My Operaexpatriate tax return
Tuesday, March 6, 2012 10:52:44 AM
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. Even if your return is just informational and you have to pay no tax, you have the obligation to file it anyway. Before filing your return, make sure that you have a social security number (SSN) or an individual taxpayer identification number (ITIN).expatriate tax return
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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. However, keep in mind that this delay means the payments will be subject to interest charges and penalties.
Where do you have to send your return?
* You have to mail you U.S. tax return at this address: Department of the Treasury, Internal Revenue Service, Center Austin, TX 73301-0215 USA.
* Your estimated tax payments (enclosing form 1040-ES) can be mailed to: Internal Revenue Service, P.O. Box 1300 Charlotte, NC 28201-1300 USA.
You can use Free File to file your tax return electronically if your Adjusted Gross Income (AFI) is $57,000 or less. 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.
What would be 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. The yearly average exchange rates can be checked from this links.
Is their any chance of your foreign earnings being excluded?
If you meet the requirements of the foreign housing exclusion and the foreign housing deduction, then they can be applied. Regarding your foreign income, you may annually exclude a part of it, which is adjusted to inflation every year ($95,100 for 2012). It's also possible to exclude the value of meals and lodging in case they were provided by your employer.
What is the minimum requirement of time to apply for the exclusion?
In the tax year, you must have been physically present in your country of residence for at least 330 days in order to apply for the foreign income exclusion. It's not necessary that you've been working the entire time; vacation days are also accounted. You will not be considered physically present if you have to leave the country for problems like order from your employer or family problems. However, in cases of civil unrest or war extrapolations can made, provided that you can show that you intended to spend the minimum required days in that country.expatriate tax return
|||||}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. However, keep in mind that this delay means the payments will be subject to interest charges and penalties.
Where do you have to send your return?
* You have to mail you U.S. tax return at this address: Department of the Treasury, Internal Revenue Service, Center Austin, TX 73301-0215 USA.
* Your estimated tax payments (enclosing form 1040-ES) can be mailed to: Internal Revenue Service, P.O. Box 1300 Charlotte, NC 28201-1300 USA.
You can use Free File to file your tax return electronically if your Adjusted Gross Income (AFI) is $57,000 or less. 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.
What would be 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. The yearly average exchange rates can be checked from this links.
Is their any chance of your foreign earnings being excluded?
If you meet the requirements of the foreign housing exclusion and the foreign housing deduction, then they can be applied. Regarding your foreign income, you may annually exclude a part of it, which is adjusted to inflation every year ($95,100 for 2012). It's also possible to exclude the value of meals and lodging in case they were provided by your employer.
What is the minimum requirement of time to apply for the exclusion?
In the tax year, you must have been physically present in your country of residence for at least 330 days in order to apply for the foreign income exclusion. It's not necessary that you've been working the entire time; vacation days are also accounted. You will not be considered physically present if you have to leave the country for problems like order from your employer or family problems. However, in cases of civil unrest or war extrapolations can made, provided that you can show that you intended to spend the minimum required days in that country.expatriate tax return
