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US Foreign Income Taxes

 
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Gogreen517



Joined: 16 Mar 2017
Posts: 8

PostPosted: Wed Mar 22, 2017 5:46 pm    Post subject: US Foreign Income Taxes Reply with quote

I'm a teacher who is considering working abroad. Does anyone have experience with the foreign income exemption? I understand the foreign residency does not be consecutive. However would my 2017 income be exempt if I started working in the Fall? It seems this wouldn't satisfy the 330 days?

Does anyone have any experience with this scenario?

https://www.irs.gov/individuals/international-taxpayers/foreign-earned-income-exclusion-requirements

https://www.google.com/amp/s/www.internationalteflacademy.com/faq/will-i-pay-taxes-while-teaching-english-abroad%3Fhs_amp%3Dtrue
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rtm



Joined: 13 Apr 2007
Posts: 996
Location: US

PostPosted: Thu Apr 06, 2017 7:42 pm    Post subject: Re: US Foreign Income Taxes Reply with quote

Gogreen517 wrote:
I'm a teacher who is considering working abroad. Does anyone have experience with the foreign income exemption? I understand the foreign residency does not be consecutive. However would my 2017 income be exempt if I started working in the Fall? It seems this wouldn't satisfy the 330 days?

You qualify if you were outside of the US for 330+ days out of any 12-month period that begins or ends within the calendar year. So, for example, if you are out of the country for 330+ days between August 2017 and August 2018, you would qualify for the foreign earned income exclusion for your August-December foreign earned income on your 2017 taxes (and your January-August, 2018 income on your 2018 taxes). You still pay taxes as normal on your January-August 2017 income in the US.

Of course, since you won't be able to prove in April that you'll be outside of the US until August, you won't be able to file your taxes in April. US citizens abroad get an automatic 2-month extension on filing their taxes. If you still need more time, you can file for an extension until October.
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BadBeagleBad



Joined: 23 Aug 2010
Posts: 1178
Location: 24.18105,-103.25185

PostPosted: Sun Apr 09, 2017 9:04 pm    Post subject: Reply with quote

You also qualify if your bona fide residence is outside the US. That is, your home that you plan to return to. I am a dual US/Mexican citizen and occasionally and not outside the US for the 330 days, but since Mexico is my home (my only home) that I return to I am also exempt from US income tax. I would suggest reading the IRS website, it is pretty clear. You can also get an exemption for part of a year.
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