What Is “ Form 1099-SA ”?
06/02/2026
Form 1099-SA is an informational IRS tax form sent to you by your health account bank or custodian to report any withdrawals or distributions made from a Health Savings Account (HSA) or Medical Savings Account (MSA). It documents the exact gross amount of money that left your account during the tax year. You use the
What Is “Foreign tax home”?
06/02/2026
A foreign tax home is the general geographic area outside the United States where you regularly work, conduct business, or serve your post of duty as an employee or self-employed individual. If the nature of your work means you do not have a single, primary workplace, your tax home becomes the place where you regularly
What Is “Foreign tax deduction”?
06/02/2026
The foreign tax deduction is a U.S. tax provision that allows taxpayers to deduct foreign income taxes paid to a foreign government as an itemized deduction on their U.S. tax return. Instead of using these taxes to reduce their final tax bill directly through a credit, they use them to lower their overall taxable income.
What Is “Foreign pension”?
06/02/2026
A foreign pension is a retirement savings plan or pension scheme established outside the United States by a foreign employer, government, or individual financial institution. Because the United States taxes its citizens and resident aliens on their worldwide income, these accounts do not automatically receive the same tax-deferred status as domestic retirement plans like a
What Is “Foreign housing deduction”?
06/02/2026
The foreign housing deduction is a U.S. tax provision that allows self-employed citizens and resident aliens living abroad to deduct qualified overseas housing expenses from their taxable income. It works alongside the Foreign Earned Income Exclusion (FEIE) to help mitigate the federal tax burden caused by citizenship-based taxation. By offsetting substantial costs like foreign rent
What Is “Foreign financial account”?
06/02/2026
A foreign financial account is a broad category of financial accounts—including bank accounts, investment portfolios, mutual funds, and pension plans—that are physically located or registered outside the United States. Because the U.S. relies on citizenship-based taxation, the government tracks these accounts to prevent international tax evasion and promote financial transparency. Holding money abroad is perfectly
What Is “Foreign bank account”?
06/02/2026
A foreign bank account is any financial account—such as a checking, savings, or certificate of deposit (CD) account—that is maintained with a financial institution located outside the physical borders of the United States. Because the U.S. enforces a system of citizenship-based taxation, these accounts are subject to unique tax reporting obligations and asset disclosure laws.
What Is “FinCEN Form 114”?
06/02/2026
FinCEN Form 114 is the official electronic document used by U.S. persons to report financial accounts held outside the United States, commonly known as the FBAR (Report of Foreign Bank and Financial Accounts). Filing this form is a mandatory legal requirement if the combined maximum value of your offshore accounts crosses a specific financial threshold
What Is “FEIE”?
06/02/2026
FEIE stands for the Foreign Earned Income Exclusion. It is a powerful U.S. tax provision that allows citizens and resident aliens living abroad to exclude a specific amount of their foreign-earned wages from U.S. federal income tax. Because the United States utilizes citizenship-based taxation, this rule serves as a critical mechanism to protect expat workers
What Is “FBAR”?
06/02/2026
The FBAR, officially known as the Report of Foreign Bank and Financial Accounts, is a mandatory disclosure report required by the U.S. government for individuals and entities holding financial accounts outside the United States. If the combined maximum value of your overseas bank, investment, or retirement accounts crosses a specific financial threshold at any point