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2022Instructions for Form 8854Department of the Treasury Internal Revenue ServiceInitial and Annual Expatriation Statement Section references are to the Internal Revenue Code unless otherwise noted.
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8CE FAQ
Expatriation tax provisions apply to U.S. citizens who have relinquished their citizenship and long-term residents who have ended their residency (expatriated). Form 8854 is used by individuals who have expatriated on or after June 4, 2004.
What is tax form 8854 used for? Tax form 8854 is the form every U.S. citizen or long-term resident needs to file before giving up their U.S. citizenship/residency for good. It shows that you are not a covered expatriate and proves to the U.S. government that you've settled all your tax bills.
Expatriation tax provisions apply to U.S. citizens who have relinquished their citizenship and long-term residents who have ended their residency (expatriated). Form 8854 is used by individuals who have expatriated on or after June 4, 2004.
If the average net income tax over the past five years exceeds a set threshold, you will be considered a covered expat. The exact threshold changes from year to year to adjust for inflation. In 2022, it was set at $178,000.
How is the exit tax calculated? The American exit tax is calculated by applying a special tax rate to your unrealized capital gains. The tax rate is currently 23.8%.
A $10,000 penalty may be imposed for failure to file Form 8854 when required. IRS is sending notices to expatriates who have not complied with the Form 8854 requirements, including the imposition of the $10,000 penalty where appropriate.
Additional fees same as in Step 1. Cost of form 8854 - $400 for non-covered expatriates (net worth below $2M). Cost of form 8854 for covered expatriates is contingent upon the complexity of foreign assets and is billed hourly at $200 per hour. The minimal total cost of the entire project $1050.
Form 8854 is used by expatriates to certify compliance with tax obligations in the 5 years before expatriation and to comply with their initial and annual information reporting obligations under section 6039G.
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