092 - [Guest Interview] Can I use income earned overseas to fund US Retirement Accounts?


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Listener Question:

I'm a US citizen living abroad. I started listening to your podcast when I hit 30. Alas, it was time to get my ducks in a row. I've followed your advice to open an IRA and a few online CDs, I appreciate the gentle mindset shift your podcast has on me.

Recently, when I told a friend I planned to contribute to my IRA, he warned me not to do that. He warned that if I contributed to my IRA with income earned and taxed overseas - income protected from double taxation by the foreign earned income exemption, then I would have to pay US taxes on my full income earned and taxed aboard.

Can income earned and taxed overseas not be contributed to an IRA without trigger full overseas income taxation? If yes, what tax-advantaged options does a US citizen have for income earned overseas?

Guest Interviewer

Connect with Ashley Murphy, CFP®, AIF®

Arete Wealth Strategists

Global Financial Planning Institute

Planning Points Discussed

  • Tax Planning
  • Retirement Planning
  • Purchasing Power
  • Other issues (IRAs, Inflation, Financial Goals)


2:30 - Introduction & Listener Question

4:30 - IRA vs. Roth IRA Benefits

7:00 - Retirement Planning For Your Country

9:47 - Citizen-Based Taxation

11:25 - Foreign Earned Income Exemption

12:12 - Taxation Dependent on Type of Income

13:00 - Real Estate Income v. Portfolio Income

14:17 - Tax Implications of Dual-Citizenship

15:30 - Overview



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