2001 taxes for newly married to immigrants
Mar 7th 2002, 8:05 am
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2001 taxes for newly married to immigrants
Hi All! Kenny & I just finished our 2001 taxes as a newly married couple. Whew! We
ran into some things I wanted to share with the group... (if this information is
wrong in any way, somebody please speak up -- I don't claim to be an expert...)
Since Kenny is from Korea, we had to document & exclude his income using form 2555.
(You can search through the old posts for details on how to do that, it is worth
the hassle.)
We also got to take advantage of the "Bush tax cut" and get $300 back! Since we are
married filing jointly, we are entitled to $600. I already got my $300, but Kenny
didn't, so we get $300 more!
Also a warning for anybody using 1) Turbo Tax 2) Form 2555 and 3) Form 8863
(Education Tax Credit). When we did our taxes, line 10 in Form 8863 was automatically
filled in by TurboTax, with the WRONG value - it is supposed to be the same as the
1040 line 34 (adjusted gross income), but the foreign income was not subtracted as it
should have been. Maybe by the time you do your taxes, they will have fixed this...
but we had to override the amount -- saved us another $100.
Hope you all get nice refunds like we did! Catherine
ran into some things I wanted to share with the group... (if this information is
wrong in any way, somebody please speak up -- I don't claim to be an expert...)
Since Kenny is from Korea, we had to document & exclude his income using form 2555.
(You can search through the old posts for details on how to do that, it is worth
the hassle.)
We also got to take advantage of the "Bush tax cut" and get $300 back! Since we are
married filing jointly, we are entitled to $600. I already got my $300, but Kenny
didn't, so we get $300 more!
Also a warning for anybody using 1) Turbo Tax 2) Form 2555 and 3) Form 8863
(Education Tax Credit). When we did our taxes, line 10 in Form 8863 was automatically
filled in by TurboTax, with the WRONG value - it is supposed to be the same as the
1040 line 34 (adjusted gross income), but the foreign income was not subtracted as it
should have been. Maybe by the time you do your taxes, they will have fixed this...
but we had to override the amount -- saved us another $100.
Hope you all get nice refunds like we did! Catherine
