Just some tax questions
#1
Just Joined
Thread Starter
Joined: Mar 2018
Location: RI
Posts: 3
Just some tax questions
Just some details: I left London and joined my fiancee here in October 2017 on a K1 visa, we got married in November and I received my 2 year green card yesterday!
As great as that is I've now got myself all worked up about filing taxes and hopefully someone can help a little.
I think I can choose to file as a resident for the 2017 tax year and that my wife and I can file jointly. I also figure I need to complete an FBAR showing the UK bank accounts I still have as well as premium bonds, anything with an account number.
Beyond that I'm a little lost as to what I'll have to file. I left my previous job in September before I moved and haven't earned income since. Will I still have to file what I earned during the 2017 year in the UK?
Sorry if I've breached etiquette somehow. Not looking for a how to guide or anything, just some pointers if at all possible. Many thanks!
As great as that is I've now got myself all worked up about filing taxes and hopefully someone can help a little.
I think I can choose to file as a resident for the 2017 tax year and that my wife and I can file jointly. I also figure I need to complete an FBAR showing the UK bank accounts I still have as well as premium bonds, anything with an account number.
Beyond that I'm a little lost as to what I'll have to file. I left my previous job in September before I moved and haven't earned income since. Will I still have to file what I earned during the 2017 year in the UK?
Sorry if I've breached etiquette somehow. Not looking for a how to guide or anything, just some pointers if at all possible. Many thanks!
#2
Re: Just some tax questions
Just some details: I left London and joined my fiancee here in October 2017 on a K1 visa, we got married in November and I received my 2 year green card yesterday!
As great as that is I've now got myself all worked up about filing taxes and hopefully someone can help a little.
I think I can choose to file as a resident for the 2017 tax year and that my wife and I can file jointly. I also figure I need to complete an FBAR showing the UK bank accounts I still have as well as premium bonds, anything with an account number.
Beyond that I'm a little lost as to what I'll have to file. I left my previous job in September before I moved and haven't earned income since. Will I still have to file what I earned during the 2017 year in the UK?
Sorry if I've breached etiquette somehow. Not looking for a how to guide or anything, just some pointers if at all possible. Many thanks!
As great as that is I've now got myself all worked up about filing taxes and hopefully someone can help a little.
I think I can choose to file as a resident for the 2017 tax year and that my wife and I can file jointly. I also figure I need to complete an FBAR showing the UK bank accounts I still have as well as premium bonds, anything with an account number.
Beyond that I'm a little lost as to what I'll have to file. I left my previous job in September before I moved and haven't earned income since. Will I still have to file what I earned during the 2017 year in the UK?
Sorry if I've breached etiquette somehow. Not looking for a how to guide or anything, just some pointers if at all possible. Many thanks!
#3
BE Enthusiast
Joined: Nov 2012
Posts: 902
Re: Just some tax questions
Premium bonds are FBAR & Form 8938 reportable. Prizes are taxable income.
#4
Just Joined
Thread Starter
Joined: Mar 2018
Location: RI
Posts: 3
Re: Just some tax questions
Thanks! That much is good to know. As far as I can tell since my assets sum to less than $50,000 I shouldn't need to report with form 8938?
As for prizes... I believe I won £25 once, might not even have been in 2017.
How granular would I need to be with reporting smaller sums like that? For instance there's been a tiny amount of interest earned with my UK ISA account: 9 pence to be exact. I'll put it in the report if need be but can't seem to find anything about a threshold with things like that.
Getting some professional help may well be the best way to run through this one. I'll at least see what I can piece together from the IRS docs in the meantime.
As for prizes... I believe I won £25 once, might not even have been in 2017.
How granular would I need to be with reporting smaller sums like that? For instance there's been a tiny amount of interest earned with my UK ISA account: 9 pence to be exact. I'll put it in the report if need be but can't seem to find anything about a threshold with things like that.
Getting some professional help may well be the best way to run through this one. I'll at least see what I can piece together from the IRS docs in the meantime.
#5
Re: Just some tax questions
Just beware...
From https://www.nsandi.com/i-live-outsid...nvest-with-nsi
When I advised them of a change of address they insisted I cash them out. I believe the issue is that the US considers them gambling and it it illegal for any correspondence related to gambling to go via USPS, or something like that.
If you live outside the UK, you should check whether local regulations permit you to hold Premium Bonds. For example, the US has strict gaming and lottery laws which mean that it may not be possible or practical to hold Premium Bonds while in the US.
When I advised them of a change of address they insisted I cash them out. I believe the issue is that the US considers them gambling and it it illegal for any correspondence related to gambling to go via USPS, or something like that.
#6
Re: Just some tax questions
Thanks! That much is good to know. As far as I can tell since my assets sum to less than $50,000 I shouldn't need to report with form 8938?
As for prizes... I believe I won £25 once, might not even have been in 2017.
How granular would I need to be with reporting smaller sums like that? For instance there's been a tiny amount of interest earned with my UK ISA account: 9 pence to be exact. I'll put it in the report if need be but can't seem to find anything about a threshold with things like that.
Getting some professional help may well be the best way to run through this one. I'll at least see what I can piece together from the IRS docs in the meantime.
As for prizes... I believe I won £25 once, might not even have been in 2017.
How granular would I need to be with reporting smaller sums like that? For instance there's been a tiny amount of interest earned with my UK ISA account: 9 pence to be exact. I'll put it in the report if need be but can't seem to find anything about a threshold with things like that.
Getting some professional help may well be the best way to run through this one. I'll at least see what I can piece together from the IRS docs in the meantime.
#9
BE Forum Addict
Joined: Apr 2011
Location: The Shire
Posts: 1,117
Re: Just some tax questions
#10
Just Joined
Thread Starter
Joined: Mar 2018
Location: RI
Posts: 3
Re: Just some tax questions
Makes sense, thanks. Not too difficult, I've already got it all together.
Premium bonds are sounding like too much trouble so I might as well just cash out. If I do that now should the account still go on FBAR since it was active in 2017?
Premium bonds are sounding like too much trouble so I might as well just cash out. If I do that now should the account still go on FBAR since it was active in 2017?
#11
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Just some tax questions
Just beware...
From https://www.nsandi.com/i-live-outsid...nvest-with-nsi
When I advised them of a change of address they insisted I cash them out. I believe the issue is that the US considers them gambling and it it illegal for any correspondence related to gambling to go via USPS, or something like that.
From https://www.nsandi.com/i-live-outsid...nvest-with-nsi
When I advised them of a change of address they insisted I cash them out. I believe the issue is that the US considers them gambling and it it illegal for any correspondence related to gambling to go via USPS, or something like that.
#12
Re: Just some tax questions
Yes, report them, if you held them during the 2017 tax year and your total foreign assets are above the reporting limit. "Active" is not a word I'd use with FBAR (or FATCA). They are about the assets that you hold, not about money coming and going in and out of accounts.