Author Topic: 2017 form 1040 online  (Read 917 times)

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Online larrabee

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Re: 2017 form 1040 online
« Reply #15 on: January 18, 2018, 09:13:11 AM »
Going in the other direction for pension, for HMRC can I use the bank transfer rate of when I actually moved my pension income from the USA to the UK every month, or should I log the rate on the date it was paid into my bank account? (I'm thinking the latter.)  Is it ok to use the rate on XE.com?

HMRC has published rates. 

https://www.gov.uk/government/collections/exchange-rates-for-customs-and-vat
March 28th 2013-Moved to UK, husband on spouse visa.Oct 20th 2015-Applied by mail for FLR(M).Feb 1st 2016 FLR(M).March 7th 2018 ILR. YAY! March 21st NCS&JCAP appointment.

Offline Nan D.

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Re: 2017 form 1040 online
« Reply #16 on: January 18, 2018, 09:22:46 AM »
Hi, Yes, I'd seen those, thanks. Are we ~required~ to use those, or can we use the ones actually in place when transferring dollars to pounds or on the actual date of transfer?  Also, is there any provision to recapture the cost of actually transferring the money (I'd be surprised, but...)?

Offline durhamlad

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Re: 2017 form 1040 online
« Reply #17 on: January 18, 2018, 11:12:54 AM »
Going in the other direction for pension, for HMRC can I use the bank transfer rate of when I actually moved my pension income from the USA to the UK every month, or should I log the rate on the date it was paid into my bank account? (I'm thinking the latter.)  Is it ok to use the rate on XE.com?

Being taxed on an arising basis I would think that the rate used would be the date you received it not the date you moved it over. I think that being allowed to choose the rate at which you moved it over would involve forex taxable gains and losses.

XE.com is listed on the IRS as an acceptable site for forex rates and is what I use. Not sure if HMRC lists approved sites.

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Offline Nan D.

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Re: 2017 form 1040 online
« Reply #18 on: January 18, 2018, 12:04:15 PM »
Being taxed on an arising basis I would think that the rate used would be the date you received it not the date you moved it over. I think that being allowed to choose the rate at which you moved it over would involve forex taxable gains and losses.

XE.com is listed on the IRS as an acceptable site for forex rates and is what I use. Not sure if HMRC lists approved sites.

eeeeh? I thought forex had to do with stocks, investments, etc.  This is a monthly pension payment, not a large amount (in the grand scheme of things). Looks like it's time to go back to HMRC webchat and ask! :)

EDIT:  HMRC says yes, when received and yes, it's ok to use rates on XE.com or on their web page, whichever works best for me.
« Last Edit: January 18, 2018, 12:52:25 PM by Nan D. »

Offline durhamlad

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Re: 2017 form 1040 online
« Reply #19 on: January 18, 2018, 05:29:22 PM »
eeeeh? I thought forex had to do with stocks, investments, etc.  This is a monthly pension payment, not a large amount (in the grand scheme of things). Looks like it's time to go back to HMRC webchat and ask! :)

EDIT:  HMRC says yes, when received and yes, it's ok to use rates on XE.com or on their web page, whichever works best for me.

Excellent. So HMRC has a website with forex rates?
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Offline Nan D.

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Re: 2017 form 1040 online
« Reply #20 on: January 18, 2018, 07:55:18 PM »
Still not sure what Forex is, but they sent me this  https://www.gov.uk/government/collections/exchange-rates-for-customs-and-vat  which is the same on Larabee posted above, I think?

Online larrabee

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Re: 2017 form 1040 online
« Reply #21 on: January 18, 2018, 08:16:42 PM »
Still not sure what Forex is,...

Literally? It’s foreign exchange (rates, currency)
March 28th 2013-Moved to UK, husband on spouse visa.Oct 20th 2015-Applied by mail for FLR(M).Feb 1st 2016 FLR(M).March 7th 2018 ILR. YAY! March 21st NCS&JCAP appointment.

Offline Nan D.

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Re: 2017 form 1040 online
« Reply #22 on: January 18, 2018, 08:20:26 PM »
I suspected, but never guess about anything related to money.  ;D

Online larrabee

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Re: 2017 form 1040 online
« Reply #23 on: January 18, 2018, 08:22:35 PM »
I suspected, but never guess about anything related to money.  ;D

Good policy!  :)
March 28th 2013-Moved to UK, husband on spouse visa.Oct 20th 2015-Applied by mail for FLR(M).Feb 1st 2016 FLR(M).March 7th 2018 ILR. YAY! March 21st NCS&JCAP appointment.

Offline Nan D.

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Re: 2017 form 1040 online
« Reply #24 on: January 18, 2018, 08:37:18 PM »
As it is, since my sole income stream is USD, every time I look at the exchange rate I wince.  I wonder if when Brexit proper hits the pound will drop a bit? Or not.... sigh.

Oh, well. It's STILL better than being in SoCal! No fires, no mud. This week, for instance, it's been like living in a snow globe. The snow falls, then blows back up (or sideways) past our windows (we're a few floors up). There were foxes out back, the other morning, when I was up too early and had a cup of tea in the kitchen. So now I can say I've seen real foxes, too!  ;D

And the gas bill (we have gas heating) for the last quarter that I have been dreading came in at 45 Pounds total for the three months. So, since we know it was usually about 11 pounds a month just for the hot water before we turned on the heating in December, that means heating this place (and having hot water) is about 30-ish pounds a month when it's brutally cold out.  I'm happy with that. The electric had been running around 30 pounds each month over the summer, but the bill was a lot higher this time. I'm assuming that's because I ran space heaters in Oct & Nov, thinking I didn't want to put the whole-house boiler on to save money, and the ridiculous amount of time we had the non-LED Christmas lights on. It's still a novelty to me to think that whole-house heating is cheaper than using space heaters room-by-room, etc., but that appears to be the case!

Offline Anchor

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Re: 2017 form 1040 online
« Reply #25 on: January 19, 2018, 04:03:50 PM »
The IRS has now published the 2017 Yearly Average Currency Exchange Rates

https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates

Offline durhamlad

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Re: 2017 form 1040 online
« Reply #26 on: January 19, 2018, 04:12:05 PM »
The IRS has now published the 2017 Yearly Average Currency Exchange Rates

https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates

Excellent - thanks for that
Adventure before dementia

Offline theOAP

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Re: 2017 form 1040 online
« Reply #27 on: January 20, 2018, 10:57:59 AM »
Thanks to jeremai and Anchor for the Treasury rate and the IRS unofficial rate.

The IRS (yearly) unofficial rate must be the lowest since 1985, if not the lowest ever. In 1985, one had to call the Embassy to find out the " IRS unofficial rate".

Offline durhamlad

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Re: 2017 form 1040 online
« Reply #28 on: January 20, 2018, 02:07:09 PM »
Thanks to jeremai and Anchor for the Treasury rate and the IRS unofficial rate.

The IRS (yearly) unofficial rate must be the lowest since 1985, if not the lowest ever. In 1985, one had to call the Embassy to find out the " IRS unofficial rate".

Do they really call it the “unofficial rate” even though they publish the rate that they will accept?
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Offline theOAP

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Re: 2017 form 1040 online
« Reply #29 on: January 20, 2018, 02:32:58 PM »
Do they really call it the “unofficial rate” even though they publish the rate that they will accept?
Yep. There's the "unofficial" rate among many other acceptable rates, so therefore no "official" rate?

Why do they call work related pension benefits "unearned income"? Someone had to "earn" the benefit by working.