Filing USA Taxes 2015

[Jamin123]

This is my first year gone from USA. Does anyone know where I can get the from to file my 2015 taxes? I'm in Chiang Mai.

[tonray]

All forms can be downloaded at https://www.irs.gov/

[lopburi3]

And various software options are available from free to pay to help you. I have used TaxAct for more than a decade.

[Jamin123]

All forms can be downloaded at https://www.irs.gov/

Thank you for the prompt reply.

Being overseas with nothing to report is there a specific form to use? Since this is my first time overseas, I'm hoping for a simple fill in the basic and mail. I used to file 1040EZ through Turo tax.

[IMA_FARANG]

Bad news....

..why do you assume there is "nothing to report"?

Good news....if your tax address is outside the U.S. you can hold off filing until 15 June 2016 not April 15th

60 day automatic extension of filing date if living outside of the U.S.

But that does NOT automatically exempt you from paying tax on your income. even if it is only Social Security.

You will probably need the 1040 form not a 1040EZ form.

Download and read carefully the 1040 form instructions.

Simply living overseas does NOT automatically qualify you for the overseas income exclusion.

Many people mistakenly assume it does.

Edited January 13, 2016 by IMA_FARANG

[CaptHaddock]

All forms can be downloaded at https://www.irs.gov/

Thank you for the prompt reply.

Being overseas with nothing to report is there a specific form to use? Since this is my first time overseas, I'm hoping for a simple fill in the basic and mail. I used to file 1040EZ through Turo tax.

If you are still eligible to file 1040EZ you can buy Turbotax, download it, and file your forms electronically. There is also an online version of TT.

[Rob13]

If you're working, you'll need Form 2555 or 2555EZ and you need to use the 1040(not 1040A,or EZ) to claim the Foreign earned income exclusion. PDFs are available from the IRS, just google the form number.

I think they're starting a new form this year for Insurance exemption for expats.

Edited January 13, 2016 by Rob13

[Pib]

All forms can be downloaded at https://www.irs.gov/

Thank you for the prompt reply.

Being overseas with nothing to report is there a specific form to use? Since this is my first time overseas, I'm hoping for a simple fill in the basic and mail. I used to file 1040EZ through Turo tax.

What's being overseas got to do with it? Your worldwide income is liable for taxes. I'm going to assume this is not your first time in filing income taxes...just get the necessary info/forms from the IRS website...or possibly use free online filing or pay $10 to $15 to use some offline tax software like TaxAct to see if you must file and which forms to file.

Edit: Here's an IRS link to determine if you need to file federal taxes: Link. And don't forget, if you have any financial accounts overseas in aggreate of $10K or more (like a Thai bank account) you will also need to file a FBAR/FinCen report separately to the U.S. Treasuring Dept--this report has nothing to do with whether you must submit an income tax return or no.

Edited January 13, 2016 by Pib

[tonray]

All forms can be downloaded at https://www.irs.gov/

Thank you for the prompt reply.

Being overseas with nothing to report is there a specific form to use? Since this is my first time overseas, I'm hoping for a simple fill in the basic and mail. I used to file 1040EZ through Turo tax.

What's being overseas got to do with it? Your worldwide income is liable for taxes. I'm going to assume this is not your first time in filing income taxes...just get the necessary info/forms from the IRS website...or possibly use free online filing or pay $10 to $15 to use some offline tax software like TaxAct to see if you must file and which forms to file.

Edit: Here's an IRS link to determine if you need to file federal taxes: Link. And don't forget, if you have any financial accounts overseas in aggreate of $10K or more (like a Thai bank account) you will also need to file a FBAR/FinCen report separately to the U.S. Treasuring Dept--this report has nothing to do with whether you must submit an income tax return or no.

While you must file ...be aware that most people (especially working in Thailand) do not have to pay taxes on foreign earned income because there is a generous exclusion amount of nearly $100K per year.

[gk10002000]

For the 1040 EZ, if that is all you use can probably file electronically for free. go to the IRS website and they have links. There is an income limit on the free electronic filing though. Having said that, be sure you really are only doing a 1040 EZ. Are you getting paid and working in Thailand? Are you going to do the foreign income exclusion? You may or may not qualify for that ( see the calendar rules about 11 months or 330 contiguous days or whatever it says). The IRS site has easy to use and type in PDF forms. If your taxes are simple, I would not bother with Turbo tax, especially if just a 1040 EZ qualifier

[mania]

Here is something that always comes up at tax time when filing US from here

The conversion rate to be used for 2015 filing of any income or interest earned in Thailand.... is 35.67 baht /$1

https://www.irs.gov/Individuals/International-Taxpayers/Yearly-Average-Currency-Exchange-Rates

Edited January 19, 2016 by mania

[Pib]

But if also needing to file a separte FBAR/FinCen report because you had $10K or more aggregate during the year in a foreign bank bank account you use the end of year U.S. Treasury Dept rate which for 31 Dec 15 was 36.05. U.S. Treasury Dept exchange rates can be found at this webpage: Link

Quote for FBAR/FinCen instructions follows:

Step 2. In the case of non-United States currency, convert the maximum account value for each

account into United States dollars. Convert foreign currency by using the Treasury's Financial

Management Service rate (select Exchange Rates under Reference & Guidance at

www.fms.treas.gov) for the last day of the calendar year. If no Treasury Financial Management

Service rate is available, use another verifiable exchange rate and provide the source of that rate.

In valuing currency of a country that uses multiple exchange rates, use the rate that would

apply if the currency in the account were converted into United States dollars on the last day of

the calendar year.

You would think the IRS, which is part of the U.S. Treasury Dept, and the FBAR/FinCen req'ed by the Treasury Dept would use the same exchange rates...but noooo.

[mgjackson69]

In a nutshell:

- income from USA is taxable

- foreign income is taxable, with the first $9xxxx exempt if you spent 330 or more days of the past year outside USA (sorry, I do not have the exact exempt amount in front of me

Any decent tax program will have whatever forms you need available. I have used TurboTax for several years; not the free version, as I have rental income in USA that precludes using the simple forms.

As others have stated, all forms are available at the IRS website, along with instructions.

Our country's tax code is confusing as hell, but with patience one can slog through it.

[TerryLH]

"- income from USA is taxable"

Unless it's not. Depends on your specific situation.

[D3030]

All forms can be downloaded at https://www.irs.gov/

Thank you for the prompt reply.

Being overseas with nothing to report is there a specific form to use? Since this is my first time overseas, I'm hoping for a simple fill in the basic and mail. I used to file 1040EZ through Turo tax.

Use online Turbo Tax - why mail it? Or you just want to pay for postage and not pay the eFiling fee - of course it's up to you..

And one thing you're not required to do while here in Thailand is not get #ObamaCare.. Only for the months you're away from the U.S..

From what I read.. Illegal Aliens - Poor People - Guys that stay in Thailand are not required to get health insurance back in the States.

Edited January 28, 2016 by D3030

[Rob13]

There's a form you need for the Obamacare exempttion

[Pib]

Obamacare/Affordable Care Exemptions are summarized at the U.S. Healthcare.gov website. Just for example at the website, the exemptions for U.S. citizens living abroad for part/all of the year are summarized at this sublink.

[D3030]

There's a form you need for the Obamacare exempttion

True - TurboTax provided it...

[Pib]

There's a form you need for the Obamacare exempttion

True - TurboTax provided it...

You mean tax software such as TurboTax provide the form you need to complete to see if you meet of the exemption. Just like tax software provides many other forms to complete. To claim some Obamacare excemption you need a exemption confirmation form provided by another party.

http://obamacarefacts.com/form-8965-health-coverage-exemptions/

[D3030]

There's a form you need for the Obamacare exempttion

True - TurboTax provided it...

You mean tax software such as TurboTax provide the form you need to complete to see if you meet of the exemption. Just like tax software provides many other forms to complete. To claim some Obamacare excemption you need a exemption confirmation form provided by another party.

http://obamacarefacts.com/form-8965-health-coverage-exemptions/

Rob said you needed a form for ObamaCare exemption.. - I said TurboTax provides it..

Thanks for you input - someone might need that information...

[Fookhaht]

And various software options are available from free to pay to help you. I have used TaxAct for more than a decade.

I've also used TaxAct free for more than a decade now. But this year, there's a glitch:

If you have foreign income, TaxAct no longer lets you file free. It's $14.XX USD now.

[lopburi3]

Suspect you can still print and file yourself - but I started paying long ago as felt the under $10 price was a very fair deal.

[Fookhaht]

Suspect you can still print and file yourself - but I started paying long ago as felt the under $10 price was a very fair deal.

If you have a foreign income, the TaxAct program now won't let you get to the step of filling in those foreign-earned amounts into the tax forms. Thus, you can't print a completed TaxAct return (let alone file it yourself).

But I agree with you that even a $14.XX charge is more than fair (especially after my10 years of freebies). I'm sure it's all part of the long-range marketing plan: pull the consumer into the program with the freebies, make it indispensable, then start switching some components to a paid-only basis. Gotta love clever business.

[gk10002000]

Suspect you can still print and file yourself - but I started paying long ago as felt the under $10 price was a very fair deal.

If you have a foreign income, the TaxAct program now won't let you get to the step of filling in those foreign-earned amounts into the tax forms. Thus, you can't print a completed TaxAct return (let alone file it yourself).

But I agree with you that even a $14.XX charge is more than fair (especially after my10 years of freebies). I'm sure it's all part of the long-range marketing plan: pull the consumer into the program with the freebies, make it indispensable, then start switching some components to a paid-only basis. Gotta love clever business.

I have to file 1040, income over 100K and 1040 Schedule D since I have investment income. Nothing fancy just some stock dividends, some of which will be Qualified Dividends. My forms are pretty simple so I don't really need any software or calculation help such as Turbo Tax, but I would like to file electronically. It looks like Tax Act Plus would work based on their web page since it mentions it is for Investors. Have you filed Schedule D capital gains and losses with tax act? have you filed a state form, specifically California Non resident?

Thanks

[lopburi3]

Do not believe there is any problem doing but I have not done myself as only have some residual IRA taxed payment deductions and pension/interest to report at this point. Have never lived in a taxed state (even when living in US).

[joealx]

And various software options are available from free to pay to help you. I have used TaxAct for more than a decade.

Did you ever have a problem with TaxAct being blocked? I did, and it freaked me out, until I added the extension "ZenMate". TaxAct is probably the only software program that will compute everything for you.

[lopburi3]

Not sure what was being blocked but I have used for last two decades from here in Thailand (although way back printed and mailed) and no such issues - have already received refund this year. I used to use IE but for some years now it has been Firefox or Chrome. And have used both Thailand and US IP address.

[bangmai]

Taxact does schedule D very well...you can import your Fidelity stuff direct, but Scottrade is manual. I'm paying 11.95...as I signed up before the new year. It covers sale of homes and up to 2 rentals, I believe. It allows you to save it in a PDF, after you file electronically...it will also remember your accounts next year. I had paid taxes on dividends in the UK, Germany (26.375%), and Canada....not a problem.

[rsokolowski]

All forms can be downloaded at https://www.irs.gov/

Thank you for the prompt reply.

Being overseas with nothing to report is there a specific form to use? Since this is my first time overseas, I'm hoping for a simple fill in the basic and mail. I used to file 1040EZ through Turo tax.

The 1040EZ on turbo tax is free and you can file electronically and have the funds routed electronically to your bank account for free. I had to pad for my taxes ($80 USD), but my son did his taxes for free.

[skatewash]

I just did my taxes using TurboTax and TaxAct. This year TurboTax was free to file for me while TaxAct would have cost $14.95 if I had filed using TaxAct. In general, I prefer TurboTax as I think it's a superior product. However, I have used TaxAct in previous years, sometimes it was free while TurboTax would have cost a fee. Things change year by year. If you try one and it requires you to pay, you may find out that another one will allow you to file for free.

My taxes are finished but I will be filing for an extension in March for an October deadline to allow the stock market to recover to the point where I can decide between doing recharacterizations of my traditional to Roth IRA conversions performed last year. Part of a long-term strategy to convert as much money out of traditional IRAs and into Roth IRAs without paying any tax for doing so. For 2015, it looks like I will only be able to keep a $2,000 conversion while having to recharacterize everything else to avoid paying any income tax. But if I'm able to do this every year for the foreseeable future it will help my tax situation when I am forced to do Required Minimum Distributions when I reach that age.