Trying to finish taxes

Put finishing off for a couple of weeks. Couple of issues now that I am trying to get it done.
1. From an earlier discussion, since I'm on social security now I will have to mail my taxes in from now on, correct?
2. They asked for my social security amount, but since I don't have to pay taxes on SS in the USA....how do you correct the issue?
3. When putting in my bank interest info, it confused TurboTax and stated I should wait until the end, print it off to see what "line" to put it on. But....when TTax was doing a review it demanded that info but wouldn't let me put the info in.
4. I am also assuming that I will still have to use my old address in the US and bank (still have that open) info to purchase TTax before I can run a copy off?
5. Kind of feel silly asking this since it has been so long since I mailed a tax return in......do I put a copy of all bank account/bonds etc in when I mail it? Or just leave it as the TTax print off?

*I am having to do FATCA (form 8938) this year....what a pain. I was using the .758 exchange rate (on all financial info from here in the UK) and not the .784 (for pensions?). I was over the $400K end of year limit.

1. From an earlier discussion, since I'm on social security now I will have to mail my taxes in from now on, correct?

Correct, so it seems.

2. They asked for my social security amount, but since I don't have to pay taxes on SS in the USA....how do you correct the issue?

I've seen some absolutely bizarre suggestions from TT, including figuring SS as normal but using Schedule 1 to offset taxable amount.

The simple way is to not tell TT about SS. On your 1116 (I believe I'm correct in thinking you have pensions taxed by the UK?), be sure to deduct the apportioned amount of UK tax paid on SS, then after you print off the completed return, simply write in ink the gross amount of SS received on line 5a, and put "0" in line 5b (taxable amount).

3. When putting in my bank interest info, it confused TurboTax and stated I should wait until the end, print it off to see what "line" to put it on. But....when TTax was doing a review it demanded that info but wouldn't let me put the info in.

Did you complete Schedule B first? I don't understand this, so will let the TT users respond.

4. I am also assuming that I will still have to use my old address in the US and bank (still have that open) info to purchase TTax before I can run a copy off?

TT only wants a US based credit card with a US address for the purchase. For the 1040, use your UK address.

5. Kind of feel silly asking this since it has been so long since I mailed a tax return in......do I put a copy of all bank account/bonds etc in when I mail it? Or just leave it as the TTax print off?

All you include is the tax return and any W2's or required 1099's. You do not need copies of any documents for UK sourced income - like bank statements.

*I am having to do FATCA (form 8938) this year....what a pain. I was using the .758 exchange rate (on all financial info from here in the UK) and not the .784 (for pensions?). I was over the $400K end of year limit.

For the tax return, most would use 0.7840, although you may use any rate which can be substantiated by any recognised exchange.
For form 8938 and FBAR, you must use 0.7580.

Put finishing off for a couple of weeks. Couple of issues now that I am trying to get it done.
1. From an earlier discussion, since I'm on social security now I will have to mail my taxes in from now on, correct?
2. They asked for my social security amount, but since I don't have to pay taxes on SS in the USA....how do you correct the issue?
3. When putting in my bank interest info, it confused TurboTax and stated I should wait until the end, print it off to see what "line" to put it on. But....when TTax was doing a review it demanded that info but wouldn't let me put the info in.
4. I am also assuming that I will still have to use my old address in the US and bank (still have that open) info to purchase TTax before I can run a copy off?
5. Kind of feel silly asking this since it has been so long since I mailed a tax return in......do I put a copy of all bank account/bonds etc in when I mail it? Or just leave it as the TTax print off?

*I am having to do FATCA (form 8938) this year....what a pain. I was using the .758 exchange rate (on all financial info from here in the UK) and not the .784 (for pensions?). I was over the $400K end of year limit.

1.  Yes if using TT, don’t know about other software
2. You do absolutely have to enter your SS amount. See the the instructions in your recent thread on this
https://talk.uk-yankee.com/index.php?topic=97632.0
3. This shouldn’t be a problem because UK bank interest is entered as if you had a 1099-INT for each bank that you need to report interest.
4.  Yes. I have never found a way around that
5.  TT instructions tell you what documents should be attached when you print out your return.

For me it is copy B of forms W2 and 1099R. You will have different forms, including 1099-SSB(?)

This is what the instructions looked like for me last year on what to attach.

The simple way is to not tell TT about SS. On your 1116 (I believe I'm correct in thinking you have pensions taxed by the UK?), be sure to deduct the apportioned amount of UK tax paid on SS, then after you print off the completed return, simply write in ink the gross amount of SS received on line 5a, and put "0" in line 5b (taxable amount).
Did you complete Schedule B first? I don't understand this, so will let the TT users respond.
TT only wants a US based credit card with a US address for the purchase. For the 1040, use your UK address.
All you include is the tax return and any W2's or required 1099's. You do not need copies of any documents for UK sourced income - like bank statements.
For the tax return, most would use 0.7840, although you may use any rate which can be substantiated by any recognised exchange.
For form 8938 and FBAR, you must use 0.7580.

No pensions taxed in the UK. I have one US Govt pension, only taxed in the US. As far as SS, I might just leave it off and submit whatever form I need to designate it as taxable only in the UK (not this year, but I'll get enough next year).

As far as Schedule B is concerned, when going through TTax the FATCA questions made me list all bank account totals. I also listed in Part III ? the interest I received from my 1 year bond and the small amount from our regular bank account. I need to go back through the whole thing a few times and buy TT/print it off to see how it looks. I'm getting a bit confused and can't keep it all straight. I'm just going to have to bang through it a few times until it sticks in my head.

I'm just sticking with the .758 for reporting since that seems to be easier route without doing anything wrong (I hope).

Durhamlad- just looked back at your messages from yesterday. Evidently I correct on line 21. When that comment about entering a description and then a negative number......I am assuming I would then put in the negative number equal to what I received (and probably already list in TT). I need to run off a copy so it makes more sense than the tons of pages of TT questions.

I'm feeling as thick as mud at the moment. I've always had a crap memory.

Durhamlad- just looked back at your messages from yesterday. Evidently I correct on line 21. When that comment about entering a description and then a negative number......I am assuming I would then put in the negative number equal to what I received (and probably already list in TT). I need to run off a copy so it makes more sense than the tons of pages of TT questions.

I'm feeling as thick as mud at the moment. I've always had a crap memory.

When I ran that test on TT with SS income then the taxable portion is not the total of the SS but 85% of it.  e.g. If SS was $10,000 then $10,000 appears on line 5a and $8,500 on line 5b as the taxable amount.

The negative amount to be entered on line 21 as other income would be -$8,500

The negative amount to be entered on line 21 as other income would be -$8,500

Just a hint, but line 21 would be inappropriate on either the 1040 itself or the accompanying schedule.   

As far as Schedule B is concerned, when going through TTax the FATCA questions made me list all bank account totals. I also listed in Part III ? the interest I received from my 1 year bond and the small amount from our regular bank account.

On schedule B, you would list the interest from the bond and the bank account in Part I, and then complete Part III.

On the 8938 (FATCA), you would list the bank account on Part V, and the bond on Part V of a continuation page. Your summary would be in Part I, form 8938.

On schedule B, you would list the interest from the bond and the bank account in Part I, and then complete Part III.

On the 8938 (FATCA), you would list the bank account on Part V, and the bond on Part V of a continuation page. Your summary would be in Part I, form 8938.

Oh crap.....this is going to be a headache. I just finally called the credit card people in the US this afternoon to activate my credit card (new from a year ago) so I can buy TTax. I only use the credit card once a year.....just to buy TTax. All this makes very little sense so far. As I was going through TTax (and thought I was pretty well done).....I just answer the info that the program asks for as I go along. Never too sure what "forms" the info is going into. Until I can run off a copy that is shorter and easy to read.....I'm in a world of hurt. I'll try to buy it tomorrow and start playing around more.

Thanks for the help you two.

Fred

Just a hint, but line 21 would be inappropriate on either the 1040 itself or the accompanying schedule.   

Whatever line TT puts it on when you enter income in “Other Income” during the interview process, which I thought appeared on Schedule 1 line 21, but bow to your knowledge on the new forms.