Hello
Guest

Sponsored Links


Topic: Taxes Basics...P60/usa taxes.. help  (Read 1327 times)

0 Members and 2 Guests are viewing this topic.

  • *
  • Posts: 251

  • Liked: 52
  • Joined: Feb 2016
Taxes Basics...P60/usa taxes.. help
« on: January 26, 2019, 05:13:47 PM »
So my wife got a part time job in UK last July. Great. I still had some income coming in from my former employer in the USA so we will have to file by April 15 back in the USA. I have received W--2 from my former employer. Question is....

1-Do we need a P60 from my wife's employer?
2-She is in a bracket such that no taxes are being withheld so do they still issue her a P60 in this case?
3- Do we have to include her income even though it is WELL below, and combined we will be below the $100,000 threshold for being taxed as USA residence living in UK.
4- We understand the P60 is not issued until April 15. If we do need it.... how does one work that? Does everyone file an extension for USA taxes?

Thanks in advance for all the help.

NWKH
UK Spouse Visa
Married: 2001 (Both Living in the US)
Biometrics: 27 Dec 2017
Received in Sheffield: 02 Jan 2018
Decision email: 24 Jan 2018 (17 Bus. Days)
Returned mail: 28 Jan 2018 It's a YES!!!
Landed in UK: 11 Feb 2018
Granted FLR(M): 22 Oct 2020
Granted ILR:  28 Feb 2023
Citizenship Granted:  18 Jan 2024


  • *
  • Posts: 4477

  • Liked: 976
  • Joined: Apr 2016
Re: Taxes Basics...P60/usa taxes.. help
« Reply #1 on: January 26, 2019, 05:25:36 PM »
As you live overseas, there's an automatic extension for filing US taxes until sometime in June, and that can easily be extended as well. I don't have the exact dates but I know someone here will :)

Sent from my Nexus 5X using Tapatalk



  • *
  • Posts: 1334

  • Liked: 427
  • Joined: Nov 2015
  • Location: Inverness Scotland
Re: Taxes Basics...P60/usa taxes.. help
« Reply #2 on: January 26, 2019, 05:35:39 PM »
As i found out here in the forum last tax season, I didn’t need the P60 as the tax year here and back in the USA are different. I needed the payslips for the USA tax year...January through December.


Sent from my iPad using Tapatalk


  • *
  • Posts: 4207

  • Liked: 777
  • Joined: Nov 2012
  • Location: Eee, bah gum.
Re: Taxes Basics...P60/usa taxes.. help
« Reply #3 on: January 26, 2019, 06:16:53 PM »
Living overseas means an automatic extension to June 15.

Although I get a P60 each year for my UK pensions they are not useful for the US tax calendar year. What I do is record the monthly gross income to make it easy to report the calendar year total on my US return.  I use the IRS average rate for the tax year to convert it to $s.


https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates
(The 2018 average rate has not yet been posted)
« Last Edit: January 26, 2019, 06:21:18 PM by durhamlad »
Dual USC/UKC living in the UK since May 2016


  • *
  • Posts: 2639

  • Liked: 107
  • Joined: Dec 2005
Re: Taxes Basics...P60/usa taxes.. help
« Reply #4 on: January 27, 2019, 08:40:48 AM »
So my wife got a part time job in UK last July. Great. I still had some income coming in from my former employer in the USA so we will have to file by April 15 back in the USA. I have received W--2 from my former employer. Question is....

1-Do we need a P60 from my wife's employer?
2-She is in a bracket such that no taxes are being withheld so do they still issue her a P60 in this case?
3- Do we have to include her income even though it is WELL below, and combined we will be below the $100,000 threshold for being taxed as USA residence living in UK.
4- We understand the P60 is not issued until April 15. If we do need it.... how does one work that? Does everyone file an extension for USA taxes?

Thanks in advance for all the help.

NWKH

1. There is no 15 April deadline. If needed, a US income tax return for 2018 is due to be filed by 17 June 2019; but can easily be extended until 16 December 2019 if necessary by filing an IRS Form 4868 by 17 June - followed by writing a letter to the IRS by 15 October 2018.  An FBAR for 2018 must, however, if needed be filed with the US Treasury by 15 October 2019.
2. Electing to claim the foreign earned income exclusion is unlikely to produce the optimum result.
3. Is the income received from the former US employer taxable in the UK?
4. To figure out your wife's UK employment income for 2018 you would look at the cumulative year to date total on her December 2018 payslip.


  • *
  • Posts: 251

  • Liked: 52
  • Joined: Feb 2016
Re: Taxes Basics...P60/usa taxes.. help
« Reply #5 on: January 28, 2019, 02:20:00 PM »
Thanks everyone. This clears everything up... No April 15 deadline, just ad up her income and convert the total to us dollars.

The rest is just our usual over thinking.

Thanks again,

NWKH
UK Spouse Visa
Married: 2001 (Both Living in the US)
Biometrics: 27 Dec 2017
Received in Sheffield: 02 Jan 2018
Decision email: 24 Jan 2018 (17 Bus. Days)
Returned mail: 28 Jan 2018 It's a YES!!!
Landed in UK: 11 Feb 2018
Granted FLR(M): 22 Oct 2020
Granted ILR:  28 Feb 2023
Citizenship Granted:  18 Jan 2024


Sponsored Links