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Re: beachhyena post# 367082

Sunday, 04/11/2021 10:36:40 PM

Sunday, April 11, 2021 10:36:40 PM

Post# of 699555
you wrote:

I have my Green Card so just waiting to convert to Citizenship.
Funnily enough the Zimbabweans under the leadership of Managwa are willing to reinstate my citizenship. Maybe I will end up with both and travel in Africa as a Zimbabwean as you get many benefits.


Are you familiar with, and taking into account, "FATCA" = the Foreign Account Tax Compliance Act.

The United States is one of only a handful of countries on the planet the taxes individuals on their worldwide income.

What does that mean?

It means that whether or not you reside in the United States or in a foreign country, you are required to report all of your US income as well as foreign source income on your U.S. Tax Return.

It also does not matter if the income you earn is tax exempt in a foreign country (PPF or Passive Income earned in many countries), or whether the income you earn in a foreign country was already taxed (although a Foreign Tax Credit or Foreign Earned Income Exclusion may apply, see below).

While you may be able to obtain a credit or exemption for the taxes you paid, or income you earned in a foreign country – you are still required to report the income on your US tax return.



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