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U.S. Taxation of Americans Abroad U.S. taxation of Americans abroad Global Mobility Services 2017 ______ kpmg.com U.S. taxation of Americans abroad The following information is not intended to be “written advice concerning one or more federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230 as the content of this document is issued for general informational purposes only. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser. KPMG LLP (U.S.) does not provide legal services. * * * * * * If you are a citizen or resident of the United States who lives or works abroad, this publication is designed to help you understand your U.S. income tax obligations. Your tax situation may be especially challenging in the year that you move to or from the United States, and it is generally advisable to seek tax advice in both the U.S. and your host country before you move, if possible, thereby helping to prevent tax “surprises” in either country. United States tax law is continually changing. This booklet reflects U.S. income tax law as it applies to taxable years ending on or before December 31, 2016. You may also be interested in our companion publication, U.S. Taxation of Foreign Citizens, which is available online on the KPMG Global Mobility Services Web page on http://www.kpmg.com at this link. For further information, please contact your local KPMG International member firm’s office. Our U.S. offices are listed in Appendix E of this booklet. KPMG LLP January 2017 Contents Chapter 1 – Taxation of foreign earnings and the foreign earned income exclusion .......................... 1 Qualifying for the exclusions ........................................................................................................ 1 Foreign earned income and foreign housing cost exclusions ...................................................... 4 Foreign earned income – what is included ................................................................................... 6 Calculation of U.S. tax liability (stacking rule) ............................................................................... 8 Electing and revoking exclusions .................................................................................................. 8 Making the decision: To elect or not? .......................................................................................... 9 Special exclusion for meals and lodging provided by employer ................................................... 9 Chapter 2 – Employment-related deductions .................................................................................... 10 Moving expenses ....................................................................................................................... 10 Travel expenses .......................................................................................................................... 11 Individual retirement accounts ................................................................................................... 12 Business and professional expenses ......................................................................................... 13 Chapter 3 – Other income, credits, and deductions ......................................................................... 14 Phased-out deductions and credits ............................................................................................ 14 Itemized deductions ................................................................................................................... 14 Passive investment income ........................................................................................................ 15 Residences ................................................................................................................................. 15 Chapter 4 – Foreign tax credit ........................................................................................................... 19 Cash versus accrual method....................................................................................................... 19 Foreign taxes eligible for credit .................................................................................................. 20 Disallowance of credit allocable to exempt income ................................................................... 20 Limitation on credit ..................................................................................................................... 21 Carryback and carryover of unused credits ................................................................................ 21 Planning for use of excess credits .............................................................................................. 22 Chapter 5 – Special rules for self-employed individuals .................................................................... 23 Foreign earned income exclusion (FEIE) .................................................................................... 23 Self-employment tax ................................................................................................................... 24 Partnerships ................................................................................................................................ 25 Chapter 6 – Other tax considerations of overseas residents ............................................................ 26 Treaties ....................................................................................................................................... 26 Social Security taxes ................................................................................................................... 26 Foreign currency exchange rules ................................................................................................ 27 Community property rules .......................................................................................................... 27 Alternative Minimum Tax and minimum tax credit .................................................................... 27 Net Investment Income Tax ....................................................................................................... 28 State income taxes ..................................................................................................................... 28 Expatriation ................................................................................................................................. 28 Foreign tax planning .................................................................................................................... 30 Chapter 7 – Procedural aspects ........................................................................................................ 31 Tax return filing ........................................................................................................................... 31 U.S. withholding taxes ................................................................................................................ 33 Amended returns ........................................................................................................................ 34 Foreign bank and financial asset reporting ................................................................................. 34 Creation of or transfers to certain foreign trusts ........................................................................ 34 Foreign corporations and other foreign entities – owners, officers, and directors ..................... 35 Passive foreign investment companies ...................................................................................... 35 Foreign partnerships ................................................................................................................... 35 Currency restrictions and reporting ............................................................................................ 35 Chapter 8 – Employer tax reimbursement policies ........................................................................... 36 Tax equalization .......................................................................................................................... 36 Tax protection ............................................................................................................................. 36 Hypothetical/Theoretical taxes ................................................................................................... 37 Personal income and losses ....................................................................................................... 38 Administration of tax equalization/protection plans .................................................................... 38 Chapter 9 – Planning for an international assignment ....................................................................... 39 Compensation factors ................................................................................................................. 39 Pre-departure planning ................................................................................................................ 39 Vital documents .......................................................................................................................... 40 Adjustment to the host country .................................................................................................
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