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by Reacher
Tue Jan 20, 2015 6:40 am
Forum: Forum 1. From Questions About ISS & Search to Anything and Everything About International Teaching
Topic: filing taxes
Replies: 12
Views: 27148

Re: filing taxes

You definitely need to file! For your first year overseas, you will not qualify for a foreign earned income exclusion (form 2555 or 2555ez) because you were in the US for more than 30 days during 2014.

I believe you will need to pay tax on all income (US and foreign) earned during 2014. If you are overseas, you automatically qualify for a 60 day extension to file your taxes. I don't think you yet qualify for bona fide residence in another country yet. You need to carefully read IRS publication 54 and the instructions for form 2555 to understand your tax responsibilities. I wouldn't trust an internet forum such as this for tax advice.Learn the rules yourself or pay a certified tax professional to do it for you.

It's also important to note that if you had more than USD$10,000 combined in any foreign accounts at any time during the year that you will need to report it to the US gov't through an FBAR. There are big penalties for not doing so; this is the rule that broke the secrecy that Swiss banks were so famous for. (http://www.irs.gov/Businesses/Small-Bus ... ounts-FBAR)