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Finances
The truth is that home assignment can be expensive!
Perhaps you will be on the road and have a lot of travel expenses. Maybe the cost of living in your city overseas is dramatically less than what you'll spend on everyday items in the US. You might have a list of vital ministry resources you need to stock up on while in the US. Or you might be in need of some intensive counseling or debriefing while you are stateside. We do not want these expenses to take you by surprise or for your home assignment to become a financial burden on you and your family. Review the information below to know how to plan well in a variety of categories.
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Taxes
Foreign Earned Income Exclusion - Once you have qualified for FEIE, a normal furlough should not disrupt that. It may, however, reduce the amount you are able to claim as a deduction based on the number of days you are in the US. Be sure to keep track of how long you stay and report that at tax time.
State Tax - Reliant will not change your state taxes for a normal furlough. If you are on an extended furlough, there may be state tax implications.
Insurance
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See also: Travel Assistance insurance for ACE International Travel Assistance information |
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