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Showing results for tags 'FBAR'.
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I see that they've posted new publications for 2014 as of Dec. 9, at least for Pub. 54 - Tax Guide for U.S. Citizens and Resident Aliens Abroad The Foreign Earned Income Exclusion now extends to up to $99,200. Remember that you are NOT actually excluding anything - you must REPORT and PAY TAXES on your Foreign Earned Income. Taxes on your income are figured using the Foreign Earned Income worksheet, which is in the 1040 instructions. I don't see anything in this Publication regarding the Affordable Care Act, or how that will be treated. I looked through the Table of Contents, and did text searches for Affordable or Health, and came up with nothing. Publication 17 - Your Income Tax, which will contain information about what you can expect on the 2014 forms has not yet been updated.
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Beijing to back United States over new Fatca law against tax evasion The Form TD F 90-221 has been required of those "US Persons" with accounts in China with balances exceeding $10,000 at any point during a reporting year. The new agreement will make it possible for the IRS to check up on your balances. Foreign Bank Accounts - Report of Foreign Bank and Financial Accounts (FBAR) If you or your spouse have a foreign bank account which has exceeded a total value of $10,000, this should have been reported to the IRS using a Form TD F 90-221 for the year(s) during which the event occurred, on or before June 30th. Your spouse's bank accounts may fall under this umbrella even if he/she is living in China (if you are filing married filing jointly). Stiff penalties may apply, ranging up to 50% of the account value for each year it was not reported. The IRS has had "voluntary disclosure" programs where you can donate some of your overseas account money to the IRS. If you do not owe any tax money on the undisclosed accounts, my advice is to MAKE CERTAIN of what you're doing before you donate ANY money to their coffers. In other words, these programs and penalties (and the FBAR report itself) are supposed to apply to actual tax cheats - not people who simply have unreported non-taxable money outside the US tax system. In addition, Scedule B says: -
Does anyone know about FBAR taxes? TurboTax asked about foreign assets. I think that we are not required to file, but am not sure she understands the importance of my questions. Hoping to locate a Chinese CPA to discuss and file if necessary.
