Question of the Week: Since I live overseas and earn less than $90,000 I don’t have to file taxes, right?

IRS 1040 Tax Form Being Filled Out www.seniorliving.orgAnswer:  Wrong.  U.S. citizens working overseas are normally taxed on their income.  You may qualify to exclude up to $92,900 of your income from taxes, but you still have to file a tax return every year.  As you prepare your taxes this year, please look through the irs.gov website for detailed guidance, and specifically Publication 54, the Tax Guide for U.S. Citizens and Resident Aliens Abroad for 2011.  This excellent tax guide can be found here:  http://www.irs.gov/pub/irs-pdf/p54.pdf

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2 responses to “Question of the Week: Since I live overseas and earn less than $90,000 I don’t have to file taxes, right?

  1. Can the embassy recommend any CPAs or accountants in Seoul that can file US income tax materials? Sometimes taxes can get complicated so I would like assistance from a tax professional.

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