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Question

Money abroad

Forum|Forum|2 years ago
November 16, 2023
2 replies
38 views

When making money abroad in the EU and being taxed over there would I still have to pay taxes on it over here ?

Ask the Experts - Crypto - Nov 2023

Employee Tax Expert

Employee Tax Expert

Good day,

A US citizen is required to report all of their "worldwide income" on their US Income Tax Return.

If you earned income in the EU and paid taxes, you would need to report the income on your US return. You would be able to take a Foreign Tax Credit using IRS Form 1116. This IRS publication will give you more information about the Foreign Tax Credit.

If you lived abroad while earning the income; you may be able to exclude the income from your US return if certain conditions are met. This IRS Publication may be helpful regarding the income exclusion.

Thank you for reaching out to the TurboTax Community.

Alumni - Champ

You pay taxes on world wide income but you can get a credit for foreign taxes paid.