3689718
You'll need to sign in or create an account to connect with an expert.
@alicjaczaja , while I am not familiar with the screens and capabilities of the on-line versions of TurboTax (I am very familiar with the Windows download versions), am pretty sure that you have to upgrade to higher version to deal with foreign earned income and rental income. My favorite for this type of situation is to use Windows download " Home & Business". It is obviously more expensive but covers all the complex situations.
(a) In your particular case , you can use "foreign Earned Income Exclusion " to exclude your foreign earned income -- the max amount for 2024 tax year is US$126,500.
(b) Your rental income needs to be reported on Schedule-E . Note that here the deductions will be based on US rules, irrespective of what your tax-home country allows. You also have to recognize depreciation under US laws/ methods. I say have to because , even if you choose not to , the effects of allowable depreciation, when you dispose off the asset, will still be taken into account.
(c) As a wage earner in a foreign country ( foreign tax home ), you are still subject to US FICA / SECA rules/ obligations. So you have to file a Schedule-SE and pay the 15.3% of your gross foreign wages -- this is the Social Security and Medicare that you would have paid if you were earning in the USA.
Note that US has "Totalization agreement " with many countries which allows you to pay Social Security taxes to only one country.
Which country is your tax-home ?
I am assuming that you are either self-employed or you are employed by a local entity -- not by the US govt. or any of its departments.
Is there more I can do for you ?
I will circle back once I hear from you -- yes ?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
alicjaczaja
New Member
sergrpd
Level 2
jbehr33
New Member
Mike358
New Member
Anderson Merten
Level 2