Even as an Expat, you still need to file a tax return and, depending on your income, pay taxes, as long as you have a U.S. citizenship. Your worldwide income is taxable even if you filed a tax return and paid taxes in the country where you reside. If your taxable income is over $20,000 a year and you are married; or $10,000 and single; or made over $400 per year as self-employed or contractor, you need to file a tax return.
There is a long list of tax filing requirements the IRS has determine for Expats:
- Automatic Extension until 6/15 but pay taxes on 4/15
- Foreign Earned Income Exclusion (FEIE) of $104,100 only if return is filed
- Spouses get another $104,100 of foreign earned income exclusion (FEIE)
- If your income is over the FEIE amount, claim a house deduction
- Credit for taxes paid in your country of residence
- Foreign Account Tax Compliance Act (FATCA) reporting requirements
- Foreign Bank Accounts Reporting (FBAR) requirements
- Foreign companies ownership involves more IRS reporting
- Foreign trust creation involves more IRS reporting
- Self-employment income is subject to FICA (social security and medicare taxes)
- The IRS is watching you
- IRS special programs for Expats
- Passive Foreign Investment Company (PFIC)
- Click here for details on filings
Being an U.S. Expat can be difficult in terms of tax returns and bureaucracy, but this is why we are here. There are no industry secrets for us and we are always ready to enlighten you about the IRS requirements and procedures you are obliged to follow. Click here for details on forms.
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