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You can file your taxes that way if you like even now.
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Interesting, bpp.. thanks. It's not really an issue for me since I don't have any earned income in Italy. Our "commmercialista" averred that I didn't have to file in Italy (though I suspect that is not the case legally, just in practice - wink, wink). If I were to have earned income, it would be nowhere near $100k, $80k, or even $50k.. wages here are loooow.
I have no problem with keeping my investments in the US and paying US taxes. Bummer about the Foreign Tax Credit, though. If I were to move investment funds here (where they kindly subtract taxes for you from your accounts) I would likely run into that double taxation issue, which is one reason I haven't considered doing so. I don't plan to renounce citizenship so I'll be paying Uncle Sam for the foreseeable future.
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