Just need to make sure I have the right forms...

Have a few questions... This is my first time filing for a whole year in the UK. I have worked and just need to know what forms I need to fill in 1040+2555?. I have always used turbo tax but its asking for the ITIN number for my wife is that necessary? I also have one bank account that has a low balance for daily use. Is it possible to e-file or am I better off just mailing in this year?

Danny

Well I guess nobody knows so far I have found I need 1040,2225-ez,schedule B and 8938. These are all just for a regular return with one joint bank account. I'm assuming since it has less than 10k in it I don't need an fbar?

Edit: So far as I can tell if I am under 50k I don't need the 8938...

Another question is schedule B necessary since I am only ticking the box for a checking account but its under the 10k 

If you have an interest-paying account, it should go on schedule B. You don't need 8938 unless you have lots of money, as you've found. The rest are right for simple cases. You need FBAR only if the total of our foreign accounts ever went over $10k, even for just a day, using the official Treasury exchange rate. I have found it very difficult to e-file from here, I just use paper and put NRA for my spouse.

Well it's just a simple checking so I guess I won't need schedule B. I can't find any efile that will let you use the NRA either so looks like I will also be going snail mail.

This is helpful post so I can get our forms in order.

One question though, does one of these forms document (or authenticate) that you actually paid the foreign taxes you are reporting? That is, you know how much foreign taxes you paid and can report this but do you have to include some official document issued by the UK confirming this (like the UK version of a w2)?

Thanks!

From what I can see there is nothing to attach but I would assume you want it to be correct because if you where ever audited you would need to prove your forms were correct. So far here is my list 1040+2225-ez and still not sure If I need schedule B... just to report I have an account over here (joint checking).

From what I can see there is nothing to attach but I would assume you want it to be correct because if you where ever audited you would need to prove your forms were correct. So far here is my list 1040+2225-ez and still not sure If I need schedule B... just to report I have an account over here (joint checking).

If you have no interest income from a checking account in the UK then you don't need to report the account on a schedule B.  If the account has had more than $10k in it at any time during the year then you'll have to report the existence of the account on Form TD F 90.

When I report my UK bank interest and my UK private pension on a schedule B and substitute 1099-R, I don't send in any statements, but I do keep the bank statements and P60 as proof should I be audited.

Note that I am still resident in the USA, and haven't moved back to the UK yet.

Hello,

I haven't filed my taxes either. I have one joint bank account with no interest earned on it with far less than $10,000 in it. So do I only need to file the 1040 (not the 1040 EZ?) and the 2555 EZ?

You will need the regular 1040 if you are doing married filing separately.

Ok great!! I will just file those documents. Since we don't have W2's, do we send it copies of our pay stubs for the year? I get paid weekly so that will be quite a bit of copying!

You don't have to send anything.

You don't have to send anything.

Just hang onto them with your copy of your return.

We've discussed the pros and cons of filing Schedule B many times in the past. I was going to keep quiet, but......

I would offer the following suggestion:

File Schedule B. It's the most simple of all IRS forms. If you have '0' interest income, it certainly won't alter your taxes. It should take, at most, 5 mins.

And, you can answer question 7a.

We've discussed the pros and cons of filing Schedule B many times in the past. I was going to keep quiet, but......

I would offer the following suggestion:

File Schedule B. It's the most simple of all IRS forms. If you have '0' interest income, it certainly won't alter your taxes. It should take, at most, 5 mins.

And, you can answer question 7a.

Sorry to ask a thick question but what counts as taxable or non-taxable interest? I have a joint current account (no interest), a newly-opened sole current account (no interest) and three ING UK accounts (interest bearing, about $50 interest received). The ING accounts' interest is already taxed before it's deposited.

Sorry but I'm just so confused over what I need to report about which of these.... if you or anyone could help that would be great.

fwiw I answered yes, no, no on section 3 of schedule B, but that's all I've put there. I've put the approximately $50 interest as non taxable income on 1040.

Thank you

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Sorry to ask a thick question but what counts as taxable or non-taxable interest?

To start, I'm going to assume these are all 'foreign' bank accounts. The interest from any bank account (foreign or US based) is taxable for a US tax return.

The ING accounts' interest is already taxed before it's deposited.

I'm guessing the tax witheld is the 20% for HMRC. This is correct for a UK tax situation (provided your total income [all sources] is over the UK personal allowance).

I have a joint current account (no interest), a newly-opened sole current account (no interest) and three ING UK accounts (interest bearing, about $50 interest received).

You have two issues for a US situation. First, reporting on 1040, and second, reporting on an FBAR. For the 1040, the amount you report is the gross amount of interest you recieve, not the amount after UK tax has been witheld.

fwiw I answered yes, no, no on section 3 of schedule B, but that's all I've put there. I've put the approximately $50 interest as non taxable income on 1040.

There are two parts to question 7a. You're probably aware of how to calculate the amount for an FBAR (the second part), but I'll go over it anyway.

For the joint account: it's the highest balance at any time during the year. Do not calculate 1/2 of the highest balance, use the full maximum balance.

For the sole current account, do the same.

For each of the ING accounts, do the same.

Add the highest balances for all 5 accounts. If this is over $10,000, you must file an FBAR listing all 5 accounts. Your answer to the second part of question 7a of the schedule B would reflect this.