Tax return necessary?

[dnoblett]

My reply to the tax filing problem while overseas is:

 

"US citizen may be exempt from paying tax on foreign income, but are not exempt from reporting and filing a return"

 

IRS only exempts a person from filing if income falls below a certain amount.

 

More here:

 

http://www.irs.gov/publications/p54/index.html

 

http://www.irs.gov/individuals/article/0,,id=96623,00.html

 

One last note: If you don't file an return, you wont get the economic stimulus payment.

[zanyi]

Are three years of tax returns required for I-134? My parents are co sponsors and they have copies of all tax returns and i was planning on sending the ones from the past three years. Do I still need to submit mine? I worked part time in 2007 only.

Thanks

[Guest WenDylan]

Are three years of tax returns required for I-134? My parents are co sponsors and they have copies of all tax returns and i was planning on sending the ones from the past three years. Do I still need to submit mine? I worked part time in 2007 only.

Thanks

Yes. You need yours because you are the sponsor, and you need your co-sponsor info as well. Everything you must produce, they must produce as well... such as letter from employer, and the many many years of tax returns, which you can get the tax transcripts from online... it takes about 1 week.

 

http://www.irs.gov/individuals/article/0,,id=110571,00.html

[plim]

justin, im in the same boat on this one. my father is co sponsoring for us and i have very little income for 2007 because most of the time i was traveling and didnt start work in china until the end of the year. i didnt some research and found i didnt need to file because my income was low enough. i took this as an excuse not to file because i didnt want to go through all the trouble, but after reading this post im having second thoughts. i was planning on writing a letter explaining why i didnt file but now im thinking i should just file the damn thing just to be safe.

 

question: if i file now, isn't it late, if so, whats the penalty for filing late? it would be ridiculous for me to file now and get a penalty since im not even required to file but just want to file to show off to the VO...

[Randy W]

justin, im in the same boat on this one. my father is co sponsoring for us and i have very little income for 2007 because most of the time i was traveling and didnt start work in china until the end of the year. i didnt some research and found i didnt need to file because my income was low enough. i took this as an excuse not to file because i didnt want to go through all the trouble, but after reading this post im having second thoughts. i was planning on writing a letter explaining why i didnt file but now im thinking i should just file the damn thing just to be safe.

 

question: if i file now, isn't it late, if so, whats the penalty for filing late? it would be ridiculous for me to file now and get a penalty since im not even required to file but just want to file to show off to the VO...

 

 

You can file a late return. There is no penalty, since you owe no money.

 

The 1040X is used only to amend a previously filed return.

Edited August 6, 2008 by Randy W (see edit history)

[plim]

thanks for the info randy.

 

here's a quote from the i864 form. basically says a letter will suffice if you are exempt from filing tax. but from what i've read and just for the sake of playing it safe ill file anyway.

 

"If you were required to file a Federal income tax return during any of the previous three tax years but did not do so, you must file any and all late returns with IRS and attach an IRS-generated tax return transcript documenting your late filing before submitting the I-864 Affidavit of Support. If you were not required to file a Federal income tax return under U.S. tax law because your income was too low, attach a written explanation. If you were not required to file a Federal income tax return under U.S. tax law for any other reason, attach awritten explanation including evidence of the exemption and how you are subject to it. Residence outside of the United States does not exempt U.S. citizens or lawful permanent residents from filing a U.S. Federal income tax return. See"Filing Requirements" in the IRS Form 1040 Filing Instructions to determine whether you were required to file."

Edited August 6, 2008 by plim (see edit history)

[Randy W]

thanks for the info randy.

 

here's a quote from the i864 form. basically says a letter will suffice if you are exempt from filing tax. but from what i've read and just for the sake of playing it safe ill file anyway.

 

"If you were required to file a Federal income tax return during any of the previous three tax years but did not do so, you must file any and all late returns with IRS and attach an IRS-generated tax return transcript documenting your late filing before submitting the I-864 Affidavit of Support. If you were not required to file a Federal income tax return under U.S. tax law because your income was too low, attach a written explanation. If you were not required to file a Federal income tax return under U.S. tax law for any other reason, attach awritten explanation including evidence of the exemption and how you are subject to it. Residence outside of the United States does not exempt U.S. citizens or lawful permanent residents from filing a U.S. Federal income tax return. See"Filing Requirements" in the IRS Form 1040 Filing Instructions to determine whether you were required to file."

Your choice.

 

They have been known to require a tax return from someone who wouldn't otherwise have filed

Edited August 6, 2008 by Randy W (see edit history)

[Guest Rob & Jin]

my thought you must file

 

good luck

[linaiwei]

Greetings

 

I'm in similar situations as some of the posters here. THe only difference is that I have been filing taxes for the 4yrs I was in China, BUT I was filing them here in NY because I was doing financial consultations through email and phone. So I was making a salary in the U.S. and under my father's company.

 

Now I returned to NY, and am about to fill out the I-134 beneficiary support form. Because my income in the U.S. was low for the 4yrs, I will also have my father as a co-sponsor.

 

Because I have returned, and my father is retiring, he signed the company over to me..though its not a million dollar company, he has been at it for 30yrs, and regisered the company back in '98.

 

Just for the record, what is the income bracket for a sponsor? I never found a rate sheet, or page...etc...

 

Peace and Blessings,

Erik

[dnoblett]

Restudy the I-864 documents, see what it says about 'assets' and work the math . For example - lets say you have no trackable income at all. Look at the poverty line guidelines. Now figure out 'how many people' - and then multiply that number by 3 or 5. You'll need to show assets of 'that amount'.

 

I say 3 or 5 - as I get conflicting info about asset determination.

 

Maybe it's time to secure a co-sponser ?

It is 3 when sponsoring a spouse because the spouse can file to become a US Citizen at three years of residency.

 

29. Total Value of Assets.

 

In order to qualify based on the value of your assets, the total value of your assets must equal at least five times the difference between your total household income and the current poverty guidelines for your household size. However, if you are a U.S. citizen and you are sponsoring your spouse or minor child, the total value of your assets must only be equal to at least three times the difference. If the intending immigrant is an alien orphan who will be adopted in the United States after the alien orphan acquires permanent residence, and who will, as a result, acquire citizenship under section 320 of the Act, the total value of your assets need only equal the difference.

 

Example of How to Use Assets: If you are petitioning for a parent and the poverty line for your household size is $22,062and your current income is $18,062, the difference between your current income and the poverty line is $4,000. In order for assets to help you qualify, the combination of your assets,plus the assets of any household member who is signing Form I-864A, plus any available assets of the sponsored immigrant, would have to equal five times this difference (5 x $4,000). In this case, you would meet the income requirements if the net value of the assets equaled at least $20,000

http://www.uscis.gov/files/form/I-864.pdf