Ines Zemelman

Modified adjusted gross income, or MAGI, can decide whether a US taxpayer qualifies for a Roth IRA contribution, a Traditional IRA deduction, Premium Tax Credit, Medicare premium tier, or the 3.8% Net Investment Income Tax...

Yes. A US citizen or green card holder living abroad can claim the credit for tax year 2025, filed in 2026, provided each qualifying child holds a valid SSN and the family meets the standard income and dependency tests. The Child Tax Credit for expats works almost identically to the version available to families inside ...

Determining whether you need to file a tax return in 2026 depends on your 2025 gross income, filing status, age, dependency status, and special tax situations. For most non-dependent taxpayers under age 65, the minimum income is $15,750 for single filers, $31,500 for married filing jointly, and $23,625 for head of household. The IRS fil...

Schedule 1 (Form 1040) is a supplemental IRS form that US taxpayers attach to Form 1040 to report additional income not listed on the main return and to claim above-the-line deductions that reduce Adjusted Gross Income (AGI). The IRS introduced Schedule 1 in its current two-part format in 2018, when ...

An ITIN expires after 3 consecutive years of non-use on a US federal tax return, or earlier if its middle digits fall in the ranges the IRS phased out between 2016 and 2020. ITIN renewal requires Form W-7 filed on paper, with IRS processing of about 7 ...

US contractors abroad still owe US tax on worldwide income. The core math: report net business income on Form 1040, calculate self-employment tax on Schedule SE. The 15.3% rate applies to 92.35% of net earnings, with the Social Security portion capped at the annual wage base. FEIE and the Foreign Tax Credit are separate ways to reduce f...