US Tax Returns
#1
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Thread Starter
Joined: Jan 2020
Posts: 2
US Tax Returns
Hello
UK expat here, been working in the US for two years now. In my first year, my company arranged for PwC to support my US/UK tax returns and this year I am on my own!
I've heard of options such as TurboTax to help with the filing, does anyone have experience using them as an expat? Or, have any other recommendations?
I am paid here in the US and US tax is taken from my salary - if that makes any difference to your recommendations.
Thanks in advance!
UK expat here, been working in the US for two years now. In my first year, my company arranged for PwC to support my US/UK tax returns and this year I am on my own!
I've heard of options such as TurboTax to help with the filing, does anyone have experience using them as an expat? Or, have any other recommendations?
I am paid here in the US and US tax is taken from my salary - if that makes any difference to your recommendations.
Thanks in advance!
#2
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Joined: Dec 2005
Location: Colorado Springs
Posts: 1,214
Re: US Tax Returns
Use Turbotax or similar.
If you've been in the US the entire year of 2019, with no or minimal investments outside the U.S. it should be a piece of cake. You'll probably end up doing a better (more thorough) job of it doing it yourself also.
If you've been in the US the entire year of 2019, with no or minimal investments outside the U.S. it should be a piece of cake. You'll probably end up doing a better (more thorough) job of it doing it yourself also.
#3
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Joined: May 2010
Location: San Diego, California
Posts: 9,652
Re: US Tax Returns
Turbo Tax - been using it for years and it works fine.
Take the option where is leads you through the process practically line by line.
Unless you have mightily complicated taxes you'll be OK
Take the option where is leads you through the process practically line by line.
Unless you have mightily complicated taxes you'll be OK
#4
Re: US Tax Returns
I use TurboTax. I've used it each year I've been here. Probably takes a couple hours once I have all the documents in.
#5
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Joined: Jan 2020
Posts: 2
Re: US Tax Returns
Great, thanks for the quick replies!
I was here for all of 2019 and I do have a flat I'm renting in the UK - I presume that won't complicate things too much
I'll start looking into Turbo Tax.
Thanks again!
I was here for all of 2019 and I do have a flat I'm renting in the UK - I presume that won't complicate things too much
I'll start looking into Turbo Tax.
Thanks again!
#6
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Joined: Feb 2015
Location: New Jersey, USA
Posts: 565
Re: US Tax Returns
I use TurboTax too.
CreditKarma Tax is free and apparently works quite well now they've ironed the bugs out. Unfortunately they don't yet support certain circumstances - I always have to file both a NJ and NY state return and it doesn't support filing more than one state so I can't use it but it's worth a look if your situation is simpler.
CreditKarma Tax is free and apparently works quite well now they've ironed the bugs out. Unfortunately they don't yet support certain circumstances - I always have to file both a NJ and NY state return and it doesn't support filing more than one state so I can't use it but it's worth a look if your situation is simpler.
#7
Re: US Tax Returns
I've been a Turbotax user for the last 5 years, never had a problem. Although the cost to file can be a little painful if you end up with some complicating factors and you go up the chain of the 'versions' that they offer in order to be able to do what you need to do..
Last year my wife had a 1099-R and it cost us just over $100 to file Federal and State if I remember correctly.
Last year my wife had a 1099-R and it cost us just over $100 to file Federal and State if I remember correctly.
#8
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Joined: Nov 2012
Posts: 902
Re: US Tax Returns
I doubt that TurboTax will support Form 8858 to report so-called "Foreign Branch" operations in relation to the rental property. You may decide you want professional advice.
#9
BE Forum Addict
Joined: Jan 2016
Posts: 1,167
Re: US Tax Returns
We pay around $700 a year for a local CPA to file ours. I have some complicated interests in Europe and Asia but they also have an international affairs specialist who takes care of it all. Pretty good bargain I think.
H
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#10
Forum Regular
Joined: Nov 2017
Posts: 96
Re: US Tax Returns
Can anybody explain what a 1042-S form is? I have received two, one for a checking account and one for a savings account (but not one for my other, joint, savings account).
After moving in February last year this is my first experience of filing taxes. My wife is a USC and has never seen one before. They only list a small (both under $5) level of gross income with the savings code of 'Deposit Interest' - though I have received much more interest in the savings account as listed on my 1099 for that account, and not been able to decipher what the 1042-S form is actually for and how it is to be used. Is anybody able to roughly explain in Layman's terms before I sit down and try to complete our tax returns in the next few days.
Thank you in advance
After moving in February last year this is my first experience of filing taxes. My wife is a USC and has never seen one before. They only list a small (both under $5) level of gross income with the savings code of 'Deposit Interest' - though I have received much more interest in the savings account as listed on my 1099 for that account, and not been able to decipher what the 1042-S form is actually for and how it is to be used. Is anybody able to roughly explain in Layman's terms before I sit down and try to complete our tax returns in the next few days.
Thank you in advance
#11
Re: US Tax Returns
Google tells me that a 1042-S form is for a foreign person's tax withholding.
This means 1. They think you're not a US taxpayer, and 2. They have therefore withheld the percentage required by law from your account interest. When you fill in your tax return you should include this interest as income and include the withholding as tax already paid.
Hopefully that is clear, but I'm not sure I'd understand if this was the first time someone explained to to me.
This means 1. They think you're not a US taxpayer, and 2. They have therefore withheld the percentage required by law from your account interest. When you fill in your tax return you should include this interest as income and include the withholding as tax already paid.
Hopefully that is clear, but I'm not sure I'd understand if this was the first time someone explained to to me.
#13
Forum Regular
Joined: Mar 2014
Posts: 147
Re: US Tax Returns
Ben, I know folks that have a rental property in the UK and have been here several years. Like me, they use TurboTax. The best thing about it is the fact it has your prior year details when you are into your second+ year using it, so it prompts for the things that are likely ongoing.
For rental property I am sure it offers input of income and expenses, plus capital purchases like replacement boiler/cooker etc (I think)
One thing to watch out for might be paying off any of an interest only mortgage early. I’m not familiar with the details, but I think I read that it can complicate matters. Others might chime in on it.
#14
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Joined: Nov 2012
Posts: 902
Re: US Tax Returns
Ben, I know folks that have a rental property in the UK and have been here several years. Like me, they use TurboTax. The best thing about it is the fact it has your prior year details when you are into your second+ year using it, so it prompts for the things that are likely ongoing.
For rental property I am sure it offers input of income and expenses, plus capital purchases like replacement boiler/cooker etc (I think)
One thing to watch out for might be paying off any of an interest only mortgage early. I’m not familiar with the details, but I think I read that it can complicate matters. Others might chime in on it.
For rental property I am sure it offers input of income and expenses, plus capital purchases like replacement boiler/cooker etc (I think)
One thing to watch out for might be paying off any of an interest only mortgage early. I’m not familiar with the details, but I think I read that it can complicate matters. Others might chime in on it.
#15
Just Joined
Joined: Oct 2017
Posts: 25
Re: US Tax Returns
good thread.
similar situation, relocated in October 2018, used Deloitte for 2018, now on my own.
Just gone through everything using Turbo Tax, seems quite straightforward, but I haven't got an ITIN number for my wife and 3 kids. So i believe i need to file for an extension, send the ITIN applications forms off to the IRS and meet up in person.
I might pay the extra money through Turbotax for a CPA to check over everything.
similar situation, relocated in October 2018, used Deloitte for 2018, now on my own.
Just gone through everything using Turbo Tax, seems quite straightforward, but I haven't got an ITIN number for my wife and 3 kids. So i believe i need to file for an extension, send the ITIN applications forms off to the IRS and meet up in person.
I might pay the extra money through Turbotax for a CPA to check over everything.