How to Qualify for the Foreign Earned Income Exclusion in 2022
ฝัง
- เผยแพร่เมื่อ 8 ก.ค. 2024
- Foreign earned income exclusions, so it’s time that we make a video talking specifically to the people who are U.S. citizens, BUT have decided to take a job outside of the country.
Tax Planning & Tax Preparation Services: bit.ly/3iC6FCI
When most people decide to take a job opportunity in another country, that job usually pays you a lot of money to do it. And of course, the more money you make, the more you are usually taxed, right?
Well no, there are actually foreign exclusions that can help you avoid paying taxes on certain things. So in this video, I want to talk about foreign income, foreign housing so that I can help those who are working out of the country or considering it.
Time Stamps for Foreign Earned Income Exclusion:
Intro (0:00)
Like & Subscribe (1:00)
What is Foreign Earned Income? (1:26)
What is the Foreign Earned Income Exclusion? (1:49)
What is Earned Income vs Unearned Income? (2:56)
What is NOT Foreign Earned Income (4:15)
Bona Fide Residence Test Explained (5:13)
Physical Presence Test Explained (6:48)
Foreign Earned Income Exclusion Example (8:15)
IRS Interactive Tax Assistant (9:37)
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live)
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I’m not even half way through the video and have to say this is very thorough. I worked in Kuwait and needed this info. Thank you!
👏🏾 Thank you for the simplicity of your videos. I dk I have a better understanding when you break down this knowledge than me reading it lol. Bless you and your Firm on helping me be better at what I do.
Great video, thank you!
very good!
Thanks so much
Our pleasure!
Thank you. Question.
1) If someone gets hired with an American company and gets hired in the US with a W-2, If they move and live in another country and live there consistently more than a year due to the fact that the job is an online job (remote work), can they qualify for foreign tax exclusion even though the company is in the US and they got hired in the US? 2) If we can generally apply for foreign tax exclusions after receiving your income through a W-2 system, what happens next if you get approved? Will they send you money back through a check? or this Foreign tax exclusion can only be done through a 1099?
Marco - Did you get an answer to this question or find out another way?
Educational video but I laughed when he pronounced "uninterrupted" and "uninterpreted" both times. Two very different words lol
😂💯Trying to get there at my pronunciation
Thank you. Is this different than something else I’ve heard of which is I can, as an American citizen, live in a foreign country. In doing so, I’ve heard you can write off 55k per person or 110 per couple in income earned from USA earned income (working for us company while living abroad or self employed us income earned while living abroad). Is that a different tax program? I’m interested in tax credits for living abroad earning income via the US and not earning income from another country. Is there a different credit for that? Thanks!
Are you supposed to write the full income amount in and then deduct the credit from your total somewhere else when you file your taxes, or do you just not have to file any income that is under the allowed amount?
im a contractor living in Kuwait... Do you recommend putting exempt on my w-4?
Depends on what state you live in. CA, AL,PA,MA,NJ,HI. 330 days out of country does not apply to Hawaii correct?
Hello Sherman.
Outstanding content.
Well organized and easy to understand such intricate subjects.
I stumbled upon your video about capital gains as I have an upcoming transaction needing some decisions made based upon those taxes.
Again, sir, excellent work.
Your latest subscriber,
Todd
Awesome, thank you so much for sharing yur feedback Todd
Hi Todd, I too have some decisions to make on deciding weather to tax my capital gains in the US or the country i currently live in. If you dont mind, can i ask you some questions if you've maybe figured them out already? thanks
What about being in a foreign country (meeting the presence test) and earning 1) TH-cam income, and 2) FOREX trader. Are these excluded; or considered US based?
Hi, your video is very enlightening. My situation is a little different and I don't know what to do. I'm Brazilian but I currently live in the US and have a green card. However, I work in Brazil online (from the US), I receive my salary in an account in Brazil and I do my income tax return in Brazil. I worked there for the whole of 2021, but I only go there to visit when I'm on vacation. I don't know how to file my US income tax. Could you give me a light? Thank you!
What about stock trading?
Can it be prorated? Let’s say I’m out of country for 6 months
QUESTION: Does spending time in a US territory like the Philippines qualify for the FEIE?--Technically, this is a separate country; but the form states "countries or possessions."
The Philippines is NOT a US territory.
What about remote workers?
Would a intrafamily loan with no fixed repayment terms (paid into a foreign bank account) count as a foreign earned income?
im a US citizen with residents and living in nicaragua for 7 years. I am a photographer. i bring in about 30 to 40 k a year. would i qualify for foreign earned income exclusion?
Income Earned from US Employment with US Employer but Worked Remotely from Abroad 365 days a tax year so still qualify for FEIE ?..
If the company that pays me is based in the USA, and I qualify for the physical test/bonefide residency, can I file for the FEIE?
Gambling is passive income?
Hello what if I live in the US but am employed by a company in Hong Kong? Does that count for this?
Following this thread
Don't tell people you want to maximize their tax liability! lol