My income is derived in Denmark and I pay Danish taxes. Does that mean that US income limits to IRAs don't apply?
United States - 3 Answers
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1 :
Yes you can!
2 :
Hey....you would have to have still maintained a US address and a Driver's License from a state. It's almost like the military. When living overseas, you're unable to open a checking account while living overseas using an address back home. You need to open the account back in the states with a US address, then once it's open, change it to your Denmark address. However their will be a problem since you are not paying US taxes. I hope I answered your question and good luck.
3 :
If your income is excluded from tax by means of the foreign earned income exclusion, you are not allowed to contribute to an IRA. If you earn more than the exclusion amount, you will be able to contribute to an IRA. The amount of the foreign earned income exclusion for 2007 is $85,700.
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