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I am a US citizen living and working in Hong Kong (long enough to qualify for the foreign tax exclusion.) However, I have recently picked up some contractor work with a US company and they are going to transfer money to my US bank account. My question is, what is my tax liability in this situation and how do I claim this income?

I read that independent contractors typically have to file quarterly returns and make payments quarterly, but I'm not sure if this applies to individuals living overseas.

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It does, why wouldn't it? You still need to file quarterly estimates based on your expected tax liability.

However, in many cases FEIE and Foreign Tax Credit will lead to zero tax liability, and then the question becomes moot, but if it is not so for you (keep in mind the SE taxes...) then you still need to file quarterly estimates.

You're required to file quarterly estimates if you expect your tax liability to be at least $1000 and your withholding is not going to cover at least 90% of it.

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