expat6023 wrote:The number is all US$ to convert from Singapore $.
Already in USD, eh?
In that case, your SG tax is more reasonable, though still a little high.
For a S$264K salary, spouse & kid your tax should be just US$23K (=S$30K), taking into account Earned Income relief (S$1K), Spouse relief (S$2K) and QCR (S$4K), along with the SG50 S$1K rebate.
expat6023 wrote:Regarding to Singapore TAX, the number is came from my summary which came from my company.
I thought this is the final one because I don't have any experience before.
You might want to check with your company on what assumptions they made.
They can only provide an estimate.
You should get a formal assessment from IRAS in the next 2 or 3 months.
By the way, you can download a tax calculation spreadsheet directly from IRAS to estimate this for yourself:
As for the US tax, without FEIE your taxable income would be US$182K, with a tax liability of US$38.2K.
If you are eligible to file Form 2555, this should allow you get to exclude the 1st US$20.1K of this tax on the US$113K FEIE, giving a total tax of US$18.1K.
With FEIE excluding 57% of your income, 43% of your SG tax (US$9.8K) can be used for the Foreign Tax Credit (FTC - Form 1116). This should reduce your overall tax owed to just US$8.3K.
expat6023 wrote:And I'm EP not PR.
Does that mean I can't deduct for CPF? What does the CPF mean?
Since you are just an EP holder you are not eligible for CPF.
It hasn't been an option for EP holders for over 18 years now.
CPF stands for Central Provident Fund, which is a government board managed retirement fund, much like a 401k. Unfortunately, it does not
qualify for US tax deferral.
expat6023 wrote:I tried several time to key in through the turbo tax with given number, there is no difference at all.
Should I contact agent rather than using turbo tax?
If you gave any suggestion, it would be really appreciated.
I have no idea how TurboTax came up with $13K.
It's curious that this figure just happens to be midway between the tax before and after FTC amounts.
Suggest you contact whatever Help TurboTax provides for an explanation.
By the way, I used TaxAct last year and found it handled the complexity OK.
I believe it's also quite affordable.
Another poster used Artio Partners for his 1st year's tax filing.
I would concur with him.
They are quite responsive on questions and have many good (valid) references that you can check online. There are also several other tax preparers you can find by using the search function above.