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Re: Tax/FATCA
Originally Posted by TaxRookie
(Post 11766481)
I wasn't aware of the FBAR thing. I don't understand how the IRS can fine me for not declaring a bank account I had before I came to America. Surely the point of all this is to stop folks taking untaxed money out of the US?
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Re: Tax/FATCA
Originally Posted by nun
(Post 11766754)
If all the information you gave to your accountant included your UK account information then you should be compliant with US law, ie FBARs filed and US tax on UK income and assets paid. You need to ask your accountant what they did.
Is your ISA a cash or stocks and shares one? You also need to get the correct tax code with HMRC and stop tax being withheld at source so file R105 and P85 |
Re: Tax/FATCA
Originally Posted by TaxRookie
(Post 11766880)
Unfortunately it never came up, and I didn't know to ask. My ISA is stocks and shares. I'll file the R105 and P85.
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Re: Tax/FATCA
Originally Posted by nun
(Post 11766757)
You must pay tax on your worldwide income. you should still have included any foreign gains on your US tax return.
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Re: Tax/FATCA
Originally Posted by Owen778
(Post 11766884)
I'm afraid you're almost certainly going to have to pay additional tax on the profits from the ISA when you file your corrected return. The US does not recognise the tax-free status of ISAs.
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Re: Tax/FATCA
On the plus side, most ISA's were paying more interest than non ISAs . Also interest rates have not been great. I see that yours is a stocks and shares ISA, so maybe you did better. One suggestion I have is that I use Turbo Tax and employ a CPA then compare the two. Last year my new CPA had missed off property tax from one of my properties. They are only human and can make mistakes. Also it is not their neck on the line if they make a mistake. there are other options such as tax act, H & R block or even just the paper forms. I recommend that you atleast read the paper forms to check if you have missed anything else.
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Re: Tax/FATCA
Originally Posted by mrken30
(Post 11766947)
On the plus side, most ISA's were paying more interest than non ISAs . Also interest rates have not been great. I see that yours is a stocks and shares ISA, so maybe you did better. One suggestion I have is that I use Turbo Tax and employ a CPA then compare the two. Last year my new CPA had missed off property tax from one of my properties. They are only human and can make mistakes. Also it is not their neck on the line if they make a mistake. there are other options such as tax act, H & R block or even just the paper forms. I recommend that you atleast read the paper forms to check if you have missed anything else.
The domestic streamlined is not a bad outcome. |
Re: Tax/FATCA
Originally Posted by Cook_County
(Post 11767146)
If you have any PFICs in your ISAs, TurboTax will not complete Forms 8621 and calculate PFIC taxes.
The domestic streamlined is not a bad outcome. |
Re: Tax/FATCA
Originally Posted by Cook_County
(Post 11767146)
If you have any PFICs in your ISAs, TurboTax will not complete Forms 8621 and calculate PFIC taxes.
The domestic streamlined is not a bad outcome. |
Re: Tax/FATCA
Originally Posted by nun
(Post 11767277)
The PFIC taxes could be tricky if there are a few years of them.
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Re: Tax/FATCA
Originally Posted by TaxRookie
(Post 11767292)
there are several years
As long as you haven't made any contributions to UK pensions while in the US they are probably not an issue. |
Re: Tax/FATCA
Originally Posted by TaxRookie
(Post 11767260)
It's a hideous amount of money. I was saving to pay off my mortgage, plus pensions and old ISA etc..
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Re: Tax/FATCA
Originally Posted by Cook_County
(Post 11767146)
The domestic streamlined is not a bad outcome.
Nun has repeatedly warned of the dangers of not reviewing one's financial housekeeping prior to immigrating to the USA. The experience suffered in this thread should be an additional warning to others. I haven't reviewed the "stickies" for those contemplating a move to the US, but it seems a much more stronger warning might be made for the need for financial housekeeping prior to a move. |
Re: Tax/FATCA
TurboTax was mentioned above and I also agree with that suggestion, or the free version of TaxAct. Your situation now is too complicated for either of those I think but by going through the interview section you will see the questions that your accountant should have been asking, particularly knowing that you are a Green Card holder so you may well have foreign income and/or foreign assets.
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