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Topic: I NEED HELP WITH MY US TAX RETURN  (Read 1110 times)

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I NEED HELP WITH MY US TAX RETURN
« on: March 08, 2014, 03:43:03 PM »
Hello everyone-
I am living in England and last year (2013) I filled out our US tax returns (Federal and state (Indiana) for 2012. I used the EZ forms for both. I had worked for 4 months in the US in 2012.

My question is: I know I am suppose to file my US taxes every year even though I do not live there anymore. I know I am suppose to convert my income from the UK into US dollars. No problem with that. What I don't know is, since I don't have a W2, do I send in my P60?

Also, except for the gross income (converted from £ to $), what else would I need to fill out on the form?

I am under the impression that I will not owe any tax in the US if I don't make a certain amount in the UK (which I think is around $80,000 or something like that converted) which I don't. I only made approximately $25,000 here in the UK.

Or did I even need to file a US return?

I appreciate any answers on this question and I thank you for your time.  :)
« Last Edit: March 08, 2014, 03:46:14 PM by Kady »


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Re: I NEED HELP WITH MY US TAX RETURN
« Reply #1 on: March 08, 2014, 04:30:22 PM »
As a US citizen, you always need to file a US return if you meet the filing threshold, and your worldwide income is reportable. If you had income from the UK in 2012, that should have been reported.

No, you don't send in a P60; it's sort of an 'honesty system' - your UK employer won't be sending info to the IRS.

You can use either the earned income exclusion after meeting the bona fide residence test,or take a federal tax credit, depending on which works best for your situation. You may or may not owe tax in the US.

that's the simple answer - the specifics of forms, tax owed, exclusions, tax treaty position etc. will depend on your situation. And, if your foreign back account(s) had an aggregate value of $10K or more you are also subject to FBAR, which is reported to the Treasury Department, not filed with your tax return.
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Re: I NEED HELP WITH MY US TAX RETURN
« Reply #2 on: March 22, 2014, 05:49:55 AM »
Can I ask another US tax return question?

The US Tax software that we are using asks if we had more than 10,000 in our foreign bank account.

We did, but this was for relocation expenses when we shipped our furniture over from the US. It was in our UK bank account for a total of 1 week and then we used it to pay the fees to the shippers.

Do we still need to declare this?



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Re: I NEED HELP WITH MY US TAX RETURN
« Reply #3 on: March 22, 2014, 07:58:28 AM »
Doesn't matter if it was only a microsecond. You must report to the Financial Crimes Enforcement Network at

http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

and file FinCEN Report 114.


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