If you are a US citizen or resident, the answer would be Yes. However, if you meet certain requirements, the income could be excluded. This is called a foreign income exclusion on Form 2555. As far as the FBAR, if you still have the balance exceeds the threshold on the last day of 2018, you would still need to file. See FBAR requirements under Form 8938 Reporting Threshold(Total Value of Assets)
To qualify for the exclusion, you have to live outside the United States for at least 330 days during 12 consecutive months. For more information, please see Foreign income and exclusion and Extension. For the tax year of 2018, the maximum foreign earned income exclusion amount is $103,900. If you have earned an income more than $103,900, and if you pay taxes to both the foreign country and the US, you may claim a foreign tax credit on a Form 1116.
To enter the program, here are the steps (online):
- After sign in to your account, select Take me to my return
- At the right upper corner, in the search box, type in foreign income and Enter
- Select Jump to foreign income
- Next screen, Did You Make Any Money Outside the United States? answer Yes
To enter form 1116, foreign tax credit :
- At the right upper corner, in the search box, type in foreign tax credit and Enter
- Select Jump to foreign tax credit
- Start with screen Foreign Taxes and select Continue to follow prompts.
