SkyMan

US - IRS Easter present for Americans

25 posts in this topic

Posted (edited)

Want to file on the last day?  That's normally the 15th but since the 15th is a Saturday it moves to the 17th this year.  Or it should.  But since Sunday is Easter, and even though the 17th is not a holiday, I see the IRS is posting that the 18th is the due date this year.  

As overseas residents, we get an automatic 2 month extension.  At least they call it automatic. You do have to include some statement to the effect that you're taking the extension because you live overseas.  Now whether that extends you to June 15th or June 19th (the 18th is a Sunday) I don't know.  This extension also allows you to pay later, however, if you pay later you will pay a little interest on the payment but I don't think a penalty.

https://www.irs.gov/individuals/international-taxpayers/u-s-citizens-and-resident-aliens-abroad-automatic-2-month-extension-of-time-to-file

Edited by SkyMan
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Posted (edited)

I don't wait around til the last minute to file our taxes. I filed our taxes on Mar 15 to beat Turbo Tax's deadline special offer of filing for "free" at "no charge" by Mar 15 and this was our my 3rd year in a row filing for free via the EZ 1040 form, which we didn't itemize or declared anything. 

We owed $703.00 filing joint to Federal due to not enough taxes was withheld from my CRS pension and owed none to State since living outside of the U.S.. I still filed our State though, because it had questions concerning our residency and I think about having more than $10,000.00 in a bank account overseas within a calendar year. I really don't know why the magic number of $10,000, because that sucks when anyone wants to build a house or buy a new car for more than $10,000.00. Anyway, what's penalty for having more than $10,000.00 in a foreign bank? I haven't a clue. 

Anyway, I scheduled for an automatic payment on Apr 5 and sure enough like clock work IRS took my our $703.00 as scheduled. Anyway, thanks for the tax free loan IRS, we're now Even-Stevens. 

 

 

Edited by NOSOCALPINOY
just added a few more comments

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4 hours ago, SkyMan said:

  

As overseas residents, we get an automatic 2 month extension.  At least they call it automatic. You do have to include some statement to the effect that you're taking the extension because you live overseas.  

  I like the extension, because it gives me more time and I've used it  for over 15 years now.  The IRS does penalize you if you owe, but I haven't had  to pay taxes, so no penalty, either.

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21 minutes ago, NOSOCALPINOY said:

 I really don't know why the magic number of $10,000, because that sucks when anyone wants to build a house or buy a new car for more than $10,000.00. Anyway, what's penalty for having more than $10,000.00 in a foreign bank? 

 

 

The $10K reporting requirement has some healthy penalties, so you probably ought to look into it and file accordingly.  The rationale behind it is to prevent money laundering...doing the filing is no big deal, just fill out a form and sent it in to them, though I don't believe they'll allow for the 60 day extension.

https://www.fincen.gov/

 

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52 minutes ago, NOSOCALPINOY said:

Anyway, what's penalty for having more than $10,000.00 in a foreign bank? I haven't a clue. 

You really don't want to know.  Just report it.  There's no charge for it, yet.  

54 minutes ago, NOSOCALPINOY said:

thanks for the tax free loan IRS

You think the IRS loaned you money?  They don't do that.  You loan them money through the year and then you file and decide how much they have to give you back or if you have to pay them more.  It's your money until you tell them how much you'll let them keep.

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Posted (edited)

1 hour ago, SkyMan said:

 You think the IRS loaned you money?  They don't do that.  You loan them money through the year and then you file and decide how much they have to give you back or if you have to pay them more.  It's your money until you tell them how much you'll let them keep.

I already know what I owe at the end of the year, because I don't pay enough in taxes. So, it's my money to spend and give back to IRS at tax filing time. Besides. every year I add a little to my withholding tax so eventually I'll break even and owe nothing at the end of year. 

I'm thankful that our tax e-filing is simple and have been free to file for the past 3 years using Turbo Tax on-line.

Edited by NOSOCALPINOY

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Just now, NOSOCALPINOY said:

I already know what I owe at the end of the year, because I don't pay enough in taxes. So, it's my money to spend and give back to IRS at tax filing time.

But you're not giving it back, it wasn't theirs until you decided to let them have it.  And yes, if you owe at the end of the year then you're doing it the right way. People who get some refund and act like they are getting some gift from the gov't floor me.

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1 hour ago, MaKe said:

The $10K reporting requirement has some healthy penalties, so you probably ought to look into it and file accordingly.  The rationale behind it is to prevent money laundering...doing the filing is no big deal, just fill out a form and sent it in to them, though I don't believe they'll allow for the 60 day extension.

https://www.fincen.gov/

 

I already do that every year when e-filing our joint taxes. There's a quetionaire on Turbo Tax's State Tax form, which takes care of the $10,000 in question.

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Posted (edited)

2 hours ago, NOSOCALPINOY said:

I already do that every year when e-filing our joint taxes. There's a quetionaire on Turbo Tax's State Tax form, which takes care of the $10,000 in question.

I have no idea about turbo tax, but on the Form 1040 I use there is a requirment to report interest income from bank accounts.  Schedule B. The Schedule B asks the filer if they have control over any foreign financial accounts (e.g. Passbook savings etc).  Then asked if these accounts are to be reported under FBAR.  If yes, then what country.  It's a sort of hint hint hint.  

If you're filing a Form 1040EZ, it may be you have no interest income to report.  Hence, no block to read and acknowledge on the Schedule B. 

Of course, if you've chosen to not report the interest from these foreign accounts, but should be, that is another matter.

 

BTW, I report interest as low as $1.26 and as high as $8.00. In one year, for example, I'll report $14.10 as interest income.  Most comes from Philippine accounts.  

Edited by Jawny

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Posted (edited)

As far as i know it is 100,000 $ for a simple mistake no knowing you  should have reported it for willfully  not doing it $ 500,000  i have the codes some where will try to dig it out later .But i am talking IRS did not know the states where in too that also .It has been posted on the Forum a few times i think. The law but maybe not the code ok

Edited by tonny

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