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IRS & Duel citizenship retiries who live out the US for good. Am I exempt from taxing my savings,pension&SS? |
Please note the point that I have duel citizenship, retired after a long service with the State of WA, which has no state taxes. Still having my savings in the US banks on which I am paying taxes on its interest. The State is deducting federal taxes on my monthly checks, and I have been submitting my annual taxes on April 15 like every American even as I am not living in the US any more. Do I have the right not to pay taxes on these items as long as I am not living in the US, could I be exempt, and if could this be retroactivly? Again please note that I have duel citizenship would this be a reason not to be taxed on my retirement income. Please let me know where I stand from the IRS, what to do and where to start. Hate to bug you but I just wanted to lump all facts in this format once and for all. Thank you. bb. Dual citizenship or not, as long as you maintain your US citizenship, you're liable for the taxes. If you are also taxed on the same income by another country, you might have the right to a tax credit for what you're paying to the other country. IRS Can tax all of your income any where in the world. If you work wherever your are or if you even have some stock there you are supposed to report that in your taxes as well. In reality you probably owe more money not less. You may get a credit for any taxes that you pay wherever you are. it is actually a moderately complicated return you should have a tax specialist. Any US citizen abroad still needs to file per link below. Dual citizenship does not matter. http://www.irs.gov/businesses/small/inte... |
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