Filing 2017 Taxes
#1
Forum Regular
Thread Starter
Joined: Jan 2013
Posts: 46
Filing 2017 Taxes
Hello Folks
I am British and I've returned to England after spending 5 years working and living in the USA. I did want to square everything off and file my taxes for spending half of the 2017 tax year in the US.
I had a quote from HR Block over here for £650 which is a tad more expensive than the $70 I used to pay them in the US to file taxes for previous years.
Does anyone have any experience with this and if so could you offer any suggestions/advice please?
Thanks!
I am British and I've returned to England after spending 5 years working and living in the USA. I did want to square everything off and file my taxes for spending half of the 2017 tax year in the US.
I had a quote from HR Block over here for £650 which is a tad more expensive than the $70 I used to pay them in the US to file taxes for previous years.
Does anyone have any experience with this and if so could you offer any suggestions/advice please?
Thanks!
#2
BE Enthusiast
Joined: Nov 2012
Posts: 902
Re: Filing 2017 Taxes
That sounds jolly reasonable in the UK for preparing a dual status return.... $70 wouldn't even cover the cost of the software and insurance for a professional preparer. A US income tax return for2017 will need to be filedwith the IRS if worldwide income and gains exceed$10,400 (single) $4,050 (married filing separately) or $400 (self-employed). The return is due to befiled by 15 June 2018; but can easily be extended until 15 December ifnecessary. An FBAR for2017 must, however, if needed be filed with the US Treasury by 15 October 2018.
#3
Forum Regular
Thread Starter
Joined: Jan 2013
Posts: 46
Re: Filing 2017 Taxes
Thanks Cook....but rather than use a professional preparer, isn't this something I could do myself through taxact or turbotax? If this is such a reasonable charge, why is the cost so much more than doing it in the US.
Just thought I'd ask, even though I have no intention of returning what are the repercussions for not filing my taxes at all?
Just thought I'd ask, even though I have no intention of returning what are the repercussions for not filing my taxes at all?
#4
BE Forum Addict
Joined: Apr 2011
Location: The Shire
Posts: 1,117
Re: Filing 2017 Taxes
There could be no repercussions at all if you owe little US tax, have no assets in the US, including pensions, etc., never return to the US, and are willing to lie about a continuing US status when opening bank accounts etc. in the UK (by not filing you leave the unfiled partial year open to IRS liability with no SOL). On the other hand, perhaps the more appropriate question is 'What is your risk tolerance'?