Are Form 8865 Expat 2024

Hello, this is Richard Bosshard speaking to you. I am a certified and experienced expat tax consultant. I would like to help you understand whether you have to file a tax return on your overseas income and, if so, how to go about it. CPA firms and tax lawyers do great work for corporations and the wealthy, but I can save you a lot of money in much lower fees and provide personalized one-on-one service. I will cover all the bases on how you can legally exclude your income earned overseas from US tax liability. Today, I would like to discuss who has to file and if that means you have to pay taxes. These are two different issues. The first one is who has to file. I'm going to read you the various categories which depend on your filing status and age. The lowest category, with the lowest income threshold, is married filing separately at any age. The income threshold for this category is $3,650. The highest excludable amount, or the amount under which you don't have to file, is $20,900 for married filing jointly with both spouses over 65. In between, there are different categories. Now, if you are over this threshold, you have to file an income tax return from overseas. Failure to do so can result in criminal charges upon your return to the United States. However, let's talk a little bit about having a tax liability. There are two general ways to exclude your foreign earned income. The first way is through the foreign earned income exclusion. The tax regulations allow you to earn over $90,000 (for the 2010 tax return) without having any tax liability on that income. You may even get an extra padding if your housing costs exceed those you would have...