lotte14

Hi everyone. I have a quick Q about Tax software. The last 2 years I've had a company expert in expat tax do my returns. I've had mixed feelings about this as they cost loads and I had to do way too much reviewing (and correcting) given the price. We only really used them because of the complexities of foreign account reporting (needed 8938 with the return and also filed the separate Fincen 114). Now I'm wondering if I should just do it myself as the returns look pretty straightforward. Most people seem to recommend some flavor of turbo tax, but I'm half thinking I should just get pen and paper out and just do the math and post the blasted thing in. Any thoughts??????

robin1234

Either way. I myself do the FBAR report manually, since I do the tax return using pen & paper (can't file FBAR on paper anymore, have to fill out their online form.) If you choose to use TurboTax for your tax prep, I believe that it will spit out the FBAR as part of the process. If you're submitting the 8938 with your tax return, I assume that turbotax uses the same data for both reports.

lotte14

Thanks Robin. I quite like the idea of using pen and paper as well - just worried about them saying they didn't get it or something daft like that.

Nutmegger

My accountant always says send tax returns certified mail, return receipt requested.

robin1234

In the case of the FATCA, the only way to file it is online using the form they provide. They send a confirmation email immediately, then about a week later another email saying it has been accepted. So that takes care of the receipt, at no cost.

Giantaxe

You mean FBAR.

I wouldn't pay anyone to file an FBAR - it's a very straightforward online process.

Both TurboTax and TaxAct handle Form 8938 fine.

robin1234

Yes, sorry, FBAR...

S Folinsky

Old trick for doing tax returns by hand: do it in pencil. The finalization step is to photocopy the completed pencil return. The photocopy is then the original ready for signature.

lotte14

Thank you everyone for your kind replies. Feeling much braver about this now. Could I also ask another quick question that just occurred. I received a refund from HMRC for excess tax paid several years ago (when I first moved to US and overpaid UK tax). Seems that the check was lost and had to be re-issued so I've only just received it. Does the IRS consider this refund to be taxable income as I'm not sure where that would go on a return?