Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

streamlined tax procedures

streamlined tax procedures

Old May 8th 2017, 10:26 am
  #1  
Just Joined
Thread Starter
 
Joined: May 2017
Posts: 4
paulunh11 is an unknown quantity at this point
Default streamlined tax procedures

Hi,
Can anyone please help with streamlined tax procedures?
I'm doing streamlined for 2013 through 2015 and regular filling for 2016.
What forms are needed except 1040 & 2555?
Do I need to do FBAR for my UK pension and just bank accounts?
Can anyone help with completion of the forms?
Any help would be greatly appreciated.
paulunh11 is offline  
Old May 8th 2017, 11:40 am
  #2  
BE Forum Addict
 
Joined: Apr 2011
Location: The Shire
Posts: 1,100
theOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond repute
Default Re: streamlined tax procedures

Sorry, not enough information. You mention 2555. Where were you resident in 2013/14/15? What was your residence status? Where were you resident for tax purposes?
theOAP is offline  
Old May 8th 2017, 11:58 am
  #3  
Just Joined
Thread Starter
 
Joined: May 2017
Posts: 4
paulunh11 is an unknown quantity at this point
Default Re: streamlined tax procedures

I was living in London and still am. I have a US & EU citizenship therefore wasn't aware that I needed to do US taxes while in EU since I don't need a visa, etc. to live/work in the UK.
paulunh11 is offline  
Old May 8th 2017, 12:22 pm
  #4  
BE Enthusiast
 
Joined: Nov 2012
Posts: 822
Cook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond repute
Default Re: streamlined tax procedures

On what basis are you a US citizen? What kinds of income & financial assets do you have?
Cook_County is offline  
Old May 8th 2017, 12:26 pm
  #5  
BE Forum Addict
 
Joined: Apr 2011
Location: The Shire
Posts: 1,100
theOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond repute
Default Re: streamlined tax procedures

First, be positive you are a US citizen. If so:

The standard, basic kit is form 1040, 1040 - Schedule B (especially Part III), form 8965 (ObamaCare exemption), possibly form 8938 if over the threshold, and either form 2555 or form 1116 (or possibly both). The FBAR (FinCEN 114) is filed electronically, separate from your tax return, on the Treasury's Financial Crimes Enforcement Network site. Additional forms may be required depending on your investments, type of employment, etc.

You'll need to consider pensions and types of investment accounts. Hopefully you will not have stocks and shares ISAs, or other pooled investments.

Defined contribution pensions and all accounts (including any account for which you have signature authority [joint accounts, accounts at work, etc.]) go on an FBAR.

You're required to file form 14653 when using SFO streamlined:
https://www.irs.gov/pub/irs-pdf/f14653.pdf

You will want the SFO option for streamlined filing:
https://www.irs.gov/individuals/inte...-united-states

FBAR is here:
https://www.fincen.gov/report-foreig...ncial-accounts
theOAP is offline  
Old May 8th 2017, 12:53 pm
  #6  
Just Joined
Thread Starter
 
Joined: May 2017
Posts: 4
paulunh11 is an unknown quantity at this point
Default Re: streamlined tax procedures

i'm not sure i understand on what basis i'm a US citizen?
from 2012 till December 2016 i was employed by an american company. in January of this
year I opened a ltd. co.
i only have couple of accounts plus cash ISA and pension.
I have a daughter that was born last year but i'm not married.
why is form 8965 needed? i will be needing 8938. i'm unsure about form 1116.
when filling these form what FX should i use for particular year i.e. 2014?
paulunh11 is offline  
Old May 8th 2017, 1:07 pm
  #7  
BE Forum Addict
 
Joined: Aug 2013
Location: Athens GA
Posts: 1,911
MidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond repute
Default Re: streamlined tax procedures

Originally Posted by paulunh11 View Post
i'm not sure i understand on what basis i'm a US citizen?
from 2012 till December 2016 i was employed by an american company. in January of this
year I opened a ltd. co.
i only have couple of accounts plus cash ISA and pension.
I have a daughter that was born last year but i'm not married.
why is form 8965 needed? i will be needing 8938. i'm unsure about form 1116.
when filling these form what FX should i use for particular year i.e. 2014?
You are giving every indication that you have little awareness of the issues. I would therefore strongly recommend that you take professional advice.
MidAtlantic is offline  
Old May 8th 2017, 1:48 pm
  #8  
BE Forum Addict
 
Joined: Apr 2011
Location: The Shire
Posts: 1,100
theOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond repute
Default Re: streamlined tax procedures

Originally Posted by paulunh11 View Post
i'm not sure i understand on what basis i'm a US citizen?
What is your claim to US citizenship? Were you born in the USA? If not, did you live in the US and formally take the oath to naturalise as a US citizen? If not, do one of your parents have US citizenship, and lived in the US long enough to bequeath US citizenship to you?
theOAP is offline  
Old May 8th 2017, 1:49 pm
  #9  
Just Joined
Thread Starter
 
Joined: May 2017
Posts: 4
paulunh11 is an unknown quantity at this point
Default Re: streamlined tax procedures

wasn't born but naturalized citizen - i consider US my home but currently live in london
paulunh11 is offline  
Old May 8th 2017, 2:38 pm
  #10  
BE Forum Addict
 
Joined: Apr 2011
Location: The Shire
Posts: 1,100
theOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond repute
Default Re: streamlined tax procedures

Originally Posted by paulunh11 View Post
wasn't born but naturalized citizen - i consider US my home but currently live in london
Then you'll need to have a hard look at the links in post #5 above. If you are comfortable tackling this, give it a go. Others have and been successful.

You're opening of a Limited Company may cause more research for this year's return.

For most IRS forms you may use the IRS unofficial FX rate for the specific year. Form 8938 and FBAR require the use of the Dec. 31 Treasury rate, given on the site, for each specific year

If it looks too daunting, give a US/UK London based tax advisor a call. If you're willing to pay the price it may be your easiest answer, but it can be expensive.

IRS unofficial rates:
https://www.irs.gov/individuals/inte...exchange-rates

Treasury rates for 31 Dec. can be found in the historical rates found here:
https://www.fiscal.treasury.gov/fsre...ricalRates.htm
theOAP is offline  
Old May 8th 2017, 3:33 pm
  #11  
BE Forum Addict
 
Joined: Apr 2011
Location: The Shire
Posts: 1,100
theOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond reputetheOAP has a reputation beyond repute
Default Re: streamlined tax procedures

To add to the above, have a good read of the Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad.
https://www.irs.gov/pub/irs-pdf/p54.pdf

Originally Posted by paulunh11 View Post
why is form 8965 needed?
All Americans need US approved health care coverage, (there is a penalty for not having it) unless they can be exempted.

Before the question is asked, no, NHS coverage does not qualify as approved US health care. You need to file 8965 for the exemption, otherwise you will owe the penalty.
theOAP is offline  
Old May 8th 2017, 4:58 pm
  #12  
Heading for Poppyland
 
robin1234's Avatar
 
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 11,096
robin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond reputerobin1234 has a reputation beyond repute
Default Re: streamlined tax procedures

Originally Posted by theOAP View Post
To add to the above, have a good read of the Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad.
https://www.irs.gov/pub/irs-pdf/p54.pdf


All Americans need US approved health care coverage, (there is a penalty for not having it) unless they can be exempted.

Before the question is asked, no, NHS coverage does not qualify as approved US health care. You need to file 8965 for the exemption, otherwise you will owe the penalty.
Isn't there an exemption for US citizens who live abroad? See page 3 of 8965 instructions..
Ah ok, you need to file the 8965 to get the exemption. (Sorry.)

Last edited by robin1234; May 8th 2017 at 5:00 pm. Reason: Edited to add last sentence
robin1234 is offline  
Old May 8th 2017, 5:20 pm
  #13  
BE Enthusiast
 
Joined: Nov 2012
Posts: 822
Cook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond repute
Default Re: streamlined tax procedures

Has the UK limited company made a check the box election? On what basis would you as a naturalised US citizen feel comfortable arguing that your conduct was not willful? Have you ever filed a US tax return and/or an FBAR in the past?
Cook_County is offline  
Old Jun 19th 2017, 8:49 pm
  #14  
Just Joined
 
Joined: Jun 2017
Posts: 12
vickyr is an unknown quantity at this point
Default Re: streamlined tax procedures

Originally Posted by theOAP View Post
All Americans need US approved health care coverage, (there is a penalty for not having it) unless they can be exempted.

Before the question is asked, no, NHS coverage does not qualify as approved US health care. You need to file 8965 for the exemption, otherwise you will owe the penalty.
By 'All Americans', do you mean 'All US Citizens' or 'All US Residents'? Wondering if non-resident, USC husband will need to file 8965 for an exemption... It seems ridiculous for him to require US health insurance when he hasn't lived there since he was 12.
vickyr is offline  
Old Jun 19th 2017, 11:36 pm
  #15  
Lost in BE Cyberspace
 
Joined: Jul 2016
Posts: 5,677
morpeth has a reputation beyond reputemorpeth has a reputation beyond reputemorpeth has a reputation beyond reputemorpeth has a reputation beyond reputemorpeth has a reputation beyond reputemorpeth has a reputation beyond reputemorpeth has a reputation beyond reputemorpeth has a reputation beyond reputemorpeth has a reputation beyond reputemorpeth has a reputation beyond reputemorpeth has a reputation beyond repute
Default Re: streamlined tax procedures

Originally Posted by theOAP View Post
Then you'll need to have a hard look at the links in post #5 above. If you are comfortable tackling this, give it a go. Others have and been successful.

You're opening of a Limited Company may cause more research for this year's return.

For most IRS forms you may use the IRS unofficial FX rate for the specific year. Form 8938 and FBAR require the use of the Dec. 31 Treasury rate, given on the site, for each specific year

If it looks too daunting, give a US/UK London based tax advisor a call. If you're willing to pay the price it may be your easiest answer, but it can be expensive.

IRS unofficial rates:
https://www.irs.gov/individuals/inte...exchange-rates

Treasury rates for 31 Dec. can be found in the historical rates found here:
https://www.fiscal.treasury.gov/fsre...ricalRates.htm
IF OP indeed owner or part owner of offshore Ltd company , without a doubt seek a UK/USA professional tax advisor preferably one who is familiar with both sides. Forms such as 5471, and what needs to be reported on offshore company, too much for average individual to sort out- subchapter F income rules, etc etc.
morpeth is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.