Top 10 Most Commonly Asked Questions by Americans About Expat Taxes & More
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- Опубликовано: 26 июн 2024
- Stephen Boush (TIE Tax) sits down with Josh from ExpatsEverywhere to answer commonly asked questions by US citizens who are expats and need to file taxes back in The United States. Stephen works with a few different companies but his goal is to aid US citizens, who live abroad, with their taxes. There are so many confusing questions about taxes so Stephen helps out expats by using his many years of experience to cut through the confusion and clear up the misconceptions and bad information out there. He focuses on taxes for US citizens but also helps both US citizens and non-US citizens with investments. We ask him what types of people might need his services so that you can decide if he's someone who you want to work with. He offers an array of financial services so check out the website below and contact him with your questions.
We would like to add that this is not a paid advertisement and we're not getting any residuals from this, but we at ExpatsEverywhere and Stephen want to provide YOU with good, sound information about US Taxes for American expats.
Contact Stephen: stephen.boush@tietax.com
Check out the company website: www.tietax.com/
Here is another resource for US expats taxes
Are you an expat who wants help with your taxes? Use our link here for Taxes for Expats and get $25 off: www.taxesforexpats.com/ref/239
0:00 Intro
Questions in the video:
01:36 - Do expats have to file taxes?
02:15 - Do expats have to pay taxes?
02:56 - When do expats need to file taxes by?
04:19 - Can expats deduct foreign tax credits?
06:53 - What is foreign earned income exclusion?
11:39 - When do you recommend someone hires a tax professional?
13:24 - Do I get hit with double taxation by being an expat?
14:23 - What is FBAR?
16:50 - Where can we find these forms?
17:37 - What about expats living in the US?
19:09 - Do I need to report income from investments from abroad?
20:54 - Do I have a larger tax burden if I own real estate in the US?
22:33 - Do I have to file state income taxes?
25:26 - How can your company's financial services help expats?
27:43 - What are the rates for your company's services?
30:02 - Who do you recommend your services to?
33:32 - How can people learn more about your company?
Questions? E-mail us at ExpatsEverywhere@gmail.com
Want more? Go to www.expatseverywhere.com
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#ExpatsEverywhere
Are you an expat and want to do an interview? Email us at ExpatsEverywhere@gmail.com!
We’ve worked with Stephen for about 12 years while livings overseas. He’s extremely knowledgeable and has high integrity! Great interview ExpatsEverywhere!!
We agree completely! Thanks for the comment and good to see you in the comment section, Marjorie Kennedy :-)
Marjorie, without prying into your personal matters, I can assume that you’ve done well for yourselves while abroad. How was your experience returning home (US?) with regards to your savings?
😢
He is fantastic. Do you know the best way to reach him or his team to hire them for work ? Thanks
Wow, great information and interview!! Thanks Josh!
Thank you. We know it's a long one and taxes can be dry but Stephen knows his stuff!
Thanks for the support - Josh
So happy you guys talked through this. Makes me feel confident that there is support out there for when the time comes to move abroad!
You're very welcome. We know that stuff is super important because we've been in your shoes and we know a ton of others in your shoes as well either haven't yet moved abroad and are considering it or they have moved abroad and haven't filed yet. YIKES! Stephen is an awesome guy and we can't recommend him enough. We know taxes are boring hence the view count, but if you know someone that could use it, please share.
Reach out to us if you need anything else expatseverywhere@gmail.com
Great video! Such great info, thank you!
Thank you. Glad it was helpful! - Josh & Kalie
The best video interview. Thank you so much.
Wow, thank you! Most people aren't that enthusiastic about taxes. 😊 Seriously though, we appreciate you watching and your comment. We tried to find an informative and not so dry of a way to present this kind of information. Stephen is awesome. - Josh & Kalie
Wow, this is fantastic information! This gentleman knows his stuff. Many thanks for this video!
JustAnotherPerson Thank you kind person.
Thank you so much for this interview!!! Stephen will be our guy!!!!
Brilliant! Stephen is a great dude.
This is such a great video. Saving for future reference. Thanks so much.
You're welcome. Stephen really knows his stuff and we've enjoyed working with him as our "Tax Guy" now. Thanks for the feedback. - Josh & Kalie
Thank you for the video, great info!!
Glad it was helpful! You're very welcome. Thanks for the comment. - Josh & Kalie
This was INCREDIBLY helpful. Stephen does an excellent job being clear and concise while explaining what could be complex concepts. I love how thorough the video was without being overly dry. Thank you so much for such informative content, Josh!
Thank you! Sorry for just now seeing this. I appreciate the feedback. - Josh
WOW! This is the best interview on expat taxes! Thank you Expats Everywhere!!! Keep up the good work!
Thanks, Sue! Sorry for the delay on replying to you. We appreciate you watching. - Josh & Kalie
So good. Thank you! That answered the questions I had.
Thank you, James. We're really glad it's helpful! - Josh & Kalie
Great content Josh. Stephen definitely knows his stuff. May be looking him up when the time comes.
Thanks, Jeff. We really like Stephen as a person and he has a great ability to explain things to anyone's level of understanding. - Josh & Kalie
Hi Josh, thank you so much for this episode. I found it very helpful. Great work, as usual.
Thanks, Jeffery! Really glad to hear it. I appreciate the feedback. - Josh
@@ExpatsEverywhere I am now working with Stephen. He knows his job! Thanks for making this episode, it helped me very much. You guys are great! :-)
This is very informative and a huge help! The tax situation for want to be expats is so confusing. The more you know about this topic the better. I really appreciate the useful information! Bob V
Glad it was helpful! Thanks, Bob V. 🙏
Amazing info!! Thanks! 🎉
So glad it was helpful! 😁 - Josh & Kalie
Super info! Thanks.
You're welcome. Glad it was helpful!
I've been looking for some of this information & it's not easy to find. This interview was GREAT you asked alot of good questions & he seemed super knowledgeable & professional. I will be contacting them when needed. 👍🏼
Glad it was helpful! Stephen is great and we're glad to have him do our taxes. - Josh
Josh that was awesome. You and Kalie are really doing a wonderful job of getting what's really needed by us expats to thrive outside the U.S. Keep up the good work! Sincerely, Elaine Thompson
Thank you so much, Elaine. We're trying. We know that for a long time our production quality has been great, but we're working on fixing that and improving video by video. We hope to make our audience proud because you all are helping building the channel. 🙏 - Josh & Kalie
thank you! I am American and I'm planning on getting my masters abroad and working part time. I will definitely be making less than $100,000/ year. It's awesome that you answered my question within the first three minutes of the video.
You're welcome. We're glad that Stephen helped answer your questions. We hope to have him on the channel again. - Josh & Kalie
Thanks
I haven't worked with Stephen yet but I did email him with a lot of questions as I am looking for a tax provider. He was very HELPFUL and RESPONSIVE (which is not very common with a lot of companies in general). Just sharing my comments in case anyone else is trying to find a tax provider. Thanks Josh for introducing him! =)
Fantastic! That's great to hear, Bellychic8. We appreciate the feedback.
You're welcome-Josh
Great presentation.
Thanks, Paul. - Josh & Kalie
Really like the straight shooting from Stephen .
Thank you very much! We really like his style too. It's not just how he does on video but this is who he is in real life too. We did our 2020 taxes with him as well. - Josh & Kalie
Great video. Now I know where to start when I move in two years 👍
Thank you! 😁- Josh & Kalie
Thank you
Thanks!
You're welcome!
Thanks for this video. It's given me a lot to think about. I'm going to email Stephen.
You're welcome. Thanks for letting us know. Stephen should be able to assist you. - Josh & Kalie
I just checked. It do say that on the back of your passport! 😮
Great video! Definitely contacting Stephen. Not sure if there are any Massachusetts former resident expats out there but I’m curious when filing MA state returns how is the mandatory health insurance coverage requirement handled? When we relocate permanently oversees our intent is just to have overseas health insurance coverage.
Thanks, Paul! We appreciate it. Yes, contact Stephen and he should be able to answer that state question too. Our understanding and memory serves us that there's a form you'll fill out that states that either you have insurance abroad or don't need insurance because they're not residing there currently. But ask Stephen if you're going to contact him anyway. If he doesn't know, he'll probably be able to do a quick search and get you the form or correct information. - Josh & Kalie
No other country has to worry about this by the way
Thx for this vid Josh. It would have been nice to ask the same questions for UK/EU people but nevertheless this guy seems very approachable and knowledgeable.
I dont know if Stephen is up to date with cryptocurrency tax, but a vid about that would be amazing. Lots of crypto people looking to move to Portugal . keep up the great work.
You're welcome. We had some discussions today about someone talking specifically about taxes here in Portugal so we're working on it. Sometimes these things go slowly. We don't know if Stephen works with non-Americans. You'd have to check directly with him but we're pretty sure he only does taxes in the US. We don't have an affiliate link with him but recommend him because we use him and he's been doing our expat friends' taxes for years.
Thank you so much for the support on our channel. We will indeed try to keep up the great work. Sometimes it doesn't feel like we're doing great work, but we appreciate the support (I'm currently frustrated with the thing I'm editing 😅). - Josh & Kalie
Super video! I applauded for $2.00 👏
Wow, thanks! We really appreciate the applaud, Gerry. - Josh & Kalie
Hello sir! I enjoy your channel. Can you guys one day discuss if the country of BARBADOS is a good tax friendly place for expat retirement. I heard that their have been some major changes in the tax laws.
Hi Rudolph, thanks for writing. When it comes to something this technical, it seems like Andrew Henderson aka Nomad Capitalist might have a video on it.
Super video! I applauded for $10.00 👏👏👏
Woah!!! Another applaud, Amit! We're humbled. Thank you again. 🥳 💪 Stephen is a no-nonsense guy. We think you'd like working with him. Taxes for Expats also knows there stuff and has a lot of experience with, you guessed it, expat taxes. 😊 - Josh & Kalie
Josh, thank you! Not sure how I overlooked this video. I am assuming US tax filings for those that may be retiring abroad may be a bit less complicated (when not earning foreign income), as opposed to those earning $ abroad (perhaps).... Will you and Kalie being including content on filing taxes in Portugal? Also, great info on the trouble of opening investment accounts while abroad. Has this impacted you?
Hey, Ed. You’re right, it’s probably slightly easier. Kalie and I have always filed our own taxes, even while abroad and the foreign earned income portion only takes a little longer to fill in compared to normal w-2 forms. This year, our tax situation is all over the place with this move so we’re going to have Stephen’s company do our taxes. He’s filed for dozens of our friends over the past 5-10 years and now it’s our time to use his service because we don’t want the headache and we’re pretty sure that he’ll find a way to save us money compared to the filing cost to use his company.
Yes, we’re going to make a video or two about taxes here in Portugal and how we’re going to do them. It’s in the works. Stay tuned. Thanks for the support. - Josh & Kalie
Thank you for the content! How do you manage to still invest in US ETFs in spite being in Europe? As far as I understand, European residents can only invest in UCITS ETFs?
Thank you!
Fantastic video! So if my US pension and US social security combined is less than $105,000 per year, I won’t have to pay any taxes to Portugal?
Hi Finn, this video is in reference to doing taxes in the US while living in Portugal so you'll be able to file taxes and submit your earnings as foreign-earned income. This isn't tax advice on our part but our basic understanding and experience of how it works. You file back to the US and you'll file in Portugal. There's a tax treaty between the US and Portugal. You'll likely not pay taxes (still file) in the US and pay them here in Portugal (register under the NHR scheme to get a lower rate). We're doing an interview with a Portuguese tax specialist coming up. Be on the look out. - Josh & Kalie
I had to hire a CPA because I'm married to a non-resident alien, and none of the systems know how to handle an expat who is married to a non-American. Tired filing manually (by mail because I couldn't file digitally due to the NRA issue) and it seems like they never really received my taxes. Decided to go with a CPA the next year.
What sucks is that I fall well under the exemption, so I'm paying money to tell the IRS that I don't owe them money. First $15 in registered mail, then $300 in CPA fees. 🤦🏻♂️
It's not a bad idea to hire a CPA or a professional tax specialist service for this stuff. - Josh & Kalie
@@ExpatsEverywhere In this case I HAD to which is what I found annoying. I didn't have any issues figuring out what I needed to do, just that the system doesn't allow me to submit electronically because the IRS outsourced all filing to private entities that don't care about the edgecases (an expat with an NRA spouse).
I'm also still ticked off that I also have to file as "married filing separately", why not just have me file as single if my wife isn't American (and they don't even actually know I'm married)? It's not like I am getting any of the married benefits this way.
@@GaviLazan Yea, we've hit that point where our taxes our so complicated/nuanced that we're finding it more valuable to pay someone to file rather than paying TurboTax a similar amount.
@@ExpatsEverywhere I hear that. I was using the free file option since I qualify (don't have my own business or anything complex other than being married to a non American) but the system kept on demanding an SSN or ITIN for my wife even though she doesn't have, or need, one.
Should I use TurboTax or H&R Block’s Expat DIY tax program?
We used to use TurboTax until we felt like our tax situation became too complicated and nuanced, which is when we switched to using Stephen's service. - Josh & Kalie
Let me correct your guest. He said "everyone has to file Taxes except for anyone getting below 12 thousand a year". Actually, if you are single receiving Social Security benefits and you get less than 25,000 a year or 32,000 dollars on social security and filing as a couple jointly as of March 2024, you do NOT have to file taxes because those are the limits below the base line threshold of taxes filing and tax paying. The same applies for SSI disability benefits recipients.
If you are self employed and make more than $400 a year, you have to fill your taxes as well.
Wonderful video, loved it! I learned so much about taxes, so informative, we know who to contact to help us with US tax return once we are ready to move. Quick question after we move to Portugal would Stephen be also able to help us with our Portuguese tax return or do you happen to know any tax experts that can help with that?
Catherine, thank you so much for your comment and enthusiasm regarding taxes! 😁 Most people aren't so jazzed up about this info.
Stephen's company specializes in US taxes. You'll need to get a Portuguese tax specialist. Is that something you'd like us to help with? We can ask around, get some prices, and maybe interview them. Let us know what you think.
@@ExpatsEverywhere Yeah I figured we'd need to get a Portuguese tax specialist. I would love it if you had someone on that specializes in Portuguese taxes, I think that would be so helpful to people. We aren't ready to hire someone yet though as we have not moved yet, I'm just trying to be proactive, I'm probably being too proactive though LOL 😁. Btw I'm not jazzed up about taxes usually 😁, BUT I was really jazzed up by your interview with Stephen as he answered so many of my questions so I learned a lot, you asked great questions.
@@Cathy-nr5qi Okay, we'll def. look into it.
Thank you. We really tried to think of the most critical things that expats need to know and would ask. Stephen is ridiculously knowledgable and has a great way to put most things in plain English. It's a real shame that this particular interview doesn't have many views as it's probably buried in RUclips's search at this point, but Stephen did a great job of hitting all the critical points about taxes for Americans living abroad.
@@ExpatsEverywhere Thanks! Yeah you asked all the right questions, I agree Stephen was SO knowledgable and he had a way of simplifying it so even I could understand it 😁, it is exactly what all Americans need to know before moving abroad.
I am confused, i thought he was talking about portugueses taxes For Americans mostly. Also taxes from the gross income seem high, what if you have a property that pays 100 k a year in-the us but after mortgage taxes insurance only nets you 20 k.
After the nhr experis will you still have to pay 48 percent or 28 percent? Seems very high, you will be at a loss paying taxes
#Passport Bros ;)
US taxation is worldwide but Medicare is not 🤬
The sad fact is that if you are self employed, you still have to pay your portion of SS and Medicare, which you will never use. A self employed person, can't get off that 15.3% of taxes, even if you are living overseas. Crappy way to treat your citizens America
Is the foreign income exclusion towards all income or only income outside the us? For example, Do my dividends earned in the us stock market count toward the exclusion, or is it only on income or dividends earned outside the us?
It's best to email Stephen. He'll answer that question for free (we're guessing). If you want, just copy and paste this message to him. 😁 - Josh & Kalie
Hi , thank you so much for this awesome channel.
A question , In general if you move to Europe and your kids are under 18 or close to 18, at what age they are no longer considered dependent and can no longer stay in EU on our residency or work permit?
Thank you so much
Thank you, we appreciate it.
We're not 100% sure. We would have to dig for this answer a little bit, but in saying that, they're school aged kids and would certainly be able to get a visa that ties them for educational purposes at least. Each country probably has their own regulations when it comes to this.
Hope that helps.
Check with the specific country that you're looking to live in.
@@ExpatsEverywhere thank you I appreciate it. It’s true it depends on the country. We still don’t know which country we r going to move to, it’s either Belgium, Germany or England... depending on my husband’s company!
Thx a lot and have a great day!
@@N17sd You're very welcome. We're glad that we can be of some help. Belgium, Germany, and England all sound great to us! 😊 We have a lot of content on the expat life and we're building more and more each week so if that's something you're interested in, we encourage you to subscribe. Once you figure out where you're going, reach back out.
Keep us posted on your move. We always love to hear people's stories. Maybe we could even feature you on the channel in an expat interview.
@@ExpatsEverywhere sure thing , thank you Josh and god bless you.
I just wanted to thank you again bc really what you are doing is really hard...to arrange and make informative authentic perspectives interviews with the right people takes a lot of effort, energy and responsibility.
Take care and all the best❤️
Excellent video ! How to contact Stephen ? Thanks
Hi Anni, it's in the description section of the video. - Josh
Is there any good books in this tax topic?
We're not sure. - Josh & Kalie
Does a US national (not citizen) have to do a tax return or pay IRS taxes if living abroad ?
Are you a resident of the US? If you're not a resident of the US and you're not a citizen of the US, you shouldn't have any ties to the US in terms of taxes and the new country that you've taken up residency in should be your only tax obligation. Feel free to contact Stephen to clarify this with him.
This video answers a lot of questions, but I feel like for self employed expats, some information was missing. My understanding is that content creators, for example, that do this as a business and not as a hobby, are subject to self employed taxes that can't be avoided with the Foreign Earned Income exclusion (form 2555). Self employed individuals, still have to pay their portion of SS and Medicare (FICA) taxes, regardless of being outside of the US for more than 330 days. This FICA tax for self-employed individuals is a 15.3% (ouch)
¿Would you have any video with more specific information about taxes for self-employed expats? Taking into consideration that content creators can live anywhere in the world, this could be a very interesting topic. Thanks
There's got to be a video out there made by a content creator about taxes as a content creator. Have you looked for one of those? - Josh & Kalie
@@ExpatsEverywhere Hi, I did find one for self-employed expats, it was made by Myexpattaxes. I found out, that if you are a resident of one of the countries that have a treaty with the IRS, and you are paying for your retirement there, you can actually get away from paying FICA taxes. This information has been so difficult to find, but after lots of searching, I think I have my situation more clear.
what process do I need to follow if I'm doing my masters in Europe but still need to declare taxes in the U.S.?
As Americans, we always have a filing obligation to the US no matter where we live. If you file taxes yourself, make sure you look into deduction you're eligible for as a foreign resident in Europe. If you get someone to file your taxes, make sure that person is familiar with expat taxes. If not, hirer Stephen or someone like him that goes expat taxes. - Josh & Kalie
💯🙌🙏
Woooooo!!! Tax info!!! 😁
I have lived overseas continuously since 1983. I assumed that since I never made more than $30,000 USD in any year, I had no need to file.
How much trouble am I in?
Hmm, tough to answer how much trouble you're in but things could get complicated so it's best to reach out to Stephen or another expat tax filing service and work on back taxes.
..Let me explain this situation. Read this entire comment.
This comment focuses mainly on Double Tax Treaty between U.S. and Spain.
First, U.S. side explained:
If you receive Social Security benefits as a retired American now living in the U.S., you are NOT taxed in the U.S. (even if living in Spain) if your Social Security benefits are below the limit imposed by the U.S for NON taxation. For 2024, the base limit in the U.S. is 25,000. If you get below 25 thousand dollars in total for the entire year in Social Security benefits the U.S. gov will NOT tax you. If you get more than that, the difference is taxed.
Here is the U.S. tax table for taxable income ONLY for 2023:
Tax rate Single filers Married Joint File Married Separate File Head of household
10% $11,000 or less $22,000 or less $11,000 or less $15,700 or less
12% $11,001 to $44,725 $22,001 to $89,450 $11,001 to $44,725 $15,701 to $59,850
22% $44,726 to $95,375 $89,451 to $190,750 $44,726 to $95,375 $59,851 to $95,350
24% $95,376 to $182,100 $190,751 to $364,200 $95,376 to $182,100 $95,351 to $182,100
32% $182,101 to $231,250 $364,201 to $462,500 $182,101 to $231,250 $182,201 to $231,250
35% $231,251 to $578,125 $462,501 to $693,750 $231,251 to $346,875 $231,251 to $578,100
37% $578,126 or more $693,751 or more $346,876 or more $578,101 or more
Second, Spain side explained:
In Spain the limit in income including any kind of pension like social security from another country that is exempt is...
EUR 6,700 when the taxpayer is over 65 years of age and
EUR 8,100 when the taxpayer is over 75 years of age.
Exempt means that that particular amount is not taxable. But, the rest of that year's income is taxable
And here is the tax table for the tax rates based on the amount left from your yearly income that IS taxable:
Up to €12,450 19%
€12,450 - €20,200 24%
€20,200 - €35,200 30%
€35,200 - €60,000 37%
€60,000 - €300,000 45%
So, that means that if you got for example get 20,000 dollars in social security benefits in one year from the USA to your house and you are over 65 years old, 6,700 is deducted from 20,000. So, instead of having to pay taxes in Spain for 20,000 dollars you got in one year from your USA social security retirement benefits you deduct the 6,700 and now you just have to pay a certain percentage tax on 13,300 (20,000 minus 6,700). The current Spain tax on 13,300 for 2023 is 24 percent. The amount varies depending on the amount of income you get and if the money you make in any company or dividend, etc is covered by a country that has a Double Tax Treaty or not with Spain. 120 countries DO have that treaty with Spain. So, now you have 13,300 taxable income and from that 13,300 you have to pay Spain 24 percent of that income which is in this case 3,192 dollars. If your taxable income is just 600 less at 12,700 (instead of 13,300) then your tax would only be 19 percent. As you can see the taxes in Europe are INSANE, especially for someone on a pension. How you charge over 3 thousand dollars in taxes on a yearly taxable total of 13,300 is beyond any reason, especially when you are going there to spend your money in their economy. With this example in mind, now use the two above charts above from each country to decrease the tax percentage based on where your total earning fall from the other country. Usually the Spain chart is higher.
So for example you earned 70,000 income that is not Social Security
In Spain Tax Chart 70k falls in the 45 percent range
In the USA Chart 70k falls in the 22 percent range
So, that's 45 minus 22 equals 23 percent. That means that in the USA you pay 22 percent of 70k
In Spain you pay the difference of 45 percent, the other 23 percent you did not pay in the USA.
That means you now pay 23 percent of 70 thousand dollars to Spain in taxes with is 16,100....Got it ?
Here is the next thing to remember about the double tax treaty between the USA and Spain. Lets say using the above 20,000 dollars example that you earned that 20,000 working in the USA collecting rent or by doing anything else that was NOT a social security check. And lets say the government taxed you 22 percent on that 20,000 dollars you earned in the USA while living in Spain. Currently in Spain, any worldwide income of 20,000 is taxed at 30 percent. That means that you paid already 22 percent tax to the USA government. So, all you have to pay in Spain for that same money is the other 8 percent which is the difference between 30 percent tax in Spain and 22 percent tax you paid in the USA. Ok, so what does that mean you ask ? That means that now you have to pay 8 percent of that 20,000 dollars which is 1,600 in taxes to the Spain government. You just deduct the difference between the two taxes based on the tax bracket for each country that is based on the amount of money you make. To find out the USA or Spain tax brackets just Google search those specific brackets for the previous year, not the current year to find out what you have to pay for last years taxes.
Now, having said all this as simple as possible, you do really need to talk to a tax consultant or tax lawyer in Spain to know the current laws that have to do with HOW you earned your money, HOW MUCH money you made and how your type of Visa or residency status may affect how much you pay. Also, the Spain government is constantly changing the tax laws. You need to know every year what are the exact laws based on YOUR situation so that you pay exactly what is due in taxes. If you don't, then tax penalties will start adding up against you without you even knowing it. By the time you find out, you might owe a serious amount of money to the Spaniard government in the thousands. I hope this helped many of you figure out this maze of taxes up to a certain point at least.
How do I find Stephen?
We have his contact info in the description section, but here's his email from that box too. stephen.boush@tietax.com - Josh & Kalie
I have been wondering about something I cannot get an answer on. I cannot invest in a Roth IRA as an expat with Foreign Earned Income Exclusion. But... I have rental property in the USA. BUT, I am not technically making PROFIT on it, as my renovations cost more than my rental income. For example - I made $15,000 rental income, but I spent $50,000 on renovations. Can I max out my Roth IRA since I made $15K in the USA, even though it was a loss, or is it still considered a double benefit since I deducted a loss on my rental property and I am contributing to a Roth? I have enough from my Foreign Excluded Income to make a contribution, but not sure if I can yet because I still took a loss on real estate back home. Not sure if that is another case of 'double benefit' which is not allowed. In short, do I have to show POSITIVE income of $6,000 earned in USA to contribute to Roth. Also, Real Estate is passive income, so not sure if that is another loophole that prohibits me since it is not 'earned income.'
Hi Adam, have you tried to contact Stephen? He should be able to provide more clarity on your questions.
Hello, did you ever get an answer? I have a similar situation
@@miamijames Unfortunately rental income is "passive" and thus that would not allow for an Roth by virtue of having such income. "Earned income" from employment is required for Roth eligibility.
How do you have a US state income tax if you are living abroad? You would not be the resident of any state in the US.
Because some states always want theirs. It just depends really. We've held residency in two states that don't have state income tax though so it's been less of a concern for us. - Josh & Kalie
@@ExpatsEverywhere I guess it would all come down to being able to attain the necessary documents a state might require to prove you reside in another country. You probably need to also give up your state driver's license. Or just move to a more favorable state to begin with. My state has no state in one tax.
Do you know if our 401k's would be double taxed if we are living in Portugal? Quick example would be a distribution of 50k/year with US federal income taxes due at 20%. So would Portugal take another 10% on top of the 20% the US already took?
what if you literally only make a little over 400 usd?
A year?
Retired widow. Accidental American. Live in Washington state. Moving to Portugal. Waiting for US passport, applying for UK passport. Does it make sense to give up us citizenship?
Hi, Lisa. Are you wanting to give up citizenship? Or you're saying because you can't hold 3? US and UK now with BREXIT seem to be in the same boat for Europe, right?
@@ExpatsEverywhere yep...I can get Irish easy too. I can still receive social security. I'm definitely looking this through
@@lisawhytock95 US is the only country that requires you to pay US taxes no matter where you are subject to the foreign earnings exclusion or tax credit from paying a foreign country. If you have access to a uK and an Irish (EU) passport then I don’t seen any reason to have a US citizenship unless you want to live in the US. The other two passports are equally good for travel purposes.
I am retired, receive Social Security and also a monthly income from a 401K, all of it from the US. If I move to Turkey, what are my US tax liabilities?
Reach out to Stephen, you'll probably owe nothing but still have to file of course. - Josh & Kalie
@@ExpatsEverywhere Thanks for the reply. I appreciate it.
@@merrsf You're welcome. We appreciate you! - Josh & Kalie
Can I hire this guy and what’s he cost?
Yea, you can definitely hire Stephen. It really depends on your tax situation but general range should be $350-550 we think. - Josh & Kalie