Yes You Might Receiving Money From The IRS But It’s Unlikely

By: Pete
Date posted: 03.12.2013 (12:57 am) | Write a Comment  (0 Comments)

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It’s quite interesting really. I ran into an article that explained how the IRS has set aside important sums of money (piles of money!) for expats that will start filing and will actually be owed some money. They go on to discuss some of the circumstances that would lead to a net credit:

-child credits
-student credits
-health care credits
-foreign housing credit

I’m Not Counting On It

Yes, a lot of individuals will end up receiving money but it is still a very small minority and let’s not kid ourselves. The reason the IRS is being so aggressive about getting more expats to file their taxes is because it expects to make a lot more in income. Yes, if you are making $50,000 or less per year (or so), there are certainly some chances that you’ll be getting a nice check. If you did not have to pay over that amount to get your taxes done, then you might be coming out on top. That has a lot of “if’s” though..

More likely is that you will end up not owing any money (as is the case for me) but having paid some money to get the taxes done.

Stop Fighting It

The choice here is no longer between filing and not doing so (technically, it never was) but rather between staying a US citizen (and filing your income taxes, FBAR and all other relevant documents) or not. I’m still convinced that I’m doing the right thing by filing these papers but there’s one thing that I increasingly believe.

-If there is little to no chance that you’ll need your US citizenship to live there or for some important reason, you’re probably better off looking into not keeping it.

I’m certainly not there yet but I’ll keep it in mind in case something does end up changing. Did any of you receive a tax credit?

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