How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lane Your Own Question
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 10911
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
1929974
Type Your Finance Question Here...
Lane is online now
A new question is answered every 9 seconds

Lane. Below is the question from before so I can leave an

Customer Question

Hi Lane. Below is the question from before so I can leave an amount since I could not on the prior question.
.....
Do you see where there are any other deductions for this type of income or any where to save taxes or to amend tax returns? I don't but want to make sure 100% I'm not missing anything.
.....
My big thing I was thinking was the foreign exclusion as you mentioned or not having it taxed in the states GA/VA but it doesn't seem possible.
.....
All your help is much appreciated.
.....
Thanks, Jamie
Submitted: 1 year ago.
Category: Finance
Expert:  Lane replied 1 year ago.

The other issue that comes up now that I realize this is foreign tax, the the FTC... I'll paste what I wrote on the other one (Thank you)

...

First, the fact that we're talking about foreign earnings here brings up another issue. ... If they are paying taxes to another government, then the foreign tax credit (FTC) should also be considered. And likely much easier to qualify.

...

For the FTC ( https://www.irs.gov/Individuals/International-Taxpayers/Foreign-Tax-Credit ) they simply need to have PAID taxes to a foreign government

...

For the Foreign Earned Income Exclusion (FEIE), the bar is (for most people) higher. (https://www.irs.gov/Individuals/International-Taxpayers/Foreign-Earned-Income-Exclusion)

...

To claim the foreign earned income exclusion, you must have foreign earned income, your tax home must be in a foreign country, and you must be one of the following:

  • A U.S. citizen who is a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year,
  • A U.S. resident alien who is a citizen or national of a country with which the United States has an income tax treaty in effect and who is a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year, or
  • A U.S. citizen or a U.S. resident alien who is physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months.

...

So the FTC MAY be the answer here if they don't qualify for FEIE because of those continuous/consecutive time requirements.

Expert:  Lane replied 1 year ago.

Did you see this one Jamie?

..

Lane

.