This is a pretty tumultuous shift for me occurring within the next month. Any potential advice would be very appreciated!
Here's a bullet point rundown to keep things concise:
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Fresh out of college, with only experience in freelance work and non-pay internships.
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New job is the Chinese branch of an American firm; pay isn't great but it has decent benefits and some potential for upwards mobility.
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Will hold this position for at least 3 years.
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Some expenses can be covered by savings and family for a short time, but self-reliance and financial sustainability is the key goal.
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China allows a Non-Taxable Allowance for Expatriates off my monthly salary.
Financially, I'm unsure about how paying taxes to the IRS will work (as I'm a US citizen). The company prefers using a Chinese bank for ease of payment - how do I communicate this to Uncle Sam? Online resources appear scarce on this.
Furthermore, how would I go about saving up money with a Chinese account if I'm not planning on staying in China long-term?
Some sources say I need US income to contribute to an IRA, so I'm uncertain about how that would go down. Should I be patient and wait until I have taxable income in the US (and transfer my earnings from China)?
And finally, just how would I be able to transfer said earnings to a US account? Are there any bureaucratic processes involved with that?
Thanks in advance!
Submitted May 23, 2018 at 06:21AM by milkyfaithful https://ift.tt/2LnDQVe
