If you are a U.S. citizen or resident who worked or earned money outside of the U.S., you may want to review these tips:
- U.S. citizens and residents are required to report any and all income received, whether in the country or outside the country.
- You should report any foreign income on IRS Form 8938 and any foreign bank accounts on IRS Form 114.
- If you lived and worked abroad, you could qualify for the foreign earned income exclusion which would make the first $99,200 in income.
- You may be able to take a deduction or tax credit for any taxes paid to other countries.
If you have assets in a foreign country or earned income in a foreign country, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.