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Topic: Filing for 2013  (Read 891 times)

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Filing for 2013
« on: November 25, 2014, 10:29:34 PM »
I seem to have really messed up and not filed my 2013 US taxes.  I am a USC living in the UK for the past 3 years. I filed my taxes from the Uk  in 2012 and 2011, but somehow 2013 just seem to slip my mind.
Anyways- I know I am way late, and I am wondering what forms I need to fill in because I am late?  Generally it has just been a 1040 and 2555 but I am guessing there are forms because I am late.
Also-with regards to FBAR, my husband UKC has received some inheritance money this year, the accounts are in his name, do I have to file an FBAR for this money, I can see him getting very grumpy that his family money from the UK will have US tax implications :/
Any help would be much appreciated.   


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Re: Filing for 2013
« Reply #1 on: November 26, 2014, 05:41:55 PM »
Hello,

First off, no worries, you are actually in a really common situation and people file late all the time. There is actually no additional forms that need to be filed (because you are late), but know that if you end up owing US taxes, you could be faced with a late filing fee and interest. Fortunately if you do not owe anything to the US, you do not need to worry about being late as fines and interest are based only on taxes owed.

In addition to the tax forms, you will also have to file an FBAR form (possibly FATCA depending on the balance) if your foreign accounts are over 10K. Although your husband does not have to file a US return (just file as Married filing Separately), you will have to report any joint account balances on your FBAR reports. Thankfully you are not taxed on these amount, they are simply for reporting purposes.

I hope this helps!
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Re: Filing for 2013
« Reply #2 on: November 26, 2014, 07:11:43 PM »
THANK YOU :) So just fill in 1040 and 2555.  I have no accounts over 10,000-so no FBAR :)


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Re: Filing for 2013
« Reply #3 on: November 27, 2014, 07:51:11 AM »
A FBAR filing is required if  the aggregate value of all financial accounts that are in your name, or those for which you have signature authority reach the magic $10K threshold.

This can happen in a number of ways that you never imagine - for example, you have $5K equivalent in an account in Bank A, but decide to move it to Bank B. On the day of transfer, for a nanosecond you have what appears to be a $10K balance - it's in Bank A in the morning, and in Bank B in the afternoon. So a FBAR would be required. Crazy, but that's the way it works.

If your husbands accounts are only in his name and you do NOT have signature authority, then they are not reportable.
Married December 1992 (my 'old flame' whom I first met in the mid-70s)
1st move to UK - 1993 (Letter of Consent granted at British Embassy in Washington DC)
ILR - 1994 (1 year later - no fee way back then!)
Back to US in 2000
Returned to UK July 2011 (Spousal Visa/KOL endorsement)
ILR - September 2011
Application for naturalization submitted July 2014
Approval received 15-10-14; ceremony scheduled for 10 November!
Passport arrived 25 November 2014. Finally done!


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