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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Is the FEIE tax reduction, based on Physical Presence Test, prorated based on how many days you were outside of the country in the year?

Let's suppose that I am out of the USA from January 1st 2020 to December 31st 2020 for 335 days of the year. So I do qualify, but instead of the full ~100k reduction, would I only get (335/365) * 100k ...
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29 views

Foreign earned income exclusion for PhD student income

I am a US citizen. I live abroad and am enrolled in a PhD program at a foreign university, for which I receive ~20kUSD/year. I will refer to the money received from the university non-specifically as ...
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27 views

Revenue earned from consulting work C-corporation taxes

I am a U.S citizen and did some consulting work for a company based in Singapore. I lived abroad and paid taxes in the country of residence. I am owner of a US based C-corporation and I reported the ...
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2answers
4k views

Remittance of gift money from Indian bank account to UK bank account

I was born in India and came to the UK 11 years ago when I was 20 years old. I'm a British Citizen and hold a UK bank account. I also have an Indian bank account which is managed by my father in ...
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Has Sharesight calculated my dividend's foreign source income correctly?

I recently received my first dividend from the ASX:IVV S&P 500 ETF. In the Components of Distributions announcement it says that the Foreign Sourced Income is 99.9998% of the cash distribution. I ...
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46 views

When is the latest that I can move out of the US to qualify for FEIE based on physical presence test

As I understand it, to qualify for the physical presence test, the last date that you can use is the date you file your tax return. So suppose that I will file my tax returns on April 1st 2022. Does ...
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47 views

Tax exclusion for American Expats

I am an American Citizen. I work remotely for a company based in the US. Working remotely means that I can live wherever I want. If I move to a foreign country and live full-time there and ...
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2answers
74 views

Liability for US taxes on foreign company held by non-US citizen spouse?

I am a U.S. citizen, but my wife is not. If I own a foreign company, I am subject to Section 965 Transition Tax, Form 5471 and Self Employment Tax regardless of where I live. If we are living outside ...
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2answers
153 views

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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1answer
75 views

Income from India to US

I have a pair of married clients from India who lent their son money to buy a restaurant in India. They now reside in the US and are naturalised US nationals, and now that the business is profitable ...
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1answer
40 views

General FEIE question

I work for a public (state) US university but I live abroad. The university has not sent me abroad and the work does not require me to work abroad, it is purely my choice (and a deal I worked with my ...
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1answer
79 views

Social Security and other liabilities for foreign employers of US citizens working remotely

I have the following situation: I am a US citizen employed (or about to be employed, depending whom you ask) outside the US in a country that is currently under lockdown. I've asked permission to work ...
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1answer
24 views

Deductibility of short-term foreign capital losses in India

Since short-term capital gains on foreign stocks are taxed at the regular income (slab) rates in India, is one allowed in India to deduct short-term losses on foreign (relative to India) stocks from ...
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1answer
315 views

Can I send money to indian saving account from Canada bank account?

I am confused about how to send money from Canada bank account to my Indian Saving account since I came to Canada only for work assignment for 1 year. I came to Canada in November,2018 and moving ...
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1answer
56 views

UK tax on foreign capital gains

Are capital gains on foreign stocks taxed in the UK for a UK tax resident? If yes, what are the specific rules and rates at which they are taxed?
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Would a UK resident who pays tax to a foreign country on dividends (of less than <£2,000) need to file Self Assessment for this reason?

Suppose an American expat taxpayer living in the United Kingdom earns dividends on U.S. stocks that fall below the UK's tax-free dividend allowance of £2,000, and this is the only income they have ...
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14 views

W2 details for foreign earned income tax exemption

I'm planning on being out of the US for a 12-month period, and plan to take the foreign earned income exemption. The problem is that my employer uses a payroll service which can only issue a W2 ...
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40 views

Working remotely for a Japanese company as a non-resident outside Japan

As the title suggests, I am currently performing remote work as an intern for a Japanese company. I am non-Japanese nationality residing outside of Japan. Am I subject to the flat non-resident tax of ...
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38 views

When can I claim the Foreign Earned Income Tax Exclusion / ask employer to stop withholding?

I've decided to stay abroad for a year (abroad starting August 1, 2020) and am considering taking the foreign earned income exclusion. If I decide to go that route, when should I have my employer stop ...
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14 views

Capital gains tax in New Zealand on foreign shares

What is the capital gains tax in New Zealand on foreign shares?
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1answer
63 views

1042-S in the mail after staying the US as J-1

Last year I stayed in the US for one month with a J-1 exchange visitor visa. This was part of my job (following an educational bootcamp at a higher educational institution), so my own employer still ...
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22 views

Can a tax treaty be limited by other provisions in the internal revenue code even if the saving clause does not apply?

I am a US resident. In 2019, I had some income from a short employment in Finland. I know I can claim the Foreign Tax Credit, which is equal to the minimum of the taxes I paid to Finland and the taxes ...
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1answer
36 views

Is IRS dual-status optional?

In 2019 I was a resident US alien for IRS purposes. In September I permanently moved out of the US. Thereafter, I got a job in the foreign country and received foreign salary for the last months of ...
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1answer
114 views

Getting money transferred from abroad from my parents, would I get taxed?

I'm originally from Japan but living in the UK permanently on spouse visa now. My parents transfer money from Japan to my British bank every now and then like £8000 every year as a gift, does this ...
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18 views

Should I use another form instead of W-2 in case of foreign earned income?

I am a US/Dutch dual citizen living and working in the Netherlands permanently. I'm filing my tax return over 2019, and for the first time. Line 1 asks me to attach form(s) W-2, but of course I can't,...
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19 views

Tax implication for a Temporary Resident in Australia while in another country?

I am a student in Australia (making me a Temporary Resident for Tax Purposes), and an Indian citizen. I work as a sole trader / self-employed individual (web development freelancing), and according to ...
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1answer
126 views

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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1answer
41 views

Can non-domiciled UK tax residents claim back all tax paid via PAYE?

Suppose I worked in the UK for a couple of months, got paid via the PAYE system but then moved back overseas, to my permanent home. I know that PAYE calculates my due tax as if I will work in the UK ...
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116 views

w8ben for 401k withdrawal for Indian citizen

I need to withdrawal my 401k from US account.Normal penalty is around 30% for early withdrawal .Does filling w8ben form for Indian citizen help in reduced penalties.I am in individual who worked in US ...
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0answers
37 views

How does dual residency apply to Capital Gains Tax?

Note: I know this is a highly specific question, but I'm posting it here because I already talked to two professional tax advisers and they did NOT know the answer. I was born in Romania and lived ...
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0answers
19 views

UK domicile with unremitting foreign income from a country with double taxation treaty

I am in a full time employment in UK but work most of the time remotely (from abroad). The fact that I spend time abroad is unrelated to my employment - my profession allows it and it's cheaper to ...
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4answers
7k views

How to report Canadian T4 slip items (e.g. CPP, EI) on a U.S. tax return?

I am a U.S. citizen resident in Canada. Does anyone know how to report the various items on a Canadian T4 (a rough equivalent of a W-2) on a U.S. tax return? I am not sure about the following items: ...
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97 views

Tax implications of swapping/gifting real estate between me and my sister

I have property in a foreign country and my sister lives in and is a citizen of that country. I am a citizen of the USA. She in turn has property in the USA. Can we swap properties if they are within ...
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1answer
40 views

Do I need to pay capital gains on real estate purchased in india from funds provided by my father?

My dad purchased a flat for me in 2006 when I was an NRI, resident country USA. The money came from his bank account in India. The title of the flat was always in my name. I would like to sell the ...
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1answer
317 views

Online Hackathon prize money taxation and exceptions

I've participated in one of the Hackathon competition on DevPost and won the prize amount of $3000 USD. However, the claiming section asked me to fill-up the W-8BEN tax form as I'm not a US resident. ...
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67 views

Using a US state for payroll while not being a resident

I'm an American currently living in France with my wife (also an American). She has a part-time job working remotely for an American company. This company uses a US-only payroll company, so my wife ...
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1answer
68 views

Tax Exemption on Foreign Currency Income in India

If a salaried person in India also makes 20,000 USD (in the entire financial year) from affiliate marketing and freelancing with US clients, would those 20,000 USD have any tax exemption in India? ...
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0answers
80 views

Do foreign entities earning money via US marketplace platform have to pay US taxes?

I registered a one-person LLC in my country of stay (Taiwan) that I use to receive income from a US-resident online marketplace platform that connects me (offering services) to international customers ...
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0answers
520 views

Where to pay tax when working remotely from the UK for a foreign company?

There are similar questions but I believe my circumstances are slightly different. I am a British citizen, from birth, and have been living in Malta for over a year while working for several ...
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0answers
20 views

Tax on foreign sourced income while residing in Bolivia

I am an Australian citizen with permanent residence in Bolivia. I plan to sell PDFs on Canada and USA-based websites which will take commission and pay me monthly and quarterly respectively. Do I pay ...
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0answers
85 views

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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1answer
84 views

Foreign inheritance subject to U.S. taxes for permanent resident?

My wife is a permanent legal resident (I am a U.S. Citizen), is the money brought into the United States in the form of an inheritance subject to taxes? Her mother recently passed away in Taiwan and ...
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3answers
416 views

Germany Tax Question - Non-Resident and not employed in Germany

I'm planning to open a personal bank account in Germany very soon and I need this clarified before I do that. Some info: I don't have German Citizenship I do not live in Germany and I don't plan on ...
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0answers
215 views

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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0answers
80 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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1answer
86 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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71 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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2answers
269 views

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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0answers
42 views

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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1answer
32 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 ...