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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12675
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I have a friend who lives in Columbia and earns local

Customer Question

I have a friend who lives in Columbia and earns local income. She is a natural US Citizen and wants to file her US taxes for the money earned in Columbia. She would like to know what does she file. Is it a 1040 and report a Foreign Credit for the money earn. please advise
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi Dennis,

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I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial & tax advice since 1986. I can help here.

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Yes, she will use the 1040 because she is a citizen (as opposed to the 1040-NR, for non-resident aliens) and, yes, if she qualifies she can use the Foreign Earned Income Exclusion (FEIE) to exclude up to $100,800 for 2015.

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Form 2555, Foreign Earned Income, can be used to claim the foreign earned income exclusion

Expert:  Lane replied 1 year ago.

Basically, she must have foreign earned income, her tax home must be in a foreign country, ( see the bullets below) any one of these will qualify her

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  • 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.
Expert:  Lane replied 1 year ago.

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I sincerely ***** ***** has helped!

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Please let me know if you have any questions at all.

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If this HAS given you enough info, I'd really appreciate a positive rating (using that rating request or the stars on your screen)

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That's the only way I'll be credited for the work here.

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Thank you!

Lane

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