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PHYSICIAN NEARING RETIREMENT AGE AND WISH TO CONSIDER BEING

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I AM A PHYSICIAN NEARING...
I AM A PHYSICIAN NEARING RETIREMENT AGE AND WISH TO CONSIDER BEING PHYSICIAN ON A CRUISE SHIP. IF THAT VESSEL IS FOREIGN FLAGGED, AM I CONSIDERED AN EMPLOYEE IN A SOVEREIGN FOREIGN COUNTRY? SUBJECT TO FOREIGN INCOME TAX EXCLUSION?
WHAT IF I AM CONCURRENTLY RECEIVING SOCIAL SECURITY AFTER RETIREMENT?
Submitted: 1 year ago.Category: Tax
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Answered in 6 minutes by:
8/2/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
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Hi, my name is Mark, I will be happy to help you with your questions.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Please give me a moment, I am looking into your questions. If you are working and receiving Social Security than a portion of your Social Security income will be taxable (85%).

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Income earned while working in international waters is not considered foreign income so it would not be eligible for the foreign income exclusion. However, income earned while docked in port, or traveling in waters that belong to a foreign country will qualify for the exclusion. You would need to allocate how much was earned while on port or in a countries sea, and how much was earned on international waters.

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Customer reply replied 1 year ago
WHAT PROPORTION OF MY CRUISE SHIP EARNINGS ON FOREIGN FLAGGED VESSEL IS TAXABLE? POTENTIAL ANNUAL EARNINGS 130k. MORE LIKELY 70k.
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

What country is the ship out of? What is the country of the employer?

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Customer reply replied 1 year ago
DO I HAVE TO BE EMBARKED FOR 365 DAYS, AND/OR HAVE NO US DOMICILE TO CLAIM THIS FOREIGN INCOME BENEFIT?SHIP IS TYPICALLY MALTA, OR LIBERIA, OR SCANDINAVIA. LARGE COMMERCIAL CRUISE LINE SUCH AS CARNIVAL.
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

If the ship has no nexus to the US. I would expect that this would all be considered foreign income.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

You would need to live abroad 330 days during a 12 month period. Are you a citizen of another country besides the US?

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