Tax Time: Useful information for U.S. Citizens and Resident Aliens Living Abroad
Well, it’s tax time and for many persons living abroad that means lots of questions begin popping up. Fortunately there are a lot of great resources online for assisting you. For instance every year the IRS publishes a book (publication 54) entitled Tax Guide for U.S. Citizens and Resident Aliens Abroad for use in preparing 2010 returns.
A few of the highlights this year include a few new items such as Exclusion amount. “The maximum foreign earned income exclusion is now adjusted annually for inflation. For 2010, the maximum exclusion has increased to $91,500”*. The Housing expenses – base amount has been adjusted to “$40.11 per day ($14,640 per year)”*.
“Automatic 2-month extension. You are allowed an automatic 2-month extension to file your return and pay federal income tax if you are a U.S. citizen or resident alien, and on the regular due date of your return:
- You are living outside the United States and Puerto Rico and your main place of business or post of duty is outside the United States and Puerto Rico, or
- You are in the military or naval service on duty outside the United States and Puerto Rico.
If you use a calendar year, the regular due date of your return is April 15. Even if you are allowed an extension, you will have to pay interest on any tax not paid by the regular due date of your return.”*
In any event, here is a link to some forms you might be interested in obtaining.
IRS Home Page for Forms and Publications:
- Form 1040 http://www.irs.gov/pub/irs-pdf/f1040.pdf?portlet=3
- Form 1040 (Instructions) http://www.irs.gov/pub/irs-pdf/i1040.pdf
- Inst 1040 (Tax Tables) http://www.irs.gov/pub/irs-pdf/i1040tt.pdf
- Form 1040EZ http://www.irs.gov/pub/irs-pdf/f1040ez.pdf
- Form W4 (2011) http://www.irs.gov/pub/irs-pdf/fw4.pdf?portlet=3
* Disclaimer: The aforementioned information in quotation marks are direct quotes from IRS Publication 54 and are not intended to be taken as income tax advice, nor is any of the information contained herein intended to serve that purpose. If you have any tax questions, consult a qualified licensed income tax specialist or the IRS.
Short URL: http://goodmorningba.com/?p=1496