Unfortunately, the risk of doing so is far too much. Even expat returns for middle class Americans can be incredibly complicated and loaded with penalty landmines. We strongly advise every expat think several times before filing their own return - the US tax code is nothing but a series of traps - so much so taxpayers can be better off filing nothing that a half-baked return. It is a very sad state of affairs we are working to change.
@@irsmedic I only earn about £24k a year, I'm married to a Non Resident Alien and I have no properties, or investments of any kind, I don't have any savings whatsoever (I'm so broke, honest to God.) I have been living in the UK since Nov 2016. Will I owe the IRS thousands? I am honestly terrified for my life at this point.
I have a question about FEIE. Many websites state that if an expat and the expat's spouse both work, both could use FEIE and could deduct up to double the amount of individual FEIE. But my question is if one spouse earns a tons (e.g. USD500000/year) and the other just has a part time job (e.g. USD5000/year), can they use the doubled amount of FEIE to offset the combined income (i.e. USD505,000), so the FEIE could only apply individually and each individual could only reach up to the individual limit?
To qualify for FEIE inst it also mandatory you be able to show you paid foreign taxes while overseas? Otherwise u can you just hop around on tourist visas the whole time, working for a US company and receiving US payment, and not have to pay taxes to the US or any other country?
Foreign tax credits rely upon foreign tax credits you paid. FEIE applies even if you live in a zero tax jurisdiction. But that is only on earned income, i.e. wages. FEIE typcially does not apply to retirement benefits, dividends, or interest.
It would be nice if you could add a video showing expats how to fill out 1040 forms.
Unfortunately, the risk of doing so is far too much. Even expat returns for middle class Americans can be incredibly complicated and loaded with penalty landmines. We strongly advise every expat think several times before filing their own return - the US tax code is nothing but a series of traps - so much so taxpayers can be better off filing nothing that a half-baked return. It is a very sad state of affairs we are working to change.
@@irsmedic I only earn about £24k a year, I'm married to a Non Resident Alien and I have no properties, or investments of any kind, I don't have any savings whatsoever (I'm so broke, honest to God.) I have been living in the UK since Nov 2016. Will I owe the IRS thousands? I am honestly terrified for my life at this point.
@@regulardude09 Very unlikely Danny. We get taxed at a much higher rate in the UK compared to the US and you're on £24K so you should be fine.
I find the audio is muffled and hard to understand at time. And there's no closed captioning available to help with this.
I have a question about FEIE. Many websites state that if an expat and the expat's spouse both work, both could use FEIE and could deduct up to double the amount of individual FEIE. But my question is if one spouse earns a tons (e.g. USD500000/year) and the other just has a part time job (e.g. USD5000/year), can they use the doubled amount of FEIE to offset the combined income (i.e. USD505,000), so the FEIE could only apply individually and each individual could only reach up to the individual limit?
To qualify for FEIE inst it also mandatory you be able to show you paid foreign taxes while overseas? Otherwise u can you just hop around on tourist visas the whole time, working for a US company and receiving US payment, and not have to pay taxes to the US or any other country?
Foreign tax credits rely upon foreign tax credits you paid. FEIE applies even if you live in a zero tax jurisdiction. But that is only on earned income, i.e. wages. FEIE typcially does not apply to retirement benefits, dividends, or interest.
Subtitles would be nice
Expats fill out 104) dill form hu go ab boys
What is this doomsday scenario list. Jeez... most people don’t meet any of your doomsday points.
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