Up to $3,000 per child, capped at $6,000 total, in childcare expenses gives a direct tax credit, separate from a dependent care FSA and stackable with it.
Self-employed income makes mortgage approval harder, not impossible. Two years of consistent Schedule C income is the key threshold lenders look for.
A 529 plan used at a non-qualifying school, which includes most Vietnamese universities, triggers tax and penalty on the earnings portion.
US citizens and most green card holders can receive Social Security while living in Vietnam if they’ve earned 40 quarters of US work credits.
Vietnamese withholding tax on interest, dividends, and rental income is creditable against US tax on the same income through Form 1116.
Inherited Vietnamese property isn’t subject to US inheritance tax, but FBAR and FATCA reporting starts the moment you become the owner.
Medicaid eligibility runs entirely on reported income. Underreporting cash business revenue to qualify is illegal and can trigger a real review.
The QBI deduction can shelter up to 20% of qualifying business income, and a surprising number of small Vietnamese-owned businesses miss it entirely.
Many states offer down payment assistance of $5,000-$25,000 for first-time buyers, and immigrants qualify. Most Vietnamese American buyers never check.
SSI eligibility rules differ sharply for Vietnamese refugees who arrived before 1996 versus after. Here’s what actually applies to an older parent’s case.