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Topic: FATCA - country of residence for tax purposes  (Read 2213 times)

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FATCA - country of residence for tax purposes
« on: August 14, 2021, 02:25:36 PM »
Hi guys... I'm filling in a FATCA form for the first time.
I've already declared that I was born in the US, and that there are reasons to consider me a US person.
Then they ask what is my country of residence for tax purposes.... and for my taxpayer ID number for that country.
To me, that means UK, and my National Insurance number.

But given that the goal of this form is to identify US people, I wonder if I'm looking at this the wrong way...because when I go to save/submit the form, I get an error message that says 'you have indicated that you were born in the US, but you have not stated that you have US tax residency'.

Have I completed this form incorrectly?  When they ask for my 'country of residence for tax purposes' is... are they wanting me to say USA there? 

PS.  I hate these people and their confusing documents.  >:(


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Re: FATCA - country of residence for tax purposes
« Reply #1 on: August 14, 2021, 05:21:44 PM »
Yeah, they want you to say USA and social security number.

While you are not a resident of the USA, you are a USA tax resident.  And yeah, the form is a USA form.  So….  ::)



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Re: FATCA - country of residence for tax purposes
« Reply #2 on: August 14, 2021, 07:24:59 PM »
Yeah, they want you to say USA and social security number.

While you are not a resident of the USA, you are a USA tax resident.  And yeah, the form is a USA form.  So….  ::)

I agree. The fact is that as a US citizen no matter which country you actually live in you are considered resident in the USA for tax purposes and the TIN they require on the form for an individual is your SSN
Dual USC/UKC living in the UK since May 2016


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Re: FATCA - country of residence for tax purposes
« Reply #3 on: August 17, 2021, 07:55:24 AM »
Thanks guys.  :)

No words for how much I hate the IRS.


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Re: FATCA - country of residence for tax purposes
« Reply #4 on: August 17, 2021, 08:22:34 AM »
Thanks guys.  :)

No words for how much I hate the IRS.

It’s not their fault, the IRS don’t make the rules, they simply carry out government policy.
Dual USC/UKC living in the UK since May 2016


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Re: FATCA - country of residence for tax purposes
« Reply #5 on: August 17, 2021, 12:34:17 PM »
Thanks guys.  :)

No words for how much I hate the IRS.


I have yet to meet anyone who is a fan!  Including a friend who works for them. ;D


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Re: FATCA - country of residence for tax purposes
« Reply #6 on: August 21, 2021, 09:39:27 PM »
I have yet to meet anyone who is a fan!  Including a friend who works for them. ;D
My employer paid a portion of our bonuses in company stock. You could also buy company stock at a discount through ESPP. This appeared as a single account when you logged on, but was actually two accounts / websites under the covers.

When I come to fill in the tax forms that year, I pick the 'download tax forms form' option so I don't need to transfer the details from the paper copy I received in the mail. I compare the number of documents downloaded with the number of documents I received in the post. They number and the first few values I check match, so I figure I'm good to go.

However, the digital download for the brokerage only contained the 1099-DIV for one of the accounts. The paper 1099-DIV contained both accounts, but as two sequential blocks under the same 1099-DIV header. So my filed return doesn't declare all the dividends I received.

So I get a letter from the IRS saying 'your declared income doesn't match what the brokerage reported to us'. It was a ten page document that spent the first 4 pages explaining in clear, precise terms exactly what and where I went wrong, how much I owed, and how to calculate it and dispute it myself if I disagreed. The remaining 6 pages covered payment options.

To me, this letter was proof that, through payroll and banks/brokerages reporting, the IRS knows everything needed to calculate my taxes more accurately than I do. And I bet it didn't take them a whole weekend to do it.

So I love the IRS for the quality of their letter (and for only charging me interest), but hate the politicians who won't let the IRS file for me (or at least pre-fill most of the tax return for me).


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