Whether you’re unsure about FATCA, FBAR, or IRS filing requirements abroad, this is the place to ask. We specialize in helping U.S. expats navigate complex tax rules with clarity and confidence.
How do I report foreign income to the IRS?
To report foreign income to the IRS, you must file a U.S. tax return (Form 1040) and include all income earned abroad, even if it’s taxed in another country. Depending on your situation, you may also need to file additional forms such as:
- Form 2555 to claim the Foreign Earned Income Exclusion (FEIE)
- Form 1116 to claim the Foreign Tax Credit (FTC)
- Schedule B and FBAR (via FinCEN) if you hold foreign financial accounts
- Form 8938 under FATCA for reporting specified foreign assets
These tools help reduce double taxation and ensure full IRS compliance while living or working abroad. Filing requirements vary based on income, residency, and account thresholds, so it’s important to review the rules carefully or seek expat tax help.
Need help with a specific form or deadline? Submit your question now and get personalized guidance.
Do I need to file FBAR if I live abroad?
Yes—if you’re a U.S. citizen or resident living abroad and you have foreign financial accounts that exceed $10,000 in aggregate value at any time during the year, you may be required to file an FBAR (Foreign Bank Account Report). This includes bank accounts, investment accounts, and certain retirement accounts held outside the United States.
FBAR must be filed electronically through the Financial Crimes Enforcement Network (FinCEN), separate from your IRS tax return. It’s a key part of foreign asset reporting and IRS compliance, especially for expats managing cross-border finances. Failing to file can result in steep penalties, so understanding your FBAR obligations is essential for staying compliant.
How do I report foreign income to the IRS?
To report foreign income to the IRS, you must file a U.S. tax return (Form 1040) and include all income earned abroad, even if it’s taxed in another country. Depending on your situation, you may also need to file additional forms such as:
- Form 2555 to claim the Foreign Earned Income Exclusion (FEIE)
- Form 1116 to claim the Foreign Tax Credit (FTC)
- Schedule B and FBAR (via FinCEN) if you hold foreign financial accounts
- Form 8938 under FATCA for reporting specified foreign assets
These tools help reduce double taxation and ensure full IRS compliance while living or working abroad. Filing requirements vary based on income, residency, and account thresholds, so it’s important to review the rules carefully or seek expat tax help.
Need help with a specific form or deadline? Submit your question now and get personalized guidance.