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Topic: Forms  (Read 1204 times)

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Forms
« on: February 12, 2016, 01:20:52 PM »
I know everyone is different, but what forms do I need? Do I just download them from the IRS Website? I might have a go at this. The below forms are the ones I think I need

Form 1040 US Tax Return
Form 1116 Foreign Tax Credit
Form 2555 Foreign Earned Income
Form 8965 Health Coverage Exemption
Form 8948 Preparer Explanation for Not Filing Electronically
Form 1040 Other Income Statement
Foreign Tax Credit Computation Worksheet
Form 1116 Supplementary Statement


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Re: Forms
« Reply #1 on: February 12, 2016, 02:36:00 PM »
My comments are in BLUE.

I know everyone is different, but what forms do I need? Do I just download them from the IRS Website? I might have a go at this. The below forms are the ones I think I need

Without knowing your situation, I would make the following comments:

Form 1040 US Tax Return
Form 1116 Foreign Tax Credit
Form 2555 Foreign Earned Income
Form 8965 Health Coverage Exemption
The above all seem to be the correct forms for everyone, although it may be a case of only needing 1116 OR 2555, but in some cases, both may be needed.

Form 8948 Preparer Explanation for Not Filing Electronically
Only required if the return is being completed by a professional tax preparer who is not filing electronically. For the year you filed Streamlined, the preparer had to file on paper.

Form 1040 Other Income Statement
Possibly, but supplementary statements are usually made with individual forms feeding into 1040. Was the statement made for the year you filed the Streamlined returns? That may be the reason it was with last years return.

Foreign Tax Credit Computation Worksheet
Generally not needed, but may have been filed in the past as a result of the Streamlined filings.

Form 1116 Supplementary Statement
Possibly, but generally not required. (I file one, but I have a very complicated situation. Even then, it's really not required.) It all depends on what needs to be explained. Form 1116, absolutely may be required; supplementary, generally no, unless you are including excess tax credits from past years for the computation of available credits, then yes.

AND, don't forget Schedule B if you have any foreign bank accounts.
« Last Edit: February 12, 2016, 04:16:32 PM by theOAP »


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Re: Forms
« Reply #2 on: February 12, 2016, 04:19:19 PM »
Poor old Schedule B, FBAR & 8938 (plus 8833 and 8621 perhaps...)


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Re: Forms
« Reply #3 on: February 12, 2016, 08:29:59 PM »
Thanks OAP, I must just give it a try.


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