Filing Taxes on an H1-B
Apr 13th 2011, 4:52 am
#16
BE Forum Addict
Joined: Aug 2004
Posts: 4,754
Re: Filing Taxes on an H1-B
Hey everyone,
I just wanted to chime in and say I finally used Turbotax tonight and it was... fine. It took maybe 30 minutes for federal and state. I declared my foreign bank accounts, entered my social security, W2 form, and it filed automatically. I have to post the form with my foreign bank accounts but it provided an address and printouts of the form.
No huge refunds expected, but this was A LOT less painful than I expected
Thank you all for the suggestions.
For anyone who reads this thread for their 2011 filing and is in a similar situation as me (H1, no extra income, very few deductions) you should definitely shell out for Turbotax, the small payment is more than worth the hassle saved.
Unless I get audited, in which case DAMN YOU TURBOTAX!!!!!!!!!!!!! Fist shaking at the sky!!!!!!!!!!!!!!
I just wanted to chime in and say I finally used Turbotax tonight and it was... fine. It took maybe 30 minutes for federal and state. I declared my foreign bank accounts, entered my social security, W2 form, and it filed automatically. I have to post the form with my foreign bank accounts but it provided an address and printouts of the form.
No huge refunds expected, but this was A LOT less painful than I expected
Thank you all for the suggestions.For anyone who reads this thread for their 2011 filing and is in a similar situation as me (H1, no extra income, very few deductions) you should definitely shell out for Turbotax, the small payment is more than worth the hassle saved.
Unless I get audited, in which case DAMN YOU TURBOTAX!!!!!!!!!!!!! Fist shaking at the sky!!!!!!!!!!!!!!
Was there any interest or gains on those foreign accounts and if so how did you deal with that. You've probably already paid UK tax on it if there is any so you can take a credit for that against your US tax.
FYI if you have any UK unit trusts you should be aware of the PFIC rules governing foreign pooled investments owned by US residents. Also if you have an ISA that is not tax free in the US. But if all you have is a bank account with cash in it that won't be relevant.
