Tax Deadlines for Individuals Living Overseas Can Differ From Those Living in the US

The tax deadlines for individuals living overseas can differ from those living in the United States. Here are some key points regarding tax deadlines for U.S. citizens and resident aliens living abroad:

  1. Automatic Extension: U.S. citizens and resident aliens living abroad are generally granted an automatic two-month extension to file their tax returns. This means the standard April 15 deadline is extended to June 15. This extension also applies to payment of taxes owed without incurring interest or penalties.
  2. Additional Extensions: If more time is needed beyond the automatic two-month extension, taxpayers can file Form 4868 to request an additional extension until October 15. This form must be submitted by the June 15 deadline. It’s important to note that this extension is for filing the return, not for paying any taxes owed.
  3. Foreign Earned Income Exclusion (FEIE): To qualify for the FEIE, U.S. citizens and resident aliens must meet certain requirements. They can exclude up to a certain amount of their foreign earnings from U.S. income tax. For 2023, the maximum exclusion is $120,000. The deadline to claim the FEIE is the same as the filing deadline.
  4. FBAR Deadline: If you have foreign bank accounts with an aggregate value exceeding $10,000 at any time during the calendar year, you must file a Foreign Bank Account Report (FBAR) by April 15. However, an automatic extension is granted until October 15.
  5. Payment of Taxes: Although the filing deadline is extended, any taxes owed are still due by April 15 to avoid interest charges. If taxes are not paid by this date, interest will accrue from April 15 until the date the taxes are paid.
  6. Combat Zone Extension: Members of the military serving in a combat zone may qualify for additional extensions. The specific rules can be found on the IRS website.

It’s important to stay updated with the IRS guidelines or consult a tax professional, as tax laws and deadlines can change. (206) 838-3800 — info@ygacpa.com

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