All right for this video i wanted to cover the irs form 673 this is the form that is the statement for claiming an exemption from withholding on foreign earned income that is otherwise going to be eligible for exclusion under section 911. section 911 is the foreign earned income exclusion uh part of the tax code so i've got the form in front of us we'll go through this and then i've got a slide here where uh we're gonna lay out some of the rules who can qualify for this and what this whole form is designed to do right um so the 673 form uh some of the basics first here when you're a u.s taxpayer so you're you're a u.s citizen you are subject to tax on your worldwide income it doesn't matter where it comes from you're also subject to tax even if you don't live in the united states right so if you're an expat or you're a dual citizen and you live and work outside the united states you still need to be filing form 1040s every year reporting your income and paying taxes on those wages investment income and everything else that you might have but there are some exclusions and there are some credit opportunities right so there is an annual exclusion available under section 911 and what this section provides is well it's commonly referred to as the foreign earned income exclusion and what it means is that if you're a us citizen and you're living and working outside the u.s and you meet either one of these two tests so the first one is the bona fide residence test the second one is the physical presence test you as the taxpayer can exclude up to a certain amount of...
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How to prepare Form 673
About Form 673
Form 673 is a document provided by the Internal Revenue Service (IRS) in the United States. It is known as the "Statement for Claiming Exemption from Withholding on Foreign Earned Income Eligible for the Exclusion(s) Provided by Section 911". This form is primarily for U.S. citizens or resident aliens who work abroad and qualify for the foreign income exclusion under Section 911 of the Internal Revenue Code. The foreign income exclusion allows taxpayers to exclude a certain amount of income earned abroad from their taxable income, provided they meet certain criteria related to their residency and presence in a foreign country. To claim this exemption from withholding on their foreign earned income, taxpayers must submit Form 673 to their employer or payer. This form serves as a written statement that certifies the taxpayer's eligibility for the exclusion and requests the employer to not withhold federal income tax from the employee's wages or salary. Therefore, individuals who need to submit Form 673 are those U.S. citizens or resident aliens who qualify for the foreign income exclusion and wish to be exempt from withholding on their foreign earned income while working abroad. It is crucial for them to file this form with their employer to ensure proper tax treatment of their earnings.
What Is Form 673?
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