Legal Question in Tax Law in New Jersey

I am receiving a settlement as an annuity. I plan on using some of the money to study in Colombia. I will be considered a resident through my visa. Would I need to pay taxes in Colombia on the annuity I receive in the US? Or do I only need to file as living abroad. I will NOT be working in Colombia.

Asked on 11/14/23, 2:04 pm

1 Answer from Attorneys

Richard Bryan Richard Bryan Attorney PC

I'm sure of the question you're asking. Are you worried about paying income tax to the Columbia IRS? Only a tax preparer in Bogota is going to know the answer to that. As a US citizen you have to file and pay taxes to the US IRS no matter in the world you live. You'll save on New Jersey state income tax if you're not living in New Jersey, but you pay the same to the IRS no matter where in the world you live. I really can't figure out the question you're asking.

Good luck..

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Answered on 11/15/23, 9:47 pm

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