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1st US tax return... one silly question

1st US tax return... one silly question

Old Mar 19th 2012, 6:38 pm
  #1  
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Default 1st US tax return... one silly question

Hi
Apologies in advance for what I think will be a silly question, yet I must ask because I am unsure...
I have received from my accountant a form to complete with questions to prepare my tax for 2011. Do I base the answer from the day I moved to the US (1st Oct) or do I base them on the entire 2011 year?

Ie: we received shares back in March 2011, which we paid all the Uk taxes on them.. would I need to disclose this even though I moved 7 months later?

the outcome would completely change a lot of answers . I tried to contact my accountant but I cant get hold of him...
Many thanks
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Old Mar 19th 2012, 6:52 pm
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Default Re: 1st US tax return... one silly question

Originally Posted by laety View Post
Hi
Apologies in advance for what I think will be a silly question, yet I must ask because I am unsure...
I have received from my accountant a form to complete with questions to prepare my tax for 2011. Do I base the answer from the day I moved to the US (1st Oct) or do I base them on the entire 2011 year?

Ie: we received shares back in March 2011, which we paid all the Uk taxes on them.. would I need to disclose this even though I moved 7 months later?

the outcome would completely change a lot of answers . I tried to contact my accountant but I cant get hold of him...
Many thanks
It's not a silly question at all. Welcome to the lovely world of US tax returns...

You have to declare all income in 2011, whether you were in the US or not. Having said that, you can apply the UK tax paid as foreign tax credit so you shouldn't owe tax on it.

I would seperate out your foreign income and your us income. This is how my CPA does it for me.

Last edited by Bink; Mar 19th 2012 at 6:56 pm.
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Old Mar 19th 2012, 6:57 pm
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Default Re: 1st US tax return... one silly question

ah ok thank you very much! I just found out that the accountant emailed my husband back in January but he (being a nightmare) ignored the email, and I just discovered today that the form was sent 2 months ago! Im now struggling to do it all "quickly" but cant get hold of the accountant for the billion questions I have... its going to be fun..
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Old Mar 19th 2012, 7:02 pm
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Default Re: 1st US tax return... one silly question

You can always have them file for an extension if you need more time to collate the paperwork together. It's taken me 3 years to be organized at getting all of my stuff together so that as soon as my CPA is ready, I can send stuff to him.

IRS is delaying my refund though... I think I may have triggered some of their new filters... Probably take them 3 months to figure out that I just had my W-4 set up wrong and was massively overpaying them (plus getting married and having a child have also increased my tax breaks)
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Old Mar 19th 2012, 7:08 pm
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Default Re: 1st US tax return... one silly question

well ill do my best to do it all now but I can already feel the stress creeping up :-) good luck!!!
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