My Operaexpatriate tax return
Tuesday, March 6, 2012 10:54:42 AM
Important Things about Expatriate Tax Returns
If you are a US resident living abroad, you must file US tax return annually in order to prevent significant penalties and keep your tax status unchanged. No matter in which country you reside, your income is subject to the US taxes. If you are paying no tax, even then you have to file an informational return. You need to have a social security number (SSN) or an individual taxpayer identification number (ITIN) to file your return.Expat Taxes
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What is the time to file?
If you're residing overseas for any reason on the due date of your return, you'll have an automatic extension of two months to file it (typically to June 15). Should you not be able to file your return during this period, an additional extension to October 15 can be requested, by filing the proper form before the first date is due. You should keep in mind that this delay will mean that you will have to pay more in the form of penalties.
Where do you have to send your return?
* You can mail your U.S. tax return to: Department of the Treasury, Internal Revenue Service, Center Austin, TX 73301-0215 USA.
* You have to mail your estimated tax payments with 1040-ES form to: Internal Revenue Service, P.O. Box 1300 Charlotte, NC 28201-1300 USA.
If your Adjusted Gross Income (AGI) is of $57,000 or less, you can file your tax return electronically using Free File. In case your AGI is greater than $57,00, you will have to use the Free File Fillable forms or e-file using any commercial tax preparation program available.
The exchange rate?
Regardless of where you reside and the currency in your country, you need to file your tax returns in dollar amounts. To translate local currency into dollars, the yearly average exchange rate is generally used, but if you made a transaction on a specific day, you can use the exchange rate of that day. To find the yearly average exchange rates, look into this link.
Can your foreign earnings be excluded?
If you meet the requirements of the foreign housing exclusion and the foreign housing deduction, then they can be applied. You can exclude a part of the foreign income which is adjusted to inflation each year. For the year 2012, it was $95,100. If your employer provided the meals and the lodging, then you can exclude their value.
What is the minimum requirement of time to apply for the exclusion?
To apply to the foreign income exclusion, you must have been physically present in your country of residence for a minimum of 330 full days during the fiscal year. It's not necessary that you've been working the entire time; vacation days are also accounted. If you left the country for any reason such as illness or family problems then you will not be considered as physically present. The only exceptions are in cases of war or civil unrest, provided you're able to show that you would have spent the minimum required days in the country.expatriate tax return
How about checking out this page for a comprehensive source of information:
If you are a US resident living abroad, you must file US tax return annually in order to prevent significant penalties and keep your tax status unchanged. No matter in which country you reside, your income is subject to the US taxes. If you are paying no tax, even then you have to file an informational return. You need to have a social security number (SSN) or an individual taxpayer identification number (ITIN) to file your return.Expat Taxes
|||||}What is the time to file?
If you're residing overseas for any reason on the due date of your return, you'll have an automatic extension of two months to file it (typically to June 15). Should you not be able to file your return during this period, an additional extension to October 15 can be requested, by filing the proper form before the first date is due. You should keep in mind that this delay will mean that you will have to pay more in the form of penalties.
Where do you have to send your return?
* You can mail your U.S. tax return to: Department of the Treasury, Internal Revenue Service, Center Austin, TX 73301-0215 USA.
* You have to mail your estimated tax payments with 1040-ES form to: Internal Revenue Service, P.O. Box 1300 Charlotte, NC 28201-1300 USA.
If your Adjusted Gross Income (AGI) is of $57,000 or less, you can file your tax return electronically using Free File. In case your AGI is greater than $57,00, you will have to use the Free File Fillable forms or e-file using any commercial tax preparation program available.
The exchange rate?
Regardless of where you reside and the currency in your country, you need to file your tax returns in dollar amounts. To translate local currency into dollars, the yearly average exchange rate is generally used, but if you made a transaction on a specific day, you can use the exchange rate of that day. To find the yearly average exchange rates, look into this link.
Can your foreign earnings be excluded?
If you meet the requirements of the foreign housing exclusion and the foreign housing deduction, then they can be applied. You can exclude a part of the foreign income which is adjusted to inflation each year. For the year 2012, it was $95,100. If your employer provided the meals and the lodging, then you can exclude their value.
What is the minimum requirement of time to apply for the exclusion?
To apply to the foreign income exclusion, you must have been physically present in your country of residence for a minimum of 330 full days during the fiscal year. It's not necessary that you've been working the entire time; vacation days are also accounted. If you left the country for any reason such as illness or family problems then you will not be considered as physically present. The only exceptions are in cases of war or civil unrest, provided you're able to show that you would have spent the minimum required days in the country.expatriate tax return
How about checking out this page for a comprehensive source of information:
