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Does anyone have any experience living in Switzerland and having to deal with US finances? My financial advisor is a nice dude, but it's obvious he has never dealt with his clients living outside the states for more than a few months when we had to explain to him how to make an international phone call to us. My wife and I currently contribute our max for our Roth IRA every year and try to put a little money into a taxable joint account made up of a balanced set of mutual funds. We just moved in September, so we should still have income we made in the states, but for 2014 will we no longer be able to contribute to our Roth? Individually we make less than 97k a year while here, and I assume we are allowed to double that number as a married couple, right? That means when we take the exemption that we'll be at $0 for income? Do I still need to file a US tax return because of the money I'll make from my mutual funds (outside the funds in the Roth)? Figuring out taxes in Switzerland has been very hard, and I hate to make the joke about SwissLand being the land of tax evasion, but the people here have been hilariously evasive on what sources of income are taxed and what's not. So I'm not exactly sure if taxes here are lower than in the US. In the US we were technically below the poverty level and got a lot back during tax return season, but the Swiss apparently never get taxes wrong (ignore the fact that my first paycheck said I was unmarried and childless) so no one ever gets tax returns.
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Nov 13, 2013 14:59
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| # ¿ May 16, 2024 07:08 |
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greazeball posted:I'm pretty late on this but you'll need to talk to someone here in Switzerland who knows about expats and Swiss taxes. The Swiss don't do withholding (unless you're not a permanent resident) so that's why they don't get returns. You just get a bill at the end of the year for the amount you owe. Most good companies (iirc you work for the best university in the country) give their employees a 13th month's salary to help with this cost. If you get a double paycheck this month, that's why. Thanks for this answer. One further question for you. Are you from the US? The people on Swiss English always seem to be bitching that the banks here don't let US expats open trading account with them due to the current issues they are all having getting sued by the IRS, so I was curious if this was going to screw over my chances to contribute to the 3rd pillar.
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Dec 16, 2013 10:47
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So I have a random question about the Foreign Earned Income Exclusion. I moved to a foreign country for work in September 2013, started work in October and will be working here for quite a long time. For the last few months I've been under the assumption that I cannot utilize the FEIE for my 2013 taxes because I was not a resident of the foreign country for the entire tax year. However, today I did a short 30 minute consultation with a big-wig tax attorney and HE told me that since I have 3 months (1/4 of the year) of foreign income that I simply divide the exclusion amount by 1/4 and only exclude 1/4 of the yearly maximum ($24,400 in this case). This seems contrary to everything I read, but to make matters worse the actual tax attorney is too expensive for me and he suggested I just use a basic tax software to complete my taxes since they are relatively simple. This puts me in the odd position of doing my own taxes and being unsure if I should follow the advice of an actual tax attorney over what I read on the internet...even if what I've read seems abundantly clear. Anonymous Zebra fucked around with this message at 00:34 on Feb 26, 2014 |
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Feb 26, 2014 00:30
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Ah, that must have been how he was planning on doing it. I'm not used to the weird 4th dimensional logic that comes with tax filing since I usually file immediately in January/Feb. as soon as all my forms show up
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Feb 26, 2014 20:20
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