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anonymous
Q: How to file U.S Tax while in China?
I know I need:
Form:
2555
1040
1116
But I have no idea how to fill them out and I don't speak tax talk, this could be a big reason why some people don't file their taxes.
Any ideas, i can't hire a CPA and I don't have a credit card.. I guess going to the IRS Beijing office is our only hope? Yes we've been working in China over 330 days.
How do you, my other American friends workers do this?
10 years 15 weeks ago in Money & Banking - China
Whatever form you need you can Google it. Just write " IRS Form 1040" or whichever you may need. Then, just wrte answers to questions in form. Not that difficult
Check: http://photos.state.gov/libraries/france/5/irs/efiling.pdf
Also note the first $90000.00 is tax free.
Yes its tax free, but you still have to file. With the overseas extension you have until June (I think) but you have to file that extension to get it.
As for me I pay an accountant back in the states to do it. I just sent her an email begging her to help me again. It doesn’t take much of a life to make doing taxes a real pain in the butt. Interest expenses on student loans, Roth IRA contributions, Education tax credits, deductions for kids, medical expenses, interest income on savings ( bla,bla, bal)
Don’t you have a family member back home to help you find an accountant? As I just posted on another thread, being in trouble with the IRS is no f-ing fun. Unless you live in a really expensive location it shouldn't be that expensive to hire a professional
I went to the tax seminar in BJ. Yes, you should file. Unless you're making lots of money, you probably won't have to pay anything due to the Foreign Earned Income Credit as long as you are not in the U.S. or its possessions for 35 days in a year, including partial days. Lots of details, such as how to calculate a year; read the instructions. The IRS goes by your passport stamps. You can prove residency, but the physical presence test is a much easier hurdle.
Big thing: If you manage to accumulate more than $10,000 USD or the equivalent in RMB - that's aggregate, i.e. all of your foreign accounts, you have to do an informational filing. Guess what the fine is for failure to file? $10,000. And up. Better file! Oh - there's no extension on that. For tax returns, you can get an automatic extension, but for this, no extension - file or get heavily fined. Remember - Uncle Sam loves you!
ironman510:
Haha I was 3 years late filing with over $10,000 sitting in my account, filed and was never fined a dime man... Your seminar must have really freaked you out man..And there is a 2 month extension stupid!
ironman510:
Webdude, IRS tells you a lot of ghost stories.. I've met guys who never filed and they filed many years late and were fine.. Here is the law frim the IRS page:If you are a U.S. citizen or resident alien residing overseas, or are in the military on duty outside the U.S., on the regular due date of your return, you are allowed an automatic 2-month extension to file your return and pay any amount due without requesting an extension. For a calendar.
ironman510:
http://www.irs.gov/Individuals/International-Taxpayers/U.S.-Citizens-and-Resident-Aliens-Abroad
