If the foreign income exclusion is claimed, then the taxpayer may not claim any business deductions that are allocable to the excluded income — foreign taxes paid on the excluded income cannot be claimed either as a credit or a deduction, and neither traditional nor Roth IRA contributions can ...
you might still owe U.S. taxes on income earned in another country. For many expats, this comes as a surprise. This may also provoke anxiety, as many expats are also paying taxes to their new country of residence.
3. Ifyouhadincomefromabusinessthatyouownedandoperated,submitastatementshowingyourincome and expenses. It would be helpful if you were in this business in the previous year to send a complete copy of your Schedule C included in your prior year Form 1040 (If I did your return, disregard). ...
The taxation of retirement income from Individual Retirement Accounts (IRAs) raises many concerns to individual taxpayers, such as naming a beneficiary, whether to convert some or all IRA holdings to Roth IRA holdings, in which state to retire, and the tax consequences of the IRA distributions. ...
myself by virtue of rollovers from former jobs and an IRA from ages ago, but I’m not actively looking to add to them. Those funds aren’t readily accessible for many more years, and I plan on living off immediately dividends with a little web income on the side much sooner than ...
John, single, earned $50,000 as an independent contractor. He received $5,000 in dividends from an international stock fund, 100% of which was foreign-source income. $4,000 out of the $5,000 was qualified dividends. The fund reported $500 in foreign taxes paid. John had no other inco...