I've researched the topics below but am concerned about misinterpreting some information, so I'm checking here for clarification.
Situation:
My wife and I received our green cards in June 2024. We have never studied, worked, or lived in the US before. After receiving our green cards, we continued to live and work abroad for the rest of the year, earning only foreign income.
Questions:
- This year, 2025, is the first year we need to file our taxes, correct?
- Since we were abroad for more than 330 days in 2024, are we eligible for the "Foreign Earned Income Exclusion"? Is there anything else we should consider?
- We have two filing options, right?
- File separately as a "Dual-Status Year" using Form 1040 from June and Form 1040-NR for the earlier part of the year (without the standard deduction)
- File jointly for the entire year of 2024 on Form 1040 (with standard deductions)
- Do we need to file state taxes (our family address is in MA), or can we file as non-residents?
- Is there anything we missed or should take into consideration?
Thank you very much in advance.
