Foreign pensions cannot be excluded on Form 2555. Foreign earned income for purposes of the foreign earned income exclusion does not include pensions and annuity income (including social security benefits and railroad retirement benefits that are treated as social security).
Just as with domestic pensions or annuities, the taxable amount generally is the Gross Distribution minus the Cost (investment in the contract). Income received from foreign pensions or annuities may be fully or partly taxable, even if you do not receive a Form 1099 or other similar document reporting the amount of the income. In…
Foreign mutual funds typically fall under the Passive Foreign Investment Company (PFIC) classification and are taxed through a system that is much more punitive and disadvantageous than their domestic counterparts. If you own foreign mutual funds, you will most likely have to include Form 8621, the Information Return by a Shareholder of a Passive Foreign…
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Tax Samaritan is a leading U.S. expat tax preparation and advisory firm dedicated to simplifying tax complexities for clients worldwide. Guided by our core values, we are committed to integrity, excellence, and empathy in all client interactions.
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Tax Samaritan is a leading U.S. expat tax preparation and advisory firm dedicated to simplifying tax complexities for clients worldwide. Guided by our core values, we are committed to integrity, excellence, and empathy in all client interactions.
The Client Transformation Success Manager plays a key role in delivering exceptional client experiences by building strong relationships and offering value-driven tax advisory and financial planning. This role ensures clients receive proactive, strategic guidance to achieve long-term financial success.
