The Internal Revenue Service (IRS) reminds US taxpayers who live and work outside of the US to file their 2022 federal income tax return no later than Thursday, June 15. The deadline applies to both US citizens and aliens residing abroad, including dual nationals.
A free webinar, “Americans Overseas: Tax Liabilities and Reporting Requirements,” will be available on June 13 to provide more information, including a live Q&A session.
The IRS explains that a taxpayer qualifies for the June 15 filing deadline if:
Both your tax domicile and your residence are outside the United States or Puerto Rico, or
· Are performing military service outside of the United States and Puerto Rico on the regular due date of your tax return.
Many taxpayers living outside the US may qualify for tax benefits, such as the Foreign Earned Income Exclusion and the Foreign Tax Credit, but they are only available if a US return is filed.
In addition, the IRS encourages families to learn about expanded benefits, such as the Child Tax Credit, the Credit for Other Dependents, and the Credit for Child and Dependent Care Expenses, and to claim them if they qualify.
Although overseas taxpayers often qualify, the calculation of these credits differs if they lived in the US for more than half of 2022 (For more information, go here).
The IRS reminds overseas taxpayers that they are required to report offshore accounts and assets.
Federal law requires US citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts.
Income received or deductible expenses paid in foreign currency must be reported in US dollars on the tax return. Similarly, any tax payments must be made in US dollars.
Taxpayers who cannot meet the June 15 due date may request an automatic six-month extension by filing Form 4868, Application for Automatic Extension to File United States Personal Income Tax Return.
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· IRS calls taxpayers who did not comply on time to file their return as soon as possible