Moving

[osbuntax611]

I'm planning to move outside the usa. Do i still need to file taxes. I am currently collecting social security and i trade stocks. Thanks.

[KarenL4]

Yes, assuming you are a US Citizen, you still have to file taxes if you meet the filing requirements.   Here's an article that should help you figure that out. Note: If your only income was social security, you would not have a filing requirement. However, when additional income enters the picture (e.g., interest, dividends, stock sales, other pensions), you may have a filing requirement and it's possible some portion of your social security becomes taxable.  Here's something that explains that.  This article also does a great overview on taxes for expats!

Hope this helps and enjoy your new home!

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Regards,

Karen

TurboTax Expert

@osbuntax611 

[FranklinF]

FIRSTLY, both U.S. citizens and green card holders, or lawful permanent residents, are generally obligated to file U.S. income tax returns and report their global income to the IRS for tax purposes.

SECONDLY, this global income encompasses earnings from both the United States and any foreign countries. The penalties for failing to file or report foreign income and assets can be quite severe.

LASTLY, it is beneficial to file taxes even when no filing requirement exists, simply to maintain current financial records. From personal experience, I have seen instances where taxpayers had to file up to three years of tax returns despite having no initial filing requirement due to circumstances that necessitated proof of income. Having tax returns on file significantly simplifies this process.

Kind Regards,
Franklin
TurboTax Expert

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