priceycheese

Hello all. I'm in California and about to submit a dual status return for my first year in the US (moved over part way through 2014). I've been combing through the IRS forms and here is the list of forms I *THINK* I need to fill out and return. I'd be grateful if anyone with similar experience/circumstances could cast an eye over.

My circumstances for 2014 reporting year:
No US source income while nonresident
W2 - regular US income
US dividends
Final UK paycheck (which arrived after I moved to US)
Rental income from UK property
Small amount of stock-related income in the UK

translates to these, I think:

1040NR - DUAL-STATUS STATEMENT
1040 - DUAL STATUS RETURN
Schedule A - Itemized deductions (no standard deduction in dual status year)
Schedule B - US dividends
Schedule E - Rental income
2555 - foreign earned income (for that small amount of stock income)
8938 - statement of foreign assets

Phew! How's that looking?

md95065

Looks reasonable. Have you done your California return yet?

kodokan

Is the UK stock-related income in unit/investment trusts/ mutual funds, or individual shares? Funds could mean a need for 3520/ 3520-A trust and PFIC forms. And maybe Schedule D, if you had any capital gains/ losses?

nun

The "Small amount of stock-related income in the UK" might complicate things. Is it from individual stocks or pooled investments? If it's in pooled funds then PFIC form will have to be filled. Also the DTA allows the UK to tax the dividends at 15%. Have you done a UK self assessment? so you can apply credit for any UK tax due on your US taxes.

CA does not recognize the DTA and you obviously need to do those taxes too.