They are coming out of the woodwork now. I had a person call me about the stimulus payments. He is a US citizen, lives in Australia, works an Australia, and files Australian taxes. Is he still eligible for the stimulus since he is a US citizen?
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Good news is he is eligible for a stimulus payment. Bad news is he should have been filing a U.S. tax return all along. U.S. citizens are taxed on worldwide income. He may not owe any tax thanks to foreign income exclusions and credits but he still needs to have filed.
https://www.irs.gov/individuals/inte...e%20you%20live."Dude, you are correct" Rapid Robert -
And, FBAR !!Comment
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Oh yeah dont forget to brighten his day by showing him this comparison chart:Originally posted by Lion View Post
If he has more than $50k in assets (not including residential property) he has to file the FACTA 8938 and FBAR. The non filing consequences are severe."Dude, you are correct" Rapid RobertComment
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And if he has Australian superannuation compensation, that is taxable income to the U.S. as well.
"You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe HowardComment
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