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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 23237
Experience:  Taxes, Immigration, Labor Relations
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Hi my name isXXXXX was born in the United States of America

Customer Question

Hi my name isXXXXX was born in the United States of America on May the10-1978
I have an American and Saudi passport,I work in Ministry of Ministry of Civil Service in Saudi Arabia.
And I'm coming to America to study and have my Master's degree.
My question is, is there any Tax or any financial required on my behalf

Thanks
Bassam
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

Lev :

Hi Bassam and welcome to our site!
Please be aware that regardless where you live - as a citizen of the US - you are required to report all your worldwide income regardless if proceeds are transferred to the US or you keep the money in your account abroad and regardless how funds are used.
Because you are living abroad - you might be eligible to exclude a foreign earned income (form 2555) if you spent more than 330 days during 12 month period in foreign countries or if you are a bona fide resident of a foreign country.

Lev :

To to claim foreign earned income exclusion - the taxpayer should file either form 2555 or 2555EZ. Here are forms: Form 2555 Instruction 2555

Please be aware that - the exclusion above will not affect self-employment taxes - only income taxes. Only earned income is excludable - income from wages and self-employment. For instance - dividends, investment income, rental income, pensions, etc - are not excludable. Please also be aware that this credit is not granted automatically - you need to file a tax return and claim the credit.

Lev :

If the person qualifies - the amount of foreign earned income exclusion fro 2012 is $95,100.

Lev :

However - if you will have an account in a foreign bank - you might be subject of FBAR reporting.
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing a Report of Foreign Bank and Financial Accounts (FBAR).
United States persons are required to file an FBAR if:
1.The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
2.The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.

Lev :

Let me know if you need any clarification.

Customer :

not: that English is not my native tongueز

Lev :

No problem - take your time. Let me know if anything else is needed.

Customer :

Last time I was in the states was in 1989

I'v never had an American bank account

Customer :

I arnn ander 23000 $ ayer

Customer :

So that makes me eligible for income exclusion right?

Lev :

That is not an issue. However - you mentioned that you are US citizen.
So if you are required to file your tax return if your income is above certain level.
If you are Single - and your income is below $10,000 - generally - you are not required to file the tax return.

Lev :

If your earning is above that amount - you are required to file - but are eligible to exclude your foreign earned income - so in your income level - you will not owe any US income taxes.

Expert:  Lev replied 1 year ago.
Just in case you were not able to use the chat - I am switching to Q&A mode and posting the answer below.
Please feel free to communicate if you need any clarification or have other tax related issues.

hat is not an issue. However - you mentioned that you are US citizen.
So if you are required to file your tax return if your income is above certain level.
If you are Single - and your income is below $10,000 - generally - you are not required to file the tax return.

If your earning is above that amount - you are required to file - but are eligible to exclude your foreign earned income - so in your income level - you will not owe any US income taxes.

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Lev
Lev
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Taxes, Immigration, Labor Relations