Taxes for two countries??

i am 16 years old and i want to get a job in new zealand. The problem is, is that i am a citizen of both the united states and here and dont wanna get taxed out of all my money.

I lived in the US till i was 15 and a half and just moved here and since i want to move back, i dont want to give up my citizenship to avoid being taxed.

The question is....do i have to pay taxes in both countries since im not living in the US and am already paying NZ taxes??

1. A U.S. citizen or permanent resident must file his return in the U.S. if the world wide income exceeds the filing requirement. You will get your normal standard deduction. The U.S. has tax treaty with most of the countries, which means that on the income in other countries, you will get credit for the taxes paid in other countries.

2. To get foreign tax credit you will fill Form 1116 to claim Foreign Tax credit on line 47 of of U.S. tax return form 1040.

3. If you have earned income (wages and salary), you will be entitled for Foreign Earned Income exclusion up to $85,000. For this you will complete Form 2555. .

4. If you are out of country on the last date of filing of return, you get automatic extension for two months that is instead of April 15, 2008 you can file up to June 15, 2008 unless you apply for further extension for 4-months.

5. If the address is out-side the U.S. you can鈥檛 file electronically.

US Citizens are taxed on their world wide income so if you got a job in NZ you would have to file a US tax return. You would be allowed exclusions and credit for foreign taxes paid that would probably wipe out any US tax.