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A friend of mine, an American citizen living & working in Hong Kong for many years, is about to receive a very large lump sum payout of funds from an overseas retirement scheme--at least $300K. This is how one retires here, "installments" is not an option. Is there anything he can do to diminish the tax hit he's going to face?

He normally owes several thousand dollars in US tax annually.

He will not have to pay any Hong Kong tax on this money, so he can't use a tax credit to offset the US tax.

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