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 socrateaser Your Own Question
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 37822
Experience:  Retired (mostly)
Type Your Tax Question Here...
socrateaser is online now
A new question is answered every 9 seconds

Reference the form 8854 and its description of which expatriates

This answer was rated:

Reference the form 8854 and its description of which expatriates must file same - there is reference to the term - "average net income tax liability"

Does it mean the amount of tax paid every year on total income earned?
- or - Does it refer to Line 43 on my form 1040 Taxable Income...?

I'm going to cut to the chase here. The magic answer is that your net income tax liability for any tax year is Form 1040, Line 55. Add up each Line 55 for the 5 years preceding the year in which you lost citizenship, divide by 5 and that's your average net income tax liability.

Hope this helps.
socrateaser and other Tax Specialists are ready to help you
Customer: replied 3 years ago.

Excellent, net and quick reply