Posted: 12/8/2012 12:51:25 AM EDT
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So, I'm thinking of moving some of my ill-gotten gains out of Taiwan and back to the U.S., so as to buy some land to retire on.
Because I'm out of the country, I get the Foreign Earned Income Exclusion. If I move the money to the U.S. now, do I have to pay tax on it now? Or was all that taken care of when I was filing income tax returns saying "money earned in the U.S., $0, foreign income $##,###, exlcudable amount $90,000, net tax owed $0"? What about the change in value due to the ongoing devaluation of the USD (roughly 13% since I first came over here)? |
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If you meet all of the requirements (at least 330 days) for the tax rule and made less than 92,900 (double that if you are married) then you are GTG. However, if the money earned was dividends, interest, capital gains, pension or retirement distributions, those do not qualify and should be taxed. However any for tax you pay you can apply for an exemption on form 1116 (check that but it should be right). Also, when you were being paid were you subject to a social service tax b/c if not you may owe the .gov for SS.
I will say that there are more rules regarding the entity that paid you, but you aren't paying me enough. |