Did you know that US citizens are required to report their Fulbright grants and salaries earned abroad on their annual US tax return? Learn more about filing your taxes in our annual tax workshop, organized with @MyExpatTaxes.
00:00 Intro
06:12 Milena’s introduction
03:39 Should I file taxes for my grant?
05:16 For what period should I report taxes, and what should I keep in mind?
06:57 What should I report?
10:52 What counts as an eligible educational institutions in terms of deducting costs of tuition, books, etc.?
12:43 Which expenses at an eligible educational institution are tax free?
15:06 What is gross income?
17:25 How do you report your income on your US tax return?
19:20 What are the common Fulbright taxation issues?
20:04 What is the foreign-earned income exclusion, and what are its requirements?
23:08 What is the physical-presence test, and what are its requirements?
28:50 What are the filing requirements?
35:41 What are the filing deadlines?
39:17 What do I do if I have been abroad for more than one year but didn’t know about the requirement to file while abroad?
41:05 Ways to optimize my tax return: foreign-earned income exclusion (FEIE)
46:16 Ways to optimize my tax return: foreign tax credit (FTC)
48:56 Ways to optimize my tax return: tax treaties
49:56 The double-reporting requirement: Foreign Account Tax Compliance Act (FATCA)
51:35 Two forms: Report of Foreign Bank and Financial Assets (FBAR) and form 8938
55:41 Using MyExpatTaxes software
59:45 MyExpatTaxes’ Facebook group
01:00:39 Q&A: Which date do you use to convert foreign currency to US dollars?
01:01:53 Q&A: What expenses and incomes do I need to account for?
01:05:19 Q&A: Do I still need to file if all these amounts are below the threshold?
01:05:47 Q&A: Do salaries and grants need to be reported separately?
01:07:09 Q&A: What do I do if I don’t receive a W-2 form for incomes?
01:09:09 Q&A: Do the monies I earn in the US also count toward the threshold?
01:09:59 Q&A: Follow-up question about needing or not needing to file
01:11:08 Q&A: Question about the physical-presence test
01:13:22 Q&A: Is the money received from Fulbright a foreign obligation since it was deposited into my foreign bank account or US obligation since Fulbright is a US institution?
01:14:55 Q&A: Question about when to file when using the foreign-earned income exclusion
01:16:45 Q&A: If two members of a household are abroad, to both have to pass the 330-day physical-presence test?
01:18:05 Q&A: Do I have to pay state income taxes while abroad?
01:22:05 Q&A: Do I need to submit an FBAR if my account never exceeded $10,000?
01:22:46 Q&A: Do I need to indicate that I have moved abroad when filing?
01:25:28 Q&A: Can I get a refund for taxes paid in a foreign country?
01:27:21 Q&A: If I receive payment in January for work done in December, in which year’s tax return do I include the amount?
01:28:12 Q&A: Is a multicurrency transfer account, such as with Wise, considered a foreign account?
01:30:03 Q&A: If I am both researching and teaching, which category applies if the money I receive is for doing both activities?
01:31:30 Q&A: If your US income would push you over the limit to pay taxes abroad, would that then qualify you for FTC?
01:32:44 Q&A: Does fully relocating to a foreign country qualify for having a foreign tax home if income is received from a US university?
01:34:09 Q&A: FBAR: Is the $10,000 threshold for the total amount deposited in a year or for the highest balance at any given time?
01:35:28 Q&A: Does MyExpatTaxes assist with filing taxes in a foreign country?
01:35:49 Q&A: Will MyExpatTaxes provide forms for money earned in the US?
01:38:34 Q&A: More information about back-filing for previous years while abroad
01:43:27 Q&A: Is the deduction for compulsory accident and health insurance included in taxable income?
01:44:25 Q&A: Is it recommended to file for a refund in a foreign country before or after filing for US taxes?
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*Learn more about Fulbright Austria*
Fulbright Austria homepage:
https://www.fulbright.at/
Programs in the US for Austrian citizens:
https://www.fulbright.at/programs/in-the-usa/
Programs in Austria for US citizens:
https://www.fulbright.at/programs/in-austria/
Fulbright Austria alums:
https://www.fulbright.at/alums/
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*SUPPORT US*
https://www.fulbright.at/support
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*CONNECT WITH US*
Instagram: https://www.instagram.com/fulbrightaustria/
Facebook:https://www.facebook.com/austria.fulbright?fref=ts
Twitter:https://twitter.com/fulbright_aut
LinkedIn:https://de.linkedin.com/school/the-austrian-american-educational-commission-fulbright-austria-/
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