Calculate your US + home country tax obligations: tax treaty status, FBAR threshold ($10K), FATCA Form 8938 ($50K), Foreign Tax Credit (Form 1116), FEIE (Form 2555). 12 Hispanic countries supported.
This calculator provides general estimates based on 2024 IRS rules. Does NOT replace tax advice from a CPA with international experience or IRS publication. Consult a professional for specific cases.
Use the calculator above to estimate your US + home-country tax obligations, then read on for what each result actually means. If you have ties to both the US and another country — income, bank accounts, property, or family — this guide explains how to stay compliant in both and, crucially, how to avoid being taxed twice.
This is general information, not tax advice. For a real cross-border situation, use a CPA or Enrolled Agent who handles international returns.
If you are a US tax resident — a citizen, a green-card holder, or someone who meets the substantial-presence test (which includes most immigrants living and working here, ITIN holders included) — the US taxes your worldwide income. That means:
So the question is usually not “do I report foreign income?” (you do) but “will I be taxed twice, and how do I prevent it?” That’s what the rest of this page is about.
A tax treaty reduces or eliminates double taxation on certain cross-border income (often lowering withholding on dividends, interest, and pensions). Among Hispanic-origin countries this is rare:
No treaty doesn’t mean double taxation is unavoidable — it means you rely on the Foreign Tax Credit instead.
The main tool for everyone, treaty or not, is the Foreign Tax Credit (FTC). If you paid income tax to another country on the same income, you can generally claim a dollar-for-dollar credit on your US return for those foreign taxes (up to the US tax on that income), filed on Form 1116. In practice the FTC is what prevents most immigrants from paying full tax in both countries.
Separate from income tax, if the combined balance of your foreign bank and investment accounts went over $10,000 USD at any point in the year, you must file an FBAR (FinCEN Form 114) — electronically, separate from your 1040. It’s an information report (no tax due), but penalties for not filing are steep. This catches a lot of people who keep a savings account back home.
If your foreign assets (accounts plus things like foreign stocks or partnership interests) exceed $50,000 (single) or $100,000 (married filing jointly) at year-end — higher thresholds if you live abroad — you also file Form 8938 with your 1040. You may need both FBAR and Form 8938; they have different thresholds and cover slightly different things.
The Foreign Earned Income Exclusion (Form 2555) lets people who live abroad exclude a large amount of foreign earned income. To qualify you must pass the bona-fide-residence or physical-presence (330+ days abroad) test — so most immigrants living in the US do not qualify. It matters mainly if you move back to your home country for a year or more.
If you’ve paid into Social Security in both countries, a totalization agreement can prevent double Social Security taxation and let your work credits count across borders. The US has these with only a few Hispanic-origin countries — see Social Security totalization by country.
For most US-resident immigrants the practical answer is: you file in the US on worldwide income, use the Foreign Tax Credit to offset what you paid abroad, and file the information reports (FBAR / Form 8938) if you cross the thresholds. Your home-country obligation depends on whether it still considers you a tax resident. Because this gets complex fast, confirm your specific case with a cross-border tax professional.
Last verified: 2026-06-04.
General procedural information for educational purposes. Not legal or tax advice. Cross-border tax is complex and rules change — verify on IRS.gov and consult a CPA or Enrolled Agent experienced with international returns.