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Consulate
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Citizenship
The legal status of being a member of a country.
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Consulate
The office of a foreign country in another country that represents its citizens.
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Dual citizenship
The legal status of being a citizen of two countries.
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FATCA
The Foreign Account Tax Compliance Act is a US law that requires foreign financial institutions to report on US persons with accounts over a certain threshold, in order to prevent tax evasion.
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Federal Benefits Unit (FBU)
The office that handles US government benefits for US citizens living abroad.
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Foreign Earned Income Exclusion
A tax law that allows US citizens to exclude foreign income from US taxation.
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Foreign Financial Institution (FFI)
A non-US financial institution that accepts deposits or holds financial assets for others.
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Foreign Tax Credit
A tax law that allows US citizens to receive a credit for foreign taxes paid.
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Foreign Tax Identification Number (TIN)
A unique identification number issued by a foreign government to taxpayers for tax reporting purposes.
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Form 1040
The standard US individual tax return form that all US persons must file to report their income to the Internal Revenue Service (IRS).
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Form 1040-ES
A tax form used to make estimated tax payments throughout the year.
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Form 1040-NR
A tax form used by nonresident aliens who have income from US sources.
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Form 1041
A tax form used to report income earned by trusts and estates.
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Form 1095
A tax form used to report healthcare coverage information under the Affordable Care Act (ACA).
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Form 1098
A tax form used to report mortgage interest paid.
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Form 1099
A tax form used to report various types of income, including freelance and contract work.
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Form 1116
A tax form used to claim the foreign tax credit, which allows US persons to offset US tax liability with foreign taxes paid.
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Form 2555
A tax form used to claim the foreign earned income exclusion, which allows US persons to exclude a certain amount of foreign income from US taxation.
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Form 3520
A tax form used to report foreign trusts and gifts received from foreign entities.
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Form 4868
A tax form used to request an extension of time to file a tax return.
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Form 5471
A tax form used to report ownership in foreign corporations.
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Form 8621
A tax form used to report income from passive foreign investment companies (PFICs).
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Form 8865
A tax form used to report ownership in foreign partnerships.
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Form 8938
A tax form that US persons must file to report their foreign financial assets if they exceed certain thresholds.
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Form 8939
A tax form used to report the value of assets received from a decedent's estate.
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Form 8962
A tax form used to reconcile advance premium tax credits received under the ACA.
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Form 8965
A tax form used to claim exemptions from the ACA's individual mandate.
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Form W-2
A tax form that employers must provide to their employees by January 31st each year, which shows the employee's earnings and tax withholdings for the previous year.
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Form W-8BEN
A form used by non-US persons to certify their foreign status to US withholding agents.
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Form W-9
A form used by US persons to provide their taxpayer identification number (TIN) to foreign financial institutions.
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Green Card
A document that allows a non-US citizen to live and work in the US permanently.
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Host country
The country where a US citizen lives while abroad.
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Immigration
The process of entering and living in a new country.
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Intergovernmental Agreement (IGA)
An agreement between the US government and a foreign government to implement FATCA reporting requirements in the foreign country.
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IRS
The Internal Revenue Service, the US government agency responsible for collecting taxes.
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ITIN
An Individual Taxpayer Identification Number is a tax processing number issued by the IRS to individuals who are required to file a US tax return but are not eligible for a Social Security Number.
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Jurisdiction
The legal authority of a court or government over a person or territory.
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Naturalization
The process of becoming a citizen of a country.
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Non-resident
A person who does not live permanently in a particular place.
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Passport
A document that proves a person's identity and citizenship when traveling abroad.
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Permanent residency
The legal status of being allowed to live and work in a country permanently.
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Residency
The legal status of living in a particular place.
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Schedule A
A tax form that individuals can use to itemize their deductions, including charitable donations, mortgage interest, and medical expenses.
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Schedule B
A tax form that individuals can use to report interest and dividend income.
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Schedule C
A tax form used by self-employed individuals to report their business income and expenses.
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Schedule D
A tax form used to report capital gains and losses from investments.
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Schedule E
A tax form used to report income or losses from rental properties, partnerships, and S corporations.
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Social Security
A US government-funded retirement and disability program.
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State Department
The US government agency responsible for foreign policy and diplomacy.
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Tax treaty
An agreement between two countries that prevents double taxation.
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Taxation
The process of collecting taxes from individuals and businesses.
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TIN (Foreign Tax Identification Number)
A unique identification number issued by a foreign government to taxpayers for tax reporting purposes.
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Trade agreements
Agreements between countries that facilitate trade.
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U.S. Tax Residency
The legal status of being a US tax resident, based on specific rules established by the IRS.
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Unemployment insurance
Insurance coverage that provides for income replacement in the event of unemployment.
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US government benefits
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US Person
An individual who is a citizen or resident of the United States, or a US corporation, partnership, or estate.
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Frequently Asked Questions
Need more in-depth information? We have gathered the frequently asked questions. In case you still have questions, don’t hesitate to reach out to us. We’re here to help.
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Who is required to file taxes in the US?
U.S. citizens and resident aliens who live abroad are generally required to file a federal income tax return and pay taxes on their worldwide income.
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Do US citizens living abroad still have to file taxes in the US?
Yes, US citizens are required to file taxes on their worldwide income, regardless of where they are living.
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How can I cash my US check?
Received an American check? You can cash your check in the following ways: cash the check at your own bank, transfer to another person (endorsement), cash checks using an online service or cash the check by another bank.
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Are there any special tax forms required for US citizens living abroad?
US citizens living abroad may be required to file Form 2555 and/or Form 1116 to claim the foreign earned income exclusion.
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What is FBAR filing?
FBAR (Foreign Bank Account Report) filing is the requirement for certain U.S. individuals and entities to report their foreign financial accounts to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury. The FBAR filing requirement applies to U.S. persons who have a financial interest in, or signature authority over, one or more foreign financial accounts, if the aggregate value of those accounts exceeds $10,000 at any time during the calendar year.
