All U.S. Citizen you are required to file a U.S. Individual Tax Return every year, wherever in the world they live, reporting your worldwide income, even if you pay taxes in Spain. You must file the Form 1040 (Federal Income Tax), if your gross income is at least $5 (married filing separately) or $12,400 (single). Tax Day is Thursday, April 15, 2021. You must file your 2020 US Tax Return by this date! Expats have an automatic filing extension until June 15th, with a further extension available until October 15th upon request that we ask for automatically for all our clients for free.
You must also file the FBAR (Foreign Bank Account Report) with the Financial Crimes Enforcement Network, FINCEN 114 before June 15th 2021, if the aggregate amount of all the maximum balances of your financial accounts outside the US, reach the amount of $10,000 at any point during the year 2020.
Update for this year on Form 1040 2020
Here are the main things you need to know right off the bat for the 2020 US Tax Return:
- Tax Day is Thursday, April 15, 2021. You must file your 2020 US Tax Return by this date! Expats have an automatic filing extension until June 15th, with a further extension available until October 15th upon request that we ask for automatically for all our clients for free.
- The standard deduction for 2020 increased to $12,400 for single filers and $24,800 for married couples filing jointly.
- Income tax brackets increased in 2020 to account for inflation.