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Filing Late Federal Tax Returns & FBAR for overseas USC

Filing Late Federal Tax Returns & FBAR for overseas USC

Old Mar 25th 2011, 1:53 am
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Default Filing Late Federal Tax Returns & FBAR for overseas USC

@BritishGuy36

Good night!

I explain my case:

I am US citizen, married and living abroad since childhood. I never filed Federal Income Tax, and now I have to file for the years 2008, 2009 and 2010 for processing my husband's visa (CR-1).

2008: Single, worked abroad and my income was above $20,000.00
2009: Single, worked abroad and my income was above $15,000.00
2010: Married, not working.

1. what I should fill out the forms for the IRS? 1040, sch B, 2555?
2. I also want to know if I have foreign savings accounts at some point each year mentioned above exceeded $15,000.00 but it was a constant amount during the year, I must declare FBAR?
3. What are the penalties for late declarations to both IRS and FBAR?


Thank you for your information.

Last edited by marcamejo; Mar 25th 2011 at 2:02 am. Reason: .
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Old Mar 25th 2011, 3:42 am
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Default Re: Filing Late Federal Tax Returns & FBAR for CR-1

Looks like you found the right resource, according to your other posting:

This is important for U.S. Citizens and Resident Aliens Abroad:

http://www.irs.gov/businesses/small/...=97324,00.html

I have 20 years living abroad and I didn't know it!!!

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Old Mar 25th 2011, 3:43 am
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Default Re: Filing Late Federal Tax Returns & FBAR for CR-1

Also from your other post, just so you'll have it all in one place:

This link is useful for Visa Terms:
http://travel.state.gov/visa/frvi/gl....html#domicile


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Old Mar 25th 2011, 1:45 pm
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Default Re: Filing Late Federal Tax Returns & FBAR for CR-1

Read the Wiki entry on filing US taxes through London and follow it carefully - it'll take you through the whole process. There's an annual exemption for foreign income whilst living abroad, currently around $91k plus you can deduct British tax paid, so you'd have to be earning substantial amounts to actually owe any US taxes. If you do, you may be subject to a penalty percentage of what you owe, but if you owe nothing the penalty will be nothing too.

You need to file an FBAR for all accounts that reach an aggregate balance of over $10k in any tax year. There may be a percentage of balance penalty for failure to do so though. By all accounts the IRS unit at the London embassy are very helpful.
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Old Mar 28th 2011, 1:49 pm
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Default Re: Filing Late Federal Tax Returns & FBAR for CR-1

Originally Posted by rpjs View Post
Read the Wiki entry on filing US taxes through London and follow it carefully - it'll take you through the whole process. There's an annual exemption for foreign income whilst living abroad, currently around $91k plus you can deduct British tax paid, so you'd have to be earning substantial amounts to actually owe any US taxes. If you do, you may be subject to a penalty percentage of what you owe, but if you owe nothing the penalty will be nothing too.

You need to file an FBAR for all accounts that reach an aggregate balance of over $10k in any tax year. There may be a percentage of balance penalty for failure to do so though. By all accounts the IRS unit at the London embassy are very helpful.

Thanks rpjs!

If I had in my foreing account a balance of over $10k only for 5 months in all the tax year, do I have to file FBAR?

In the other hand, I would like to receive sample completed forms (1040, 2555) from "Taxes filing with the US IRS in London" but I can't send a private message, how can i do?

Thanks!
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Old Apr 2nd 2011, 11:37 pm
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Default Re: Filing Late Federal Tax Returns & FBAR for overseas USC

Search for the thread on here "FBAR delinquency and VDP"

You may have some stormy waters ahead. Even though you may have to only file 3 years for the purposes of the CR-1 visa, once you put yourself "on the radar" you may get told you should have been filing from age 18 (or whatever the legal adult age is in US).

I sympathize with your plight, I'm in an FBAR muckle myself!
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Old Apr 2nd 2011, 11:46 pm
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Default Re: Filing Late Federal Tax Returns & FBAR for CR-1

[QUOTE=If I had in my foreing account a balance of over $10k only for 5 months in all the tax year, do I have to file FBAR?
[/QUOTE]

If you had a foreign account for only 1 day >$10000 you would have to file.
Were any of your accounts in joint names with a non-USC?
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Old Apr 2nd 2011, 11:56 pm
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Default Re: Filing Late Federal Tax Returns & FBAR for CR-1

Originally Posted by marcamejo View Post
In the other hand, I would like to receive sample completed forms (1040, 2555) from "Taxes filing with the US IRS in London" but I can't send a private message, how can i do?

Thanks!
I missed this earlier or would have said it sooner.

Income tax returns contain private and sensitive information (a boon for identity thieves). It's not appropriate to ask for or send sample income tax returns for just that reason, but as they couldn't possibly be the same as one's own situation, it would be crazy to copy.

If you need help learning how to file an income tax return, the forums at turbotax.com are very good, the online program would probably help you and you can also contact the IRS in London.

Just a general reminder to everyone to be safe, even on BE.
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