIE) allows qualifying taxpayers to exclude a certain amount of their foreign-earned income from US federal income tax. This exclusion applies to income that is earned abroad, regardless of whether the income is paid in US dollars or in a foreign currency.
If you have a freelance job in the US and you are paid in US dollars, but you live and perform your work abroad, then the income you earn from that job may still qualify for the FEIE as long as it meets the qualifying criteria.
Hope that helps!
Questions: An expat lives abroad but has a US mailing address(not resident address) can he still use form 2555? Is there a place to indicate he lives abroad? Or is it better to just use a foreign address?
If you are an expat living abroad and have a US mailing address (not a resident address), you can still use Form 2555 to claim the Foreign Earned Income Exclusion (FEIE) on your US tax return.
When completing Form 2555, you will need to indicate that you are living abroad by providing your foreign address in Part III, Line 18a, and the dates you were present in that foreign country in Line 18b.
If you prefer to use your US mailing address, you can still indicate in Part III, Line 18a that you are living abroad by providing your foreign address, even if you are not receiving mail at that address. It's important to note that if you use a US mailing address instead of a foreign address, you may receive correspondence from the IRS at that address, which could potentially cause confusion if you are not actually residing there.
Finally, it is up to you whether you choose to use your US mailing address or a foreign address on your tax return. However, if you are claiming the FEIE, it's important to clearly indicate that you are living abroad to avoid any issues or delays with your tax return. 😉
Hi Natalie. I spent 4 months in the US (with 3 months of earned income), retired, and on May 1st left the US for Brazil. On April 1st, I started living off my teacher pension deposited in a US bank. I do Zelle transfers to my Brazilian savings acct. I have a US address (relative's home). I intend to stay the entire year here. I have dual citizenship, and before coming, I filed Brazilian IRS paperwork claiming the USA to be my fiscal residence. I get a Brazilian SS pension that corresponds to $3,280 dollars yearly. I do not have any earned income, just the 3 months prior to retirement. QUESTIONS: Am I an ex-pat? What form do I file? Do I have to declare the Brazilian pension? Will I lose my US citizenship if I stay in Brazil? When is my filling deadline? What are your fees for doing the filing for me?
Hello! Yes, based on the information provided, you can be considered an expat for US tax purposes since you are currently living outside of the US.
As for tax filing, you may be required to file a US tax return if you meet certain income thresholds or have other US tax obligations. Since you had three months of earned income in the US, you may need to file a tax return for that income. Additionally, you may need to file Form 8938 (Statement of Specified Foreign Financial Assets) if you have certain financial assets in Brazil or other foreign countries.
Regarding your Brazilian pension, you may need to report it on your US tax return if it is considered taxable income in the US.
Your US citizenship is not automatically revoked if you choose to live abroad permanently. However, you should be aware of US tax and reporting requirements that apply to US citizens living abroad, as failure to comply with these requirements could result in penalties or other consequences.
The filing deadline for US tax returns is April 18th, but you may be eligible for an automatic extension of time to file until October 15th. Please note that filing requirements and deadlines can vary depending on your specific circumstances, Our Standard or DIY plan costs €149. For more pricing information and our different plans, please refer to our website link: www.myexpattaxes.com/pricing. 😉
@@MyExpatTaxes Thank you. Could you tell me where you found the US-Brazil tax treaty for double taxation? I did not find it either in the USA or Brazilian government sites. The only thing available is a treaty for Social Security.
@@stellaseixas-mccarthy1532 Apologies for the confusion. Currently, there is no US-Brazil tax treaty. Nevertheless, they do have a Totalization Agreement, and this agreement protects workers who are employed in both countries from double taxation on Social Security contributions.
I have question, i am moving to italy soon and do i need to apply for these tax benefit programs or do u just do it when i file for taxes next year?
Hey there! Yes, our tax software will determine the best expat tax benefits and forms for you to use on your return. 😉
Natalie how can the IRS violate the 4th amendment by demanding our foreign bank information. We are exempt up to $110,000 in foreign earned income but the IRS wants us to report if we have $10,000 or more in our foreign banks! How can this be? It actually makes no sense
Hi there! The FBAR is not reported to the IRS, it is reported to FinCEN (Financial Crimes Enforcement Network) "is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes."
We can understand that it is frustrating, but it is mandatory.
Hi, Nathalie. Thanks for this excellent video. I'm so glad i found you! I'll be using your service for the first time this year. I'm a US citizen now a Portuguese resident under the NHR program. This year I took a lump-sum distribution of my stateside 401k and the brokerage withheld 25% for US federal and state taxes.The tax treaty says pensions are taxable only in the country of residence and Portugal is set to take another 10%. Will your online program help me avoid double taxation?
Please note the tax treaties normally do not exempt pension benefits (outside of social security) from the Savings Clause (www.irs.gov/businesses/tax-treaties-can-affect-your-income-tax), so you probably cannot benefit from that as a US Citizen. MyExpatTaxes strives to ensure that your tax liabilities are minimized to the fullest extent possible and our tax professionals will optimize your return!
@@MyExpatTaxes Thank you so much for your timely response. Portugal's tax treaty (Article 25.2) says: "In the case of an individual who is a citizen of the United States and a resident of Portugal,
income that may be taxed by the United States solely by reason of citizenship shall be deemed to
arise in Portugal to the extent necessary to avoid double taxation, provided that the tax paid to
the United States will not be less than the tax that would be paid under the Articles of this
Convention if the individual were not a citizen of the United States."
That seems to indicate that I may be able to treat the 401k distribution as foreign earned income and thereby file for foreign tax credit (FTC). I'm unclear how the second part of that clause might affect my claim, though the tax treaty table 1 indicates zero withholding of pensions and annuities for foreign persons.
Thanks again.
You are so welcome@@devinkay6891 ! Have you checked out MyExpatPlanning? It allows you to have a video chat with one of MyExpatTaxes tax professionals who can help you plan your 401k, investments and more. This may be the correct solution for your situation: www.myexpattaxes.com/planning/
@@devinkay6891 Through the planning service we can help you understand how the Saving Clause affects your situation.
@@MyExpatTaxes Thanks again. I will certainly be signing onto a MyExpatTaxes plan as soon as I receive my 2023 tax documents.
HI, would a USA expat have to file taxes in the USA if that expat is without working papers in country X of a European Union country, but does have a legal residence permit, but does work in a different country Y, also from the European Union, working as an online teaching self-employed (side gid job) providing online teaching services?
Hi Carlos, yes! The US taxes your worldwide income - regardless of where you live or earn your income. If you meet the standard deduction you'll have to file a tax return - luckily you probably won't have to pay taxes if you qualify for the Foreign Earned Income Exclusion - but you still need to file!
My question is about how to enter form 2555 line 18 “Date arrive and Date left”
I choose my 12 month period from 11/10/2021 through 11/09/2022 under physical present test based on the example in Publication 54 page 19
I was physically presented in a foreign country from Jan 2021 to Oct. 6, 2022. I travelled back to the US on 10/07/2022 and have stayed here. My last full day in the foreign country is Oct. 6, 2022. Here is how I get this 12-month period.
Beginning with my last full day, October 6, 2022, count backward 330 full days. That day, November 10, 2021, is the first day of a 12-month period
Count forward 12 months from November 10, 2021, to find the last day of this 12-month period, November 9, 2022. This 12-month period runs from November 10, 2021, through November 9, 2022.
Count the total days during 2022 that fall within this 12-month period. This is 313 days (January 1, 2022 - November 9, 2022)
(a) Name of Country (b) Date arrived (c) Date left (d) Full days present in county
US 10/07/2022 ? 34 ( This is from 10/07/2022 to 11/09/2022, total 34 days in US)
Since I came back on 10/07/2022 to stay, I don't have a left date. but the software ask me to fill. If put left date 11/9/2022 which is the end of 12 month period, the software calculate my qualified date fall within in 2022 as 313 days, which is correct. How do I fill the left date? Thank you.
Hi Natalie, what are the requirements for recieveing child tax credits? Could I ev. claim these for the past ....... years for my children if I qualified?
Hi! We've actually got webinar just for Parents Abroad as well! This link will take you directly to the REQUIREMENTS portion: ua-cam.com/video/V_2tGm3vxSY/v-deo.html
And yes! You can claim certain past refunds. This link will take you exactly to the section about getting caught up! ua-cam.com/video/V_2tGm3vxSY/v-deo.html
How to report bank accounts for past 6 years if some of my accounts are closed and I moved from country to country to persue happiness).I did not ever had more then 10000 in years prior 2 years ago.should i file 2 years (with more then 10000. Balance) or stil 6 years (4 years I had less then 10000 on accounts).
Please help to understand it.Thanks
You are required to report all foreign bank accounts that you had during the past 6 years on the FBAR, regardless of whether the accounts were open or closed during that time. You should report all accounts that you had a financial interest in or signature authority over, even if the account balances were less than $10,000.
If you had foreign bank accounts that exceeded $10,000 at any time during the past six years, you are required to file an FBAR for each year that the accounts exceeded the $10,000 threshold. If you did not have any foreign bank accounts that exceeded $10,000 at any time during the past six years, then you may not be required to file an FBAR.
MyExpatTaxese can help you determine your filing obligations and assist you with filing the necessary forms! www.myexpattaxes.com/fbar/
Another question! If i get salary in europe but i also have freelance job i get paid for in usa for dollar, can i still file for the feie?
Check out our FTC/FEIE calculator to determine which is the most beneficial for you to use. Hope that helps! 💙 www.myexpattaxes.com/ftc-feie-calculator/
Let's say my earned foreign income is 50K and I cashed bonds in the US equaling 50K. My total is under 112K. But, I still need to pay US taxes for the US bonds, correct? Thanks for the helpful information. I'll check out your website.
Hi! Bonds are not considered "earned-income" so they won't qualify for exclusions under the FEIE.
@@MyExpatTaxes Thanks so much!
I have an llc in a country in Central America( not us llc) do I still have to file in usa?
Hi there, if you're an American citizen who meets the filing thresholds, then yes: you will still need to file!
How about people who live in the US and work across the border?
If you work outside the US, it is considered foreign-sourced earned income. FEIE can be used if they were outside the US for a full 330 days in a consecutive 12-month period.
I have been living and working in Israel from August to December of 2022. Israel taxed me and some of the taxes Israel uses to fund my retirement fund account (like an Israeli social security). I don't have access to the retirement account for decades. Do I need to declare the retirement fund account on my US taxes?
As a US citizen or resident, you are required to report all of your worldwide income and assets on your US tax return. This includes any retirement accounts that you may have in Israel or any other foreign country.
If your Israeli retirement account is considered a foreign trust or similar arrangement for US tax purposes, you may be required to report the account on your US tax return and file certain additional forms such as Form 3520 and Form 8938.
Whether your Israeli retirement account is considered a foreign trust or not depends on the specific details of the account and the applicable tax rules. In general, a foreign trust is a legal arrangement in which property is held by a trustee for the benefit of one or more beneficiaries, and the trust is not subject to US tax laws.
MyExpatTaxes can help you determine the reporting requirements for your specific situation and ensure that you comply with all applicable tax laws! 😉
Great info! Will be contacting you for 2023 for sure. So, in prep for that, what do I need to gather for you in preparation? I am American and my wife is a green card holder. We both have American employers making $US. She is from Brazil and we are not yet married there but that is the plan and we know we need to do that so I can get duel citizenship though my wife is unsure, for tax purposes if it’s just a liability for her to get American citizenship while we are still here. She has a bank account there we have have been sending money to but less $10US per year. She and her brother inherited their parents home property a little more than a year ago and it will soon be sold to a developer then I will retire at 55. She will get half the proceeds from the sale and we are worried Uncle Sam will get a cut. Is that true and is there a benefit around that? We plan to buy two or three residential condos there within 6 mos to not pay Brazilian taxes on the cash. Thank you for your input on this.
@@charlesbeachboard6832 We're looking forward to working with you! There is a lot to consider when filing taxes for Expats. As you can tell, the rules and regulations are changing every year. So here's a tax guide that can help you plan ahead. 💙
www.myexpattaxes.com/expat-tax-guide/
You probably get this alot, but what if im digital nomadding and drawing a check from a US employer, but i remain physically in another country?
It is still considered foreign earned income as you are physically outside of the US doing the work.
Hi,I am a US citizen living abroad from last 20 years and never knew I had to file my US taxes.is there anyway I can still file them.?
Hi there! You can get caught up on your taxes via the Streamline Procedure: www.myexpattaxes.com/streamlining/
It includes:
3 years of tax returns and 6 FBARs without failure-to-file or FBAR penalties.
If you qualify, you will not be subject to penalties such as failure-to-pay, failure-to-file, or FBAR penalties-awesome! The program also allows you to file amended returns to claim missed returns on qualified foreign pension plans.
Does the minimum gross annual earnings provided on the IRS website also apply to foreign earned income? I’m under 65, married with children and live abroad. However I don’t earn more than $25,000 per year in foreign income and am unsure if I need to file
Your total worldwide income counts against the filing threshold. If you're married to a US citizen, and both of you are over 65, the filing threshold (for tax year 2022) is $25,900 of annual gross income.
If you're married to a non-US-citizen, the threshold is $5. (Yes, five.)
If you want to discuss your situation in more detail, reach out to our support team via team@myexpattaxes.com
@@MyExpatTaxes thank you for the response. As long as we stay under 25k we don’t have to file? Am I understanding this correctly? My wife and I are both US citizens as well as European citizens and under 65
Hi There, I have used your service twice so far and it's been really smooth and easy. Great service! My question is, my US expat friends son is her dependent although he is in his 20's and is in full time university does he need to file? If he does file, is he eligible for the stimulus payment or is that now over?
Thank you for your positive feedback! We're glad to hear that you found our service smooth and easy to use. @porcupinejo.
Whether the US expat friend's son needs to file a tax return depends on his individual circumstances, including his income and whether he meets certain filing requirements. Generally, if his income is below the IRS filing threshold for his age and filing status, he may not be required to file a tax return. However, he may still want to file a return in order to claim certain tax credits or to report any taxes that were withheld from his income.
Regarding the stimulus payment, eligibility and availability of the payments depend on various factors such as his income, tax filing status, and whether he is claimed as a dependent on someone else's tax return. Suppose he is eligible for a payment based on his individual circumstances. In that case, he may still be able to claim it by filing a tax return or by claiming a Recovery Rebate Credit on his tax return. However, eligibility and payment amounts are subject to change. Feel free to contact MyExpatTaxes so we can help him better. 😉
It was scary 😢
🥲
Income Earned from US Employment with US Employer but Worked from Home Abroad 365 days a tax year so still qualify for FEIE ?..
The Foreign Earned Income Exclusion (FEIE) is available to US citizens or green card holders who have a tax home in a foreign country and meet either the bona fide residence test or the physical presence test.
Under the physical presence test, you must have been physically present in a foreign country for at least 330 full days during a 12-month period. In your case, if you were physically present in a foreign country for 365 days during the tax year and your tax home was in a foreign country, you may qualify for the FEIE under the physical presence test.
It does not matter whether you worked from home or in an office abroad, as long as you meet the physical presence test requirements and your tax home is in a foreign country, you may be eligible for the FEIE. However, keep in mind that the FEIE only applies to earned income, so any unearned income, such as investment income or rental income, is not eligible for the exclusion.
It's important to note that while the FEIE can help you reduce your US tax liability, it does not exempt you from filing a US tax return. You may still need to file a tax return and report your foreign-earned income, even if you qualify for the FEIE. MyExpatTaxes can help you get compliant with all tax requirements, feel free to reach out. 😉 www.myexpattaxes.com/
IRS tax you 50K, then give you 1.8K "free" money, woohoo, what a win.
30 years?Why to even start?
With the Streamlined Procedure you only need to file 3 years past returns plus the current year (and 6 years of past FBARS if you qualify). It's an amnesty program by the IRS to help you get on track so you don't need to file 30 years late returns! Learn more ➡️ www.myexpattaxes.com/streamlining/
It sounds like people could purposely avoid paying US taxes for 20 years, then beg for forgiveness and pay for 3?
To qualify for the Streamlined Filing Procedure, you need to have been non-wilful in your neglect to file your US tax return. "Purposefully avoiding", especially if you owe taxes to the US is not "non-wilful."
Remember: Not even the Joker wants to take on the IRS: ua-cam.com/video/G56VgsLfKY4/v-deo.html
help
Hi there, what can we help you with?
they didn't know the difference between Austria and Australia 🤣