I am moving out of the country for good. But I am still keeping my 1 account open. Would I need to file US taxes when the 1099INT form comes even if the interest amount is let's say $200 per annum (and this being the only income in the financial year)?
Or can I simply ignore the form?
2006-07-13 09:25:58 · 10 answers · asked by yahooquestion 1 in Business & Finance ➔ Taxes ➔ United States
Assuming you will continue to be either a US citizen or green card holder, you will need to file each year if your total WORLDWIDE gross income exceeds certain thresholds (generally equal to your standard deduction amount based on your filing status).
US citizens and permanent residents (green card holders) must declare all of their income, from whatever source derived. The US tax law, however, does provide for an exemption of approximately $90k per year in foreign salary plus certain housing expenses over about $12k per year. When determining whether you need to file, this exclusion is not considered. In other words, if you move abroad and make US$75k in salary, you must file in the US, claim a $75k exclusion, then pay no tax. In addition to this exclusion, you will also be eligible to claim a credit against any US tax liability for income taxes paid to foreign governments on your non-US income.
You're best bet is to be on the safe side by filing each year after moving abroad. This will start the 3-year statute of limitations for the IRS to come after you. If you don't file, they can come after you forever.
2006-07-15 12:20:55 · answer #1 · answered by taxmannyc 3 · 2⤊ 0⤋
I've been living abroad for 6 years now...and if your income is below a certain level you don't need to file, but you do need to DECLARE your income. (Uncle Sam still wants to know what you are geting, even if you aren't living in the USA anymore).
Personally, I only declared the first year, and ignored the other 5 years....nobody has knocked on my door yet and I go home to Texas every summer and I was always allowed into the country, but as far as the rules on PAPER go, they do want you to declare even if living abroad permanantly. :(
2006-07-13 09:31:18 · answer #2 · answered by Valerie L 2 · 0⤊ 0⤋
If a 1099 is issued and it is for less than, I believe, $600.00 you do not need to file. If it is a 1099INT for less than, I believe, $400.00 you do not need to file.
Just keep your forms for a minimum of 7 years in case you are ever audited by the IRS.
If I am incorrect about the amounts, they are definitely note lower than I have stated, please correct me.
2006-07-13 09:31:18 · answer #3 · answered by Tiffany 2 · 0⤊ 0⤋
if you're a eco-friendly card holder, then you definitely are considered a lasting US resident. For income tax applications, you're dealt with as a US resident. this signifies that your international huge income is concern to US income tax. in case your income is extreme sufficient, you need to record a US tax go back, style 1040.
2016-12-10 09:08:41 · answer #4 · answered by ? 4 · 0⤊ 0⤋
If your taxable income is below a certain amount, you don't have to file at all. I'm sure $200 is lower than that amount.
2006-07-13 09:27:17 · answer #5 · answered by nkasoff 3 · 0⤊ 0⤋
The best thing for you to do is to talk to your local IRS office. Ecplain everything you are doing (which sounds perfectly legal) and they will tell you if you have to file.
In nearly all cases, once you begin filing, you will continue to file every year thereafter.
2006-07-13 09:31:01 · answer #6 · answered by Randy 7 · 0⤊ 0⤋
Call the IRS at 1-800-829-1040 and ask them.
2006-07-13 09:29:41 · answer #7 · answered by Jack 5 · 0⤊ 0⤋
To BE ON THE SAFE SIDE GO AHEAD AND CONTACT THE IRS; They will inform you as to what to do, HAVE A SAFE TRIP
2006-07-13 09:55:24 · answer #8 · answered by sweettoni37 4 · 0⤊ 0⤋
Send me how much you think you need to pay and I will take care of everything
2006-07-13 09:27:54 · answer #9 · answered by X-Rider 2 · 0⤊ 0⤋
how hard can it be file just in case you ever get deported.
2006-07-13 09:28:03 · answer #10 · answered by mojomuppet 4 · 0⤊ 0⤋