There's a 'forgiveness scheme'
As its name suggests, the expat tax penalty amnesty program grants tax payers a pardon for not having filed the previous taxes as long as they can certify that their non-compliance wasn't willful. U.S. expats who do not owe any tax to the U.S. will not be subject to the failure to file and failure to pay penalties. All the 'expat tax' services can help with this.
I had to do it a few years ago, as I had no idea that I had to file in the States, as I live over here in the UK, and have forEVAH.
You generally have to file a return if your (pre tax) total income was over $13,850, just over £10,000 - safest to file and be sure you're compliant, is your income below that?
I’ve been at uni and whatnot so only started working full time late last year. Wouldn’t even reach that threshold. But from what I’ve seen all interest on savings is taxed so I may have to. Especially if they are sending me a letter showing they have evidence of interest earned. I will have to next year, just hoping I can save having to spend $100 this year to get it done, maybe even the higher price ones with a tax adviser to figure out exemptions and the ‘pardon’ the previous commenter mentioned
Just to add some context, it sounds like you don’t need to file a tax return based on your income, however, you might need to file FBARs if the aggregate balance of your foreign financial accounts exceeds $10K.
Whilst you may not need to file tax returns, you may want to do you can reclaim the IRS Covid economic impact payments.
These were $1,200, $600, and $1,400.
You have until May 2024 to claim the first two and April 2025 to claim the last one.
More than happy to answer any questions if you want to PM me.
Us Citizens have to file every year.
You also have to report all foreign accounts that have a cumulative income of over 10,000 during the year.
You don’t have to pay US tax on foreign wages until you earn something like over $110,000 a year. https://www.irs.gov/individuals/international-taxpayers/us-citizens-and-resident-aliens-abroad
There's a 'forgiveness scheme' As its name suggests, the expat tax penalty amnesty program grants tax payers a pardon for not having filed the previous taxes as long as they can certify that their non-compliance wasn't willful. U.S. expats who do not owe any tax to the U.S. will not be subject to the failure to file and failure to pay penalties. All the 'expat tax' services can help with this. I had to do it a few years ago, as I had no idea that I had to file in the States, as I live over here in the UK, and have forEVAH.
Thanks for the help. You reckon I should file one?
You generally have to file a return if your (pre tax) total income was over $13,850, just over £10,000 - safest to file and be sure you're compliant, is your income below that?
I’ve been at uni and whatnot so only started working full time late last year. Wouldn’t even reach that threshold. But from what I’ve seen all interest on savings is taxed so I may have to. Especially if they are sending me a letter showing they have evidence of interest earned. I will have to next year, just hoping I can save having to spend $100 this year to get it done, maybe even the higher price ones with a tax adviser to figure out exemptions and the ‘pardon’ the previous commenter mentioned
Just to add some context, it sounds like you don’t need to file a tax return based on your income, however, you might need to file FBARs if the aggregate balance of your foreign financial accounts exceeds $10K. Whilst you may not need to file tax returns, you may want to do you can reclaim the IRS Covid economic impact payments. These were $1,200, $600, and $1,400. You have until May 2024 to claim the first two and April 2025 to claim the last one. More than happy to answer any questions if you want to PM me.
Okay thank you for the help. I will look into that as it’ll be worth whatever tax advisor cost to get that kind of money back from it.
Us Citizens have to file every year. You also have to report all foreign accounts that have a cumulative income of over 10,000 during the year. You don’t have to pay US tax on foreign wages until you earn something like over $110,000 a year. https://www.irs.gov/individuals/international-taxpayers/us-citizens-and-resident-aliens-abroad
Another poster has said it is $10k in accounts, not income?
sorry i meant balance not income my mistake
You only have to file an FBAR if you have >$10,000 in your accounts (at any point during the year), which is probably what the previous poster meant