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> pension If you move to Europe, build up a pension, and then move back to the U.S., you should be able extract the money from that pension (according to the c

by kbouck 10y ago

> pension If you move to Europe, build up a pension, and then move back to the U.S., you should be able extract the money from that pension (according to the conditions), regardless of where you reside in there future. > taxes You are obliged to report all of your foreign earnings to the IRS as well as all of your foreign bank account status each year. You are taxed on your income both in the local country and in the US :-/, but the US amount is only on income above a certain threshold. Maybe someone can correct me but I think the current amount is somewhere around $90k USD. Like my parent poster said, there are deductions, so find a good tax adviser that is familiar with both local and US tax laws.

afarrell 10y ago
You can ether use the foreign earned income exclusion (which I think has risen to closer to 100k) or the foreign tax credit. You also want to take extensions so that you can qualify as a nonresident, or you will pay the ACA penalty for not having health insurance.
- toomuchtodo 10y ago
  If you live outside of the US for 330 days a year, you're considered exempt from ACA coverage requirements.
  - afarrell 10y ago
    I think there is also something where you can take an extension in order to hit the 330 day mark if you move in the middle of the year?
    - toomuchtodo 10y ago
      If such a loophole exists I'm unaware of it, but I would love to be proven wrong if someone has a link or citation they can respond with.
kgwgk 10y ago
Maybe this is included in your "according to the conditions" qualification, but for example in some EU countries you have to contribute to the state pension scheme for more than 15 years to be entitled to anyhing (if you make contributions in multiple EU countries they are also considered, but the rules are not exactly simple).
Bombthecat 10y ago
As far as I know Germany and us have a double tax prevention agreement. So you only pay taxes in Germany. But I'm not sure.

by kbouck 10y ago

afarrell 10y ago

You can ether use the foreign earned income exclusion (which I think has risen to closer to 100k) or the foreign tax credit. You also want to take extensions so that you can qualify as a nonresident, or you will pay the ACA penalty for not having health insurance.

toomuchtodo 10y ago
If you live outside of the US for 330 days a year, you're considered exempt from ACA coverage requirements.
- afarrell 10y ago
  I think there is also something where you can take an extension in order to hit the 330 day mark if you move in the middle of the year?
  - toomuchtodo 10y ago
    If such a loophole exists I'm unaware of it, but I would love to be proven wrong if someone has a link or citation they can respond with.

kgwgk 10y ago

Maybe this is included in your "according to the conditions" qualification, but for example in some EU countries you have to contribute to the state pension scheme for more than 15 years to be entitled to anyhing (if you make contributions in multiple EU countries they are also considered, but the rules are not exactly simple).

Bombthecat 10y ago

As far as I know Germany and us have a double tax prevention agreement. So you only pay taxes in Germany. But I'm not sure.