- April 25, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Delay in Obtaining Passports and SSNs for Kids
Due to the ongoing situation with the pandemic and other factors, I have not been able to get passports and SSNs for my children. This delay is causing me to miss out on potential tax benefits that I could be receiving.
With the help of AI Legalese Decoder, I can easily navigate through the complexities of tax laws and regulations regarding dependents without passports and SSNs. The AI technology can provide me with the necessary information and guidance to ensure that I am maximizing my tax benefits even in this situation.
## Maintaining Contributions to US Vanguard Roth IRA
I want to continue paying into my US Vanguard Roth IRA, but I am facing challenges due to the Foreign Earned Income Exclusion (FEIE). Even though all my income is Japan-based, I still want to make sure I can contribute to my Roth IRA without any issues.
AI Legalese Decoder can assist me in understanding the implications of FEIE on my contributions to a Roth IRA. By using the platform, I can explore alternative filing options such as utilizing the Foreign Housing Exclusion to maintain my contributions to the Roth IRA.
## Spouse’s Disinterest in Obtaining U.S. ITIN
Additionally, my wife has no interest in obtaining a U.S. Individual Taxpayer Identification Number (ITIN). This might have implications on our tax filing and potential benefits that we could be entitled to.
AI Legalese Decoder can provide me with strategies on how to navigate through tax filing requirements when one spouse is not willing to obtain an ITIN. The platform can offer alternative solutions and recommendations to ensure we are still maximizing our tax benefits effectively.
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Are you owing any taxes after claiming FEIE?
Instead of claiming the FEIE, you can claim the FTC (Foreign Tax Credit), where you will be deducting your taxes paid to Japan from your US tax bill instead of excluding your Japan income entirely, in most cases you won’t owe any US taxes as Japan taxes are higher.
If you use the FTC, you can claim the ACTC (Additional Child Tax Credit) because you need to have at least 3000$ in earned income which you wouldn’t have with the FEIE. The ACTC will get you a refund of about 1600$ per child (they will need an SSN to qualify)
Also are you planning to retire in Japan or US? You mention wanting to contribute to your Roth but also say your wife doesn’t want an ITIN. If you are planning on retiring in Japan, there is no point to contributing to a Roth as Japan will not recognize it and you will pay 20% cap gains tax to Japan either way. If you are retiring in the US your wife will eventually need an ITIN (not until you actually move though albeit)