Quote:
Originally Posted by johnnyc1984
Hello,
I have some questions about FATCA I can't undertand yet.....
1-/ If I have in a bank outside of US and my account is more of $10000 by that money has already paid taxes because was sent from US form my work have to pay any tax? Let guess I have $12000
2-/ if I work and get paid more of $100000 I need pay tax? Let guess I earn $130000 if have to pay how much I need to pay?
3-/ I can be except to pay any tax to US if I relocate out of US more of 2 years and have my work, life, banks and everything outsgore and never back to US?
Thanks for your time.
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You just have to remember as long as you are a US citizen (or residence), you worldwide income is subject to US income tax, regardless of where you live.
(1) If you earn Interest income from you bank, you will need to include it in your tax return.
(2) The same tax rule apply as if you are still living in US. You are taxed on your earned income. How much you need to pay? I guess it depends on you total income - deductions/exceptions/credits/etc
(3) Yes, as long as you are still US citizen, you are taxed on your worldwide income. If you are rich enough, you are also subject to US tax when you give up your US citizenship (Exit tax).
Good news: You might be able to claim foreign tax credit to avoid double taxation.
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