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-   -   FAQ: Expat's Guide to US Tax (https://www.englishforum.ch/finance-banking-taxation/106934-faq-expat-s-guide-us-tax.html)

Medea Fleecestealer 20.03.2018 14:50

Re: FAQ: Expat's Guide to US Tax
More info here:


If shared bank accounts then you'll probably need to file. Unless you're below the reporting thresholds you have an obligation to file, even if you don't owe anything.

Also any foreign, i.e. outside of the US, bank accounts you have or have signatory rights to must also be reported on an FBAR form if the aggregate amount comes to more than $10,000 at any time of the year.

Tox_Rat 21.03.2018 22:25

Re: FAQ: Expat's Guide to US Tax

And also note that this $10K in aggregate includes your Pillar 2 pension, so most people living and working in Switzerland for more than a few years would need to file an FBAR form. I'm not sure if your husband's pension would meet this criteria; it depends on if he is an "American Person" or not, but any pension you might have would.

Taxbert 31.05.2018 13:08

Re: FAQ: Expat's Guide to US Tax
Now that Iíve done my 2017 taxes with my tax accountant and also gotten an estimate for my 2018 taxes, Iíd like to reply to the statement from runningdeer on 23.02.18, that initially brought my world crashing down in panic. He said:

ďretiring abroad and keeping US citizenship is financial suicideĒ

Well Iíd like to respond: ďit ainít necessarily soĒÖ

Although itís true that you can no longer claim the FEIE on your pension income to significantly cut down on your taxes, you can still do so by other means. You can use the Foreign tax credit and also reduce your taxable income with your contributions to the pension plan.

The bottom line for me: although my taxes would normally have been in the $15,000 range, theyíve come down to around $350. It still does not make it ok (in my opinion) for the US to impose taxes on its citizens abroad but itís definitely no financial suicide either.

Now although my accountant told me that my case is fairly representative, I obviously canít confirm that others retirees in CH wonít experience financial suicide with their US taxes. Iím just saying that itís not necessarily the case and I would strongly recommend anyone in that situation to get expert help.

Taxbert 12.04.2019 13:20

Re: FAQ: Expat's Guide to US Tax
I'm not sure how much interest there is on this topic, but I've just completed my 2018 taxes with my accountant as a US citizen living in Switzerland on a pension income (so FEIE does not apply) and the total amount of my US Federal taxes is ...$88.

So not exactly a great financial burden... And as far as I know, my case is not particularly unusual...

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