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IRS Publications for 2014 through 2019


Randy W
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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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I'll say here that one tax deadline a lot of people aren't aware of occurs on Jan. 15. You can be assessed a penalty on April 15 if you have not paid a certain amount of your taxes through either Withholding, or quarterly estimated payments by Jan. 15. See Form 2210, Underpayment of Estimated Tax for details on how the penalty is calculated. This is one of the LAST forms to be released every year, but it rarely changes from one year to the next.

 

This penalty generally hits married couples, or someone with 2 or more sources of income who hasn't had enough withheld from their paychecks.

 

You can AVOID the penalty, even with $0 in withholding or prior payments, with a single payment by Jan. 15. As long as you have paid 90% of your actual taxes, or owe less than $1000, or you have paid more than your total tax bill from the previous year, no penalty is assessed.

 

So yes, I like to take a look at my tax situation early enough to make this payment, if need be.

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  • 1 year later...

It looks like you would use Form 8965 to claim a Health Coverage Exemption

 

Form 8965, Health Coverage Exemptions

 

For a Citizen Living Abroad and certain non-citizens, you would use Exemption Code "C", per the instructions.

 

From the 1040 instructions for 2014 -

 

Health care: individual responsibility.

You must either:

  • Indicate on line 61 that you, your spouse (if filing jointly), and your de-pendents had health care coverage throughout 2014,
  • Claim an exemption from the health care coverage requirement for some or all of 2014 and attach Form 8965, or
  • Make a shared responsibility pay-ment if, for any month in 2014, you, your spouse (if filing jointly), or your dependents did not have coverage and do not qualify for a coverage exemption.See the instructions for line 61 and Form 8965 for more information.

 

Edited by Randy W (see edit history)
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Details schmetails.

 

Every swinging dong who works overseas must submit a tax form every year regardless of income. If you paid taxes in the foreign country then you cannot be taxed again in the USA. Still, you must submit the form even if you owe zero, zip, nada, zilch.

 

 

Filing requirements are the same whether your income is U.S. based, or foreign based, except that, when determining whether to file, you must consider your income BEFORE applying the Foreign Earned Income Exclusion. The Exclusion DOES NOT APPLY, unless you file your return in order to claim it.

 

Double taxation can be REDUCED, or in SOME (but not all) cases, eliminated, by filing either the From 2555, or the Foreign Tax Credit.

 

From the IRS - https://www.irs.gov/taxtopics/tc856.html

 

The foreign tax credit intends to reduce the double tax burden that would otherwise arise when foreign source income is taxed by both the United States and the foreign country from which the income is derived.

 

 

Even income "excluded" by the Form 2555 will be taxed, if you also have U.S. based income which puts you into a higher tax bracket - see the Foreign Earned Income Worksheet in the Form 1040 instructions and Publication 54 Tax Guide for U.S. Citizens and Resident Aliens Abroad.

 

Be aware also that an inattentive (or anally retentive) VO who is looking for tax returns, but only finds an explanation of why they weren't filed may insist on actual returns.

Edited by Randy W (see edit history)
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  • 1 year later...

Time for THIS again. The filing requirement for 2016 is as follows:

 

https://www.irs.gov/publications/p54/ch01.html#en_US_2016_publink100047318

Filing Requirements

If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and for paying estimated tax are generally the same whether you are in the United States or abroad.

Your income, filing status, and age generally determine whether you must file an income tax return. Generally, you must file a return for 2016 if your gross income from worldwide sources is at least the amount shown for your filing status in the following table.

Filing Status* . . . . . . . . . . . . . . . . . . . . Amount

Single . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,350

65 or older . . . . . . . . . . . . . . . . . . . . . . . . $11,900

Head of household . . . . . . . . . . . . . . . . $13,350

65 or older . . . . . . . . . . . . . . . . . . . . .. . . $14,900

Qualifying widow(er) . . . . . .. . . . . . . . . $16,650

65 or older . . . . . . . . . . . . . . . . . . . . . . . $17,900

Married filing jointly . . . . . . . . . . . . . . . . . $20,700

Not living with spouse at end of year .. . $4,050

One spouse 65 or older . . . . . . . . . . . . $21,950

Both spouses 65 or older . . . . . . . . . . . . $23,200

Married filing separately . . . . . . . . . . . . . $4,050

*If you are the dependent of another taxpayer, see the instructions for Form 1040 for more information on whether you must file a return.

 

 

 

 

That is, if your income is BELOW those amounts BEFORE taking the Foreign Earned Income "Exclusion", you do NOT have to file.

 

Your Visa Officer may have other ideas, however, and CAN require an income tax return even for those years you were not required to file. A late return can be filed with no interest or penalty if the amount due is $0.

 

Expats can file their return late (I believe they are due by June 15), but the amount owed must be paid IN FULL by April 15 (April 18 for 2017).

 

The FBAR Report MUST be filed by June 30 April 15 (don't quote me on the date) if either you OR or spouse have foreign bank accounts which have exceeded $10,000 at any point in the reporting year.

 

Randy W, on 09 Sept 2014 - 9:23 PM, said:snapback.png


 

The new FBAR, as of Sept., 2013 - for those who hold foreign bank accounts which have exceeded $10,000 at any point in the reporting year.

 

Report of Foreign Bank and Financial Accounts (FBAR)

Quote

Current FBAR Guidance FinCEN introduces new forms

On September 30, 2013, FINCEN posted a notice on their website announcing the current FBAR form, FINCEN Report 114, Report of Foreign Bank and Financial Accounts. FINCEN Report 114 supersedes the previous years’ form TD F 90-22.1 and is only available online through the BSA E-Filing System website. The e-filing system allows the filer to enter the calendar year reported, including past years, on the online FINCENReport 114.

 

 

 

Repeating

 

Quote

the current FBAR form, FINCEN Report 114, Report of Foreign Bank and Financial Accounts. FINCEN Report 114 supersedes the previous years’ form TD F 90-22.1 and is only available online through the BSA E-Filing System website.

 

 

Individuals Filing the Report of Foreign Bankand Financial Accounts (FBAR)

Just to bring this to your attention, the FBAR is due June 30 April 15. If you or your spouse has an account in a Chinese bank which had a balance over $10,000USD at ANY time during 2015, you are probably required by law to file one if he/she has been filing US taxes or included on your tax return.

Me? I ALWAYS wait until the last minute to procrastinate when it comes to tax matters,

Edited by Randy W (see edit history)
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Interesting - I wouldn't have noticed - but, anyway . . .

 

 

New Due Date for FBARs

The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15. This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the “Act”). Specifically, section 2006(b)(11) of the Act changes the FBAR due date to April 15 to coincide with the federal income tax filing season.

The Act also mandates a maximum six-month extension of the filing deadline. To implement the statute with minimal burden to the public and FinCEN, FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year. Accordingly, specific requests for this extension are not required.

 

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  • 8 months later...

. . . and for 2017

 

Publication 54 (2017), Tax Guide for U.S. Citizens and Resident Aliens Abroad

The maximum foreign earned income exclusion is adjusted annually for inflation. For 2017, the maximum exclusion has increased to $102,100.

 

 

Remember, though, that the word 'Exclusion' as they use it is a misnomer - you REPORT and PAY TAXES on your foreign earned income through form 2555 or 2555EZ and the Foreign Earned Income Exlcusion worksheet which is in the 1040 instructions.

 

. . . and a good publication to have handy

About Publication 17, Your Federal Income Tax (For Individuals)

 

This publication covers the general rules for filing a federal income tax return. It supplements the information contained in your tax form instruction booklet. It explains the tax law to make sure you pay only the tax you owe and no more.

 

 

Publication 17 seems to be hot off the presses as well (Dec. 17).

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For anyone with MORE than one job - for example, a married couple where both are working - you need to look at your tax situation and make sure you have paid enough of your taxes by Jan. 15 to avoid a penalty.

 

This usually amounts to 90% of you (ultimately due) taxes, or more than what you paid last year.

 

Jan. 15 is the last date at which you can make an Estimated Tax Payment , using Form 1040-ES. Penalties are figured using Form 2210, Underpayment of Estimated Tax by Individuals.

 

In my own case, we've had IRA withdrawals, SS money, and income from the new building - no withholding from any of these.

 

Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and estimated tax payments, or if they paid at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller.

 

Edited by Randy W (see edit history)
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  • 3 months later...

Also be aware of the 1040 Schedule B, Interest and Ordinary Dividends. Part III talks about Foreign Accounts and Trusts and asks if you have a financial account in a foreign country. It states - if "Yes", you are required to file FinCEN Form 114.

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  • 9 months later...

I'll say here that one tax deadline a lot of people aren't aware of occurs on Jan. 15. You can be assessed a penalty on April 15 if you have not paid a certain amount of your taxes through either Withholding, or quarterly estimated payments by Jan. 15. See Form 2210, Underpayment of Estimated Tax for details on how the penalty is calculated. This is one of the LAST forms to be released every year, but it rarely changes from one year to the next.

 

This penalty generally hits married couples, or someone with 2 or more sources of income who hasn't had enough withheld from their paychecks.

 

You can AVOID the penalty, even with $0 in withholding or prior payments, with a single payment by Jan. 15. As long as you have paid 90% of your actual taxes, or owe less than $1000, or you have paid more than your total tax bill from the previous year, no penalty is assessed.

 

So yes, I like to take a look at my tax situation early enough to make this payment, if need be.

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Download a copy of Publication 5307 Tax Reform Basics for Individuals and Families

 

 

 

I see the admonition is still there about withholding and the Form 1040-ES, Estimated Tax for Individuals

 

The U.S. tax system operates on a pay-as-you-go basis. Taxpayers must generally pay at least 90 percent of their
taxes throughout the year through withholding, estimated or additional tax payments or a combination of the two.
THIS MEANS THAT…you need to pay most of your tax during the year, as the income is earned or received. If
you don’t, you may owe an estimated tax penalty when you file.

 

 

so that should be enough for me to get my estimated payment in this week.

 

 

More than 9 out of 10 taxpayers use tax software or a paid preparer to file their taxes. Generally, you answer a series of questions in an interview format and the software or preparer chooses the best option (standard deduction or itemized deductions) for you. The new tax law hasn’t changed this process and the IRS has worked extensively with software developers and tax preparers to ensure that they are prepared to help you.
Edited by Randy W (see edit history)
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  • 10 months later...

2019 tax returns -

 

2019 tax returns are due on April 15, 2020.

For now, this is the information available to use for filing your final estimated tax payment on Jan. 15, 2020 .

From the IRS

 

For Tax Years 2018 and 2019, you will no longer use Form 1040A or Form 1040EZ, but instead will use the redesigned Form 1040. Many people will only need to file Form 1040 and no schedules.
Form 1040




IRS Announces 2019 Tax Rates, Standard Deduction Amounts And More


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Standard Deduction Amounts. The standard deduction amounts will increase to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly and surviving spouses.


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Foreign Earned Income Exclusion. For tax year 2019, the foreign earned income exclusion is $105,900, up from $103,900 for tax year 2018.

 

Edited by Randy W (see edit history)
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