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Questions tagged [foreign-income]

To be used for questions related to income received from outside the country in which you reside or claim as a primary residence for tax purposes

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Foreign Earned Income Exclusion when working for a US company remotely

I'm a US citizen who lives and works in California. I've been looking at a possibility of working remotely and living abroad. My understanding is that when it comes to state taxes, you pay income tax ...
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Loan forgiveness and increased income, living abroad

I am intending to pursue student loan forgiveness at the end of my 20 year period and am currently enrolled in the PAYE plan. My AGI on my income taxes for the past few years while living abroad was $...
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Problem with NY State IT-201 Amended

In 2017 on my IT-201 NYS return I checked "D1 Did you have a financial account located in a foreign country?" as "No". That's a mistake, it supposed to be "Yes". So I want to file an Amended, it's an ...
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How does a US citizen residing in the US file taxes for earnings in an Estonian Company?

As an e-resident of Estonian, I worked for my Estonian company in the US working with US contracts. I earned income (say $100k) that was partially distributed to myself as the sole owner (say $50k ...
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Interpreting double-taxation agreements

I'm preparing to do my taxes for the first full year after migrating from New Zealand to Canada, and am now a tax resident of Canada. The countries do have a double taxation agreement in place (https:...
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2answers
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Do I have to report empty bank accounts on form 8938 “Statement of Specified Foreign Financial Assets”

I have empty bank accounts that I no longer use. It's unclear to me if I should report those accounts on form 8938.
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1answer
75 views

Bank account signup bonus - foreign national in US

I'm a foreign national in the US (came here mid-August 2018 on valid non-immigrant US visa and it's been more than 180 days from then) and recently I signed up for a bank account and got a signup ...
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1answer
28 views

Tax on foreign income paid the year after

I was a self employee and worked for company in Oct 2017 in France, but only received the salary the year after, Jan 2018. It was my only foreign income. I didn't count it for 2017 as I thought I ...
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29 views

Taxes: Form 1116 income is both Passive and Treaty

Mostly valid for Americans living abroad. I have income that qualifies as both Passive and Treaty (triple taxation) and would appreciate any advice as to whether I can claim both credits. The ...
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2answers
47 views

How is the tax levied if I am earning from abroad?

I am an Indian citizen and I work remotely for a company based in Hong Kong. I have a fixed salary in USD which then gets converted to INR according to the exchange rate during the time of transaction,...
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1answer
51 views

I had a tax return completed in Australia and New Zealand and have been taxed in both. How does this work?

I moved of to Australia part way through the tax year and then returned to New Zealand and worked. When I filed my tax return, it was automatically complete in New Zealand due to the IR3 file, but a ...
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1answer
88 views

Am I exempt from taxes if I worked overseas, however generated income from US-based customers?

I am a U.S. citizen and have been living overseas for already couple years and easily can pass the IRS physical presence test. However, what is not clear to me is that nevertheless I worked out of my ...
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2answers
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Taxes & Work Authorizations for US Citizen Working in US for Ireland-based Company

I'm applying to a remote job that is based in Ireland. I live in and would work from the US. One of the questions on the application made me pause: "Do you require visa sponsorship?" Obviously, I ...
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135 views

Business days in Form 2555 Foreign Earned Income exclusion

I have been a resident of the USA since 2012 and became a US citizen in May 2018. I moved out of the USA in October 2017 and in 2018 I visited the USA in two occasions and stayed for 31 and 2 days (...
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64 views

Taxation after money received into UK bank account while not living/working there

I've lived and worked for a year in the UK, received salary and paid taxes there, but I returned to my home country. I'm about to receive money for a work I've conducted for a foreign entity who'll ...
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1answer
58 views

Does Chinese Contractor Need to File US Return?

My US based LLC hired an independent contractor from China for some film work. Taxes were not withheld from the contractor’s payment. They will get a 1042-S to indicate this. As a nonresident alien ...
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1answer
37 views

Canadian scholarships of a spouse

This a hugely helpful site, and I did my best to research my question before asking it, but my situation seems to be a bit too specific. My wife is a full-time PhD student at a Canadian university ...
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Does investing global mutual funds with 15.4% foreign income tax worth it?

I'm living in Korea and already investing in global mutual funds with foreign income tax reduction benefits. But there is no investment with such benefit anymore. So I'm considering normal global ...
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2answers
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How do I prepare for a year long trip as an employee trying to qualify for the FEIE via the physical presence test?

I am going to be traveling to 12 different countries next year. I will be staying for a period of one month in each one. I will be employed by my current employer while traveling. I will not have a ...
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1answer
115 views

How would I need to prove to the IRS I paid foreign taxes if I take the Foreign Earned Income Exclusion?

I'm a US citizen (I have no other citizenships) who's been living in Ukraine for several years. I've passed the 330 days out of US test. I have a permanent Ukrainian residency permit, and I'm married ...
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0answers
49 views

Should I use 403b while filing 2555

I am a US citizen and have started a new job working at a US university. However, I live outside of the US and am considered domiciled permanently abroad (I have a "Bona Fide" residence outside of ...
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1answer
176 views

Working remotely in U.K for a Japanese company - want to get mortgage

I have been living in Japan with my husband for the past 3 years. We are both British. I work for an IT consulting firm with only a handful of staff where I am the only foreigner. I'll be turning 30 ...
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1answer
71 views

Can I qualify for the foreign earned income exclusion if I am employed by a US based company?

I am a US citizen considering living abroad for a full year, staying in 12 different countries for a month each (Remote year). I am planning to remain employed by the US based company I currently work ...
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2answers
179 views

Am I required to pay taxes on my U.S. freelancing income in France?

Similar to this question (and the question that OP linked to), I will be living abroad (in France) and working there, but I also do freelancing for U.S.-based companies. There are other questions ...
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US Tax non-resident aliens - ECI

I'm generally confused about what is considered to be ECI for non-resident aliens living in the US (under specific visa that allow this). Examples of situations in which I cannot figure out whether ...
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5answers
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Borrowing money in one country to pay off debt in another

I'm currently living in Germany and can borrow a substantial amount of money at almost no interest, effective 3.4%. In my home country I have several mortgages, basically at the moment funding ...
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1answer
104 views

Investing proceeds from foreign vacation home sale

We bought a vacation home in the UK in 2006 for 182000 pounds, including purchase price, closing costs and improvements, when the pound was stronger ($1.8/pound), and wired $327000 directly to the UK ...
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1answer
356 views

What to do about ETN distributions not included on 1099?

As a US citizen, in a US taxable brokerage account, I received distributions from MORL, a UBS (Swiss)-sponsored exchange-traded note (ETN). The brokerage account statements label the distributions as ...
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1answer
33 views

What is the current cap for the US IRS FEIE?

According to https://www.irs.gov/individuals/international-taxpayers/figuring-the-foreign-earned-income-exclusion, dated 2 October 2017, the 2015 cap for Foreign Earned Income Exclusion was $100,800. ...
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0answers
281 views

What is “high taxed” defined as by the IRS?

On form 1116 Foreign Tax Credit form there are references to HTKO yet the acronym is never defined. Googling leads me to believe that it stands for "High Tax Kick-Out". But I haven't been able to find ...
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0answers
31 views

Can sales tax in a foreign country be used as credits to offset US taxes?

Say you are an American citizen living in the UK. You are required by [draconian] U.S. law to pay full taxes on your income as though you are resident in the U.S. However, there are several treaties ...
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0answers
69 views

How to check status of application for extension (Form 2350)

I want to use the Foreign Earned Income Exclusion when doing my U.S. taxes, but I have not yet been present in a foreign country for the required 330 days. Because of this, I used Form 2350, "...
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0answers
114 views

US tax: Dual-status alien foreign income

Profile (I'm adding some extra details just in case): I was an international student in Australia from 2012-2016. I spent part of 2015-2016 in the US as a visiting scholar (J-1). I returned to ...
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139 views

Last year dual status return: can foreign income be excluded for the resident part?

I will need to file year 2018 with the IRS as a dual status return, because I decided I will give back my green card (probably some day late April, or in May). I have had a new job in a foreign ...
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0answers
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Is late income from foreign job before becoming a US resident subject to US tax?

I became a US resident (Green Card holder) in the summer of 2012, so the first tax return ever filed with the IRS was a dual status return for 2012. I used to have a job in my country, that I quit ...
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1answer
160 views

How to cash ACH vouchers to my French account without paying more banking fees than sending a postal package containing cash?

I worked for a company based in the United States as part of a non-commercial activity (I mean the income is not taxable to the IRS and thus I can’t get an itin or ssn in order to open a bank account)....
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0answers
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CA taxes on invesment income for part time-resident

I lived outside of the US from July 2016 - November 22d of 2017. All my income from this period is investment income. My understanding is that because it is investment income it does not qualify for ...
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1answer
162 views

Do I need a Social Security Number?

I am a New Zealand citizen, and legal resident of Mexico (not the US - I have only B1/B2 visa for the US). I have funds in the US in an American bank account (in my name). Recently I have considered ...
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1answer
517 views

maternity leave - taxable income for U.S. citizen?

I am a dual U.S./Serbian citizen living in Serbia and currently on maternity leave, fully paid by the Serbian government. I cannot find any information on whether I’m supposed to report that as a ...
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1answer
52 views

Carrying forward a 'personal loss' due to itemized deductions

I have $0 AGI this year, after claiming the Foreign Earned Income Exclusion, and have repaid some student loan interest. The additional itemized deduction from the interest payment creates no benefit ...
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3answers
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How did the IRS know that Boris Johnson sold his house?

According to several articles, Boris Johnson, the British foreign minister who was born in the U.S., was hounded by the IRS for taxes on the sale of his house in the U.K. For example here: https://...
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0answers
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What is the most cost efficient way to invest in overseas stocks as a UK citizen?

I wish to invest in multiple US-based mutual funds and companies. I already have an account with Charles Stanley Direct for my UK-based funds and was disappointed to see that I couldn't use their ...
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1answer
186 views

Work for US Healthcare company from India - Tax forms [duplicate]

I have question regarding work arrangement for remote work from India for US company. My scenario. I am currently employed on H1B with a Healthcare organization based out of Indiana, US. My work ...
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1answer
341 views

GST & TDS for international money - advertisement platform

Am from India and I've created an online platform(a webbased application) where ADVERTISERS can list ads(or campaigns) and PUBLISHERS can use this ads and promote them. So when ADVERTISERS pays me, ...
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1answer
169 views

Non Resident Alien Spouse Treated As Resident - Self Employment Income

I live abroad in South Korea/Japan, and got married to a South Korean last year (2016). We plan to move back to the US after I've finished graduate school. We are both self-employed: I'm a software ...
2
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1answer
243 views

How to avoid double taxation of self-employment income for a U.S. citizen living in Italy?

I'm a self-employed U.S. citizen living in Italy. According to http://www.expattaxprofessionals.com/wp-content/uploads/pdf/Tax-Handbook-Understanding-the-US-Tax-Basics.pdf, the rules for paying self-...
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2answers
254 views

How do I avoid double taxation of dividends and capital gains?

I'm a U.S. citizen living abroad claiming the Foreign Earned Income Exclusion (FEIE). According to https://www.americansabroad.org/us-taxes-abroad-for-dummies-update/, The exclusion applies only ...
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1answer
167 views

Do I have to include a form 1099-INT with form 8938 even if I didn't earn any interest?

I'm currently filling out form 8938, "Statement of Specified Foreign Financial Assets", and have come to Part III: Broadly speaking, there is an "Amount" column and a "Where reported" one. I have ...
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1answer
525 views

Over what period is the “Maximum Value of All Deposit Accounts” on Form 8938 to be taken?

I'm looking to fill out Part I of Form 8938 for 2016, "Statement of Specified Foreign Financial Assets". On line 2 there is a Maximum Value of All Deposit Accounts Should I fill in the maximum ...
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1answer
197 views

Is it possible to claim the Bona Fide Residence test for part of the year?

I currently live in Italy but expect to move to the U.S. in September to start a new job; however, I would keep my apartment in Italy till the end of the year. Is it possible to claim Bona Fide ...