I've been bad :-\

Ok, I've waited until absolutely last minute to fill out my US taxes.  Yes, I know they need to be post marked by 14 October (I already filed for an extention earlier this year).  My mind's gone blank and I'm just asking which forms exactly need filling in?

Is it just 1040 & 2555 (Foreign Earned Income) as well as 1116 (Foreign Tax Credit)?  What's the difference between the 2555 & 2555 EZ?  I know I don't need to fill out the TDF90-22.1 as I haven't had a combined asset of $10,000 in my bank accounts here at any one time (from my understanding).

Ok, I should've been more specific - I need help with 1116 - its completely stumped me.

Thanks - from a complete idiot!

What tax code do you use on Form 1116 to report your own working income?   

From what you have things about right, except that you must also figure AMT on form 6251 and re-figure FTC for AMT purposes as well.

The TD F 90-22.1 would already be late so you could owe a $10,000 penalty on that if you needed to file it (it is due by June 30 and not extendable).

I don't know if you need State returns too, when you moved here etc so the only way to answer your point is suggest you buy tax software that will do the maths for you.

Isn't the date for six month extensions (I'm assuming that's what you have) Oct 17th?

Is it 17 October?  Cool!  I think you've made my day Yael.   

Also, why would I need to file 6251?  Everything on that would be 0 for me as I live & work in the UK for a UK company.  I contacted the IRS ofice at the consulate in London earlier this year and was told only to fill out the TD F 90-22.1 if my assets totalled $10,000 in the bank at any one time, not cumulative deposits & expenditures for the year...

My only concern is filling out Form 1116 and knowing which category I would fall under as all the categories seem to be applicable to property, business owners & US-company employees working abroad.   

Is it 17 October?  Cool!  I think you've made my day Yael.   

Actually, I just looked it up and it seems it needs to be post marked by the 15th.

ETA: I'd call the IRS or look it up yourself to make sure.  Don't take my word for it, because I am a bit confused myself!!

It's 15 October POSTMARK.  Alternatively, you can courier to the IRS office at the US Embassy.  If you use a courier, you should use an IRS approved courier.  The approved couriers are UPS, Fedex, and DHL and maybe one other (I couldn't find the list yesterday).

If your local post office is open, bring it in person and WATCH the man postmark it.  Send it AirSure and you'll get proof of posting.

Alternatively, you can ask for a further extension in a letter addressed to the same address that your tax return should be posted to.  This further extension will give you until 15 December 2007.  Unfortunately, you will still have to ensure that it is postmarked by 15 Oct 2007.

Lizzit, is it true that if one is owed tax that there is no deadline for filing?

Someone told me this once and I've always wondered..

It depends what you are filing.

If it's just a 1040 then provided you are within the statute of limitations there is no penalty and you'll get your refund any old how.

Other forms such as those pesky forms TD F 90-22.1s for foreign bank accounts, 5471s for foreign companies and 8865s for foreign partnerships have automatic $10,000 penalties for late filing; the form 3520 for reporting foreign trusts or gifts has an automatic penalty of 35% of the value of the amount transferred. So in short it is sensible to get the paperwork filed on time if one can because there are different rules for different forms...

Yael,

Guya's right.  Your 1040 (assuming a refund or zero balance due) has no penalties for late filing, but all those nasty information forms have penalties based on nonfiling rather than balance due.  Plus, you could be wrong about the 1040 being a refund, and actually owe - then you get clobbered for your late filing penalty.

Thanks for the info! 

I'm still stuck on Form 1116 though.  In part 2 (Foreign Taxes Paid & Accrued) how do you fill this out?  (Am I even supposed to fill this out as it seems I'm able to fill out 2555 & 1040 without this form at all!)  Is this supposed to be for Council Tax, Taxable Pay (taken on paychecks) & mortgage payments?   

1116 is for income taxes.  Income taxes are taxes withheld from your pay, taxes withheld from interest and dividends, and taxes paid on your UK self-assessment return.

Council taxes are deductible as housing expenses on Form 2555.  Council taxes are not real estate taxes, so you can't deduct them on Sch A.

Mortgage interest is deductible on Sch A, but only the interest, not the principle.

Thanks everyone for putting up with me & my procrastination!