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Moving to US Jan 2020. Need advice with finances

Moving to US Jan 2020. Need advice with finances

Old Mar 10th 2019, 12:18 am
  #16  
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Default Re: Moving to US Jan 2020. Need advice with finances

Still got another month left to file 2018 taxes (on time).
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Old Mar 10th 2019, 5:00 am
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Default Re: Moving to US Jan 2020. Need advice with finances

At the airport carry a printout of tax returns forall the years since you got your Green Card, in case you're asked. You should file them now- you can do it on the computer, I think it's forms 1040 and 2555 or 2555-EZ, and maybe other forms too. It's unlikely you'll need to pay any tax.
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Old Mar 10th 2019, 1:22 pm
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Default Re: Moving to US Jan 2020. Need advice with finances

Originally Posted by vespucci
At the airport carry a printout of tax returns forall the years since you got your Green Card, in case you're asked. You should file them now- you can do it on the computer, I think it's forms 1040 and 2555 or 2555-EZ, and maybe other forms too. It's unlikely you'll need to pay any tax.
Because your US income tax and information returns are delinquent, the lowest risk method would be to use the IRS Streamlined Foreign Offshore Procedures (SFOP) to catch up. I personally think it would be unwise to elect to claim the FEIE on Form 2555 at all; because this would say you had a foreign tax home at the same time you would have been claiming to have been a permanent US resident.
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Old Mar 10th 2019, 3:09 pm
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Default Re: Moving to US Jan 2020. Need advice with finances

Originally Posted by tom169
Still got another month left to file 2018 taxes (on time).
It's easy enough to file the returns in arrears too, and with the foreign earned income exemption and credits for tax withheld overseas, it is highly unlikely that any tax would be owed, and penalties are assessed on taxes owed, not just for filing late.
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