Thank you for the excellent video, I really appreciate it. This is my first experience filing taxes while living abroad. After watching, I understand that I won't be eligible for the child tax credit since I work in a country with zero taxes and will be utilizing the Foreign Earned Income Exclusion (FEIE).
Hello...Could you do a video on how one would claim the FEIE if the person is self employed? Also would it be better for the person and their spouse to claim it separately if one spouse makes way more than the other? Also will the self employed spouse still be able to claim the QBI still?
Hi there! We are currently uploading our latest webinar on self-employment taxes abroad. It’s normally best for both spouses to claim FEIE. QBI is for domestic self-employment activities, not foreign
hello , Many thanks for all these clear and easy to understand informative videos, I moved my self oversea and I have a clear idea on the filling process, I have a question that I couldn't find an answer, when I was working in US, the US Social security and Medicare were taken form the paystub, now I am oversea, when filing the tax return, weather FTC or FEIE is used, however is Social security and Medicare due when you work oversea, please Nathalie, it will be great if you make a video about this topic thank
If you are a retired US citizen, and a tax resident of Spain and your only income sources are US Social Security, a Private US pension and a US 401K distributions , all of which you are required to pay income tax to Spain on. Can you use the foreign Tax credit on your US taxes for these taxes paid to Spain to avoid double taxation? Or is there some other way to claim credit for taxes paid to Spain since this was US sourced income? Thank you.
Hello last year i filed my US taxes as expat living in UK with FEIE form filled out. I now have a daughter as a dependent US citizen and want to claim the child tax credit. I want to use myexpatTaxes to fill my twx return this year. How do I revoke FEIE on myexpat taxes?
Hi there! You can revoke the FEIE with MyExpatTaxes. Once you start filing, you can use our live chat function to discuss how to do so with one of our many tax professionals. It's very simple and straight forward.
Hi 👋: What is the process to avoid paying California penalty for NOT having California Health Insurance coverage if you lived abroad the whole 2023 year ?
So great to find you. Thanks for this fantastic information, so clearly laid out. Is there anything in the US tax code that would reduce federal income taxes on US-derived W-2 income earned in dollars from a US company while living abroad full-time, working remotely, and coming back to the states about 12 weeks per year to visit prospects, customers, and the home office? We are going to sell our US residence, domicile in South Dakota (where, I understand, you can rent a mailbox and pay zero state income tax without owning or renting a primary residence, or, for that matter, any real estate). We are planning to buy abroad and school our two teenage kids there, so we will really be living there.
Hi there! The Foreign Tax Credit could work if you're paying Foreign Taxes on your income. AND, if you're visiting customers & projects in the US, this would be considered US-sourced income and might require state tax returns to be filed (depending on the specific states we're talking about). Please feel free to reach out to our support team for more help, team@myexpattaxes.com
If you pay Canadian income taxes, there is a possibility to claim foreign tax credits. However, generally, if you are working in the US, that will be considered US-sourced income, so you’ll have to review the treaty to see if resourcing of foreign tax credits is allowed.
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Thank you for the excellent video, I really appreciate it. This is my first experience filing taxes while living abroad. After watching, I understand that I won't be eligible for the child tax credit since I work in a country with zero taxes and will be utilizing the Foreign Earned Income Exclusion (FEIE).
I'm so glad it helped! Yes, that is the one trick unfortunately. But I guess paying no taxes is not a bad trade off!
This video is great! Thank you!
We are so glad you found it helpful!
Hello...Could you do a video on how one would claim the FEIE if the person is self employed? Also would it be better for the person and their spouse to claim it separately if one spouse makes way more than the other? Also will the self employed spouse still be able to claim the QBI still?
Hi there! We are currently uploading our latest webinar on self-employment taxes abroad.
It’s normally best for both spouses to claim FEIE. QBI is for domestic self-employment activities, not foreign
hello , Many thanks for all these clear and easy to understand informative videos, I moved my self oversea and I have a clear idea on the filling process, I have a question that I couldn't find an answer, when I was working in US, the US Social security and Medicare were taken form the paystub, now I am oversea, when filing the tax return, weather FTC or FEIE is used, however is Social security and Medicare due when you work oversea, please Nathalie, it will be great if you make a video about this topic thank
Hi there! We are so glad to hear that the videos have been helpful for you. Thank you for your suggestions, we will do our best.
If you are a retired US citizen, and a tax resident of Spain and your only income sources are US Social Security, a Private US pension and a US 401K distributions , all of which you are required to pay income tax to Spain on. Can you use the foreign Tax credit on your US taxes for these taxes paid to Spain to avoid double taxation? Or is there some other way to claim credit for taxes paid to Spain since this was US sourced income? Thank you.
Yes, you can use the FTC (Foreign Tax Credit)
Hello last year i filed my US taxes as expat living in UK with FEIE form filled out. I now have a daughter as a dependent US citizen and want to claim the child tax credit. I want to use myexpatTaxes to fill my twx return this year. How do I revoke FEIE on myexpat taxes?
Hi there! You can revoke the FEIE with MyExpatTaxes. Once you start filing, you can use our live chat function to discuss how to do so with one of our many tax professionals. It's very simple and straight forward.
@@MyExpatTaxesthank you I’ll try later on, is Live chat always available or is it certain time?
@@stoopidmonkey9100 it is available between: 5:30-12:30 GMT, Monday through Friday. You can also email team@myexpattaxes.com 😊
Hi 👋: What is the process to avoid paying California penalty for NOT having California Health Insurance coverage if you lived abroad the whole 2023 year ?
Hi there, if you file with MyExpatTaxes, we are able to support CA returns for nonresidents and claim the health insurance exemption for expats.
So great to find you. Thanks for this fantastic information, so clearly laid out.
Is there anything in the US tax code that would reduce federal income taxes on US-derived W-2 income earned in dollars from a US company while living abroad full-time, working remotely, and coming back to the states about 12 weeks per year to visit prospects, customers, and the home office?
We are going to sell our US residence, domicile in South Dakota (where, I understand, you can rent a mailbox and pay zero state income tax without owning or renting a primary residence, or, for that matter, any real estate).
We are planning to buy abroad and school our two teenage kids there, so we will really be living there.
Hi there! The Foreign Tax Credit could work if you're paying Foreign Taxes on your income. AND, if you're visiting customers & projects in the US, this would be considered US-sourced income and might require state tax returns to be filed (depending on the specific states we're talking about). Please feel free to reach out to our support team for more help, team@myexpattaxes.com
Are US citizens living in Canada and commuting to work in the US eligible for a foreign tax credit on US taxes?
If you pay Canadian income taxes, there is a possibility to claim foreign tax credits. However, generally, if you are working in the US, that will be considered US-sourced income, so you’ll have to review the treaty to see if resourcing of foreign tax credits is allowed.