US tax help - filing as a nonresident - forms and carryover calculations
Mar 13th 2017, 9:24 am
#1
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Joined: Mar 2013
Location: Cheshire
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US tax help - filing as a nonresident - forms and carryover calculations
Oh lordy, tax filing in the USA is a nightmare. It is not so bad if you are a resident but once you become a non-resident, it is a disaster.
I need some help, the IRS website and Google are not cutting it. I am now a non-resident after living in the USA for 3 years (2011 to 2014). I received a W2 form this year for 2016 for "income", which was not actually income but restricted stock units, so I need to file a tax return. I think I can fill out form 1040NR EZ, and also the North Carolina state forms. I think after about 13 hours of researching and looking back at old tax returns, I have these sorted.....now comes form 1116 foreign tax credit.
My question relates to carryover/carry back. Has anyone found (or can you provide) a simple explanation or calculation as to what the heck this means or how I work it out? None of the explanations I can find on line can help me as a non-resident.
Also, do I declare on ANY forms I fill in my UK earnings? A tax accountant filed my 2015 tax return as part of my relocation package and I tried to use this as a template but I am struggling to understand where they got their numbers from (I am waiting to hear back from them). On this form, they have declared dividends (USA based and UK based) from some shares I have and the tax I paid, but no tax on any earnings in the UK.
Has anyone got any advice or could recommend someone to help me out, I have so far been quoted £450 per hour of help from tax firms.
Thanks in advance
I need some help, the IRS website and Google are not cutting it. I am now a non-resident after living in the USA for 3 years (2011 to 2014). I received a W2 form this year for 2016 for "income", which was not actually income but restricted stock units, so I need to file a tax return. I think I can fill out form 1040NR EZ, and also the North Carolina state forms. I think after about 13 hours of researching and looking back at old tax returns, I have these sorted.....now comes form 1116 foreign tax credit.
My question relates to carryover/carry back. Has anyone found (or can you provide) a simple explanation or calculation as to what the heck this means or how I work it out? None of the explanations I can find on line can help me as a non-resident.
Also, do I declare on ANY forms I fill in my UK earnings? A tax accountant filed my 2015 tax return as part of my relocation package and I tried to use this as a template but I am struggling to understand where they got their numbers from (I am waiting to hear back from them). On this form, they have declared dividends (USA based and UK based) from some shares I have and the tax I paid, but no tax on any earnings in the UK.
Has anyone got any advice or could recommend someone to help me out, I have so far been quoted £450 per hour of help from tax firms.
Thanks in advance
Mar 13th 2017, 2:34 pm
#2
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Joined: Aug 2004
Posts: 4,754
Re: US tax help - filing as a nonresident - forms and carryover calculations
If you are US NRA you are only liable to tax on US source income.
Mar 14th 2017, 9:50 am
#3
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Joined: Nov 2012
Posts: 902
Re: US tax help - filing as a nonresident - forms and carryover calculations
The 2015 return is incorrect if you were an NRA.
Mar 14th 2017, 1:36 pm
#4
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Joined: Mar 2017
Location: Yorkshire --> Denver
Posts: 157
Re: US tax help - filing as a nonresident - forms and carryover calculations
I am definitely no tax expert, but I have always used form 2555 as that is where your UK income goes, which luckily is excluded up to $100k from any US tax. Unless you're a high earner, you won't be liable on any UK income but it still needs to be declared. US-based income goes on the 1040.
Mar 14th 2017, 1:53 pm
#5
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Joined: Aug 2004
Posts: 4,754
Re: US tax help - filing as a nonresident - forms and carryover calculations
I am definitely no tax expert, but I have always used form 2555 as that is where your UK income goes, which luckily is excluded up to $100k from any US tax. Unless you're a high earner, you won't be liable on any UK income but it still needs to be declared. US-based income goes on the 1040.
