US tax residents are taxed on their worldwide income, i.e., all of their income irrespective of source; but nonresident aliens, NRAs, are only taxed on income from sources within the USA, or US source income.

One of the reasons I want to touch on NRA taxation at this point, even though our readers are mostly US persons, is because in 2020 a record number of US citizens surrendered their US citizenship.

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By: Marina Hernandez, Cross Border Planner