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I moved back to the US in the middle of the 2007 tax year. I worked in the UK from January through May 2007. In previous years I filed form 2555-EZ and claimed the foreign earned income exclusion. This year I don't think I meet the physical presence or bona fide residence test since I don't live in the UK anymore and haven't for several months.
I'm wondering what form I need to fill out to both declare and exclude my foreign income, or at least avoid having to pay taxes on it since I already paid taxes on my foreign income in the UK and the US and the UK are supposed to have a tax treaty. Also, if this income is excluded from my return and I have a job making $80k a year but have only been working at it since August but have been paying taxes at the same rate as someone who actually made $80k in taxable income, can I expect a refund?
Your refund will depend on how much you've been taking out per paycheck. There are other factors, too, like if you own a home or have other deductible amounts like charitable donations, medical expenses etc.
As far as the foreign stuff goes I have no clue but I would assume if you've alreay paid taxes, I can't imagine that you'd get taxed again. That would be so unfair! Go to irs.gov and check out their publications. Start with Pub 17 and search its index for foreign income or something and it'll tell you which publication has more detailed info regarding this topic. Pub 17 is sort of a 'catch all' information resource. Good luck.
Your refund will depend on how much you've been taking out per paycheck. There are other factors, too, like if you own a home or have other deductible amounts like charitable donations, medical expenses etc.
As far as the foreign stuff goes I have no clue but I would assume if you've alreay paid taxes, I can't imagine that you'd get taxed again. That would be so unfair! Go to irs.gov and check out their publications. Start with Pub 17 and search its index for foreign income or something and it'll tell you which publication has more detailed info regarding this topic. Pub 17 is sort of a 'catch all' information resource. Good luck.
If you live and work Out of the Us you do not need to pay tax. And you only get tax according to the W-2 that your employer will give you, if you only work for 5 months, only will be for about 33,000.00 of income.
hi i gotta question. my names brandon i was wondering how much wal mart would take out of my paycheck... and i live in nova scotia, canada. my packcheck with be like 389 bucks so plz write bk!
If you live and work Out of the Us you do not need to pay tax. And you only get tax according to the W-2 that your employer will give you, if you only work for 5 months, only will be for about 33,000.00 of income.
That's not true. While he IS taxed on "worldwide income" as a U.S. citizen, he can take credit for any foreign tax paid against his total tax liability.
Don't be so quick to assume you don't meet the physical presence (330-day) test. That test applies to ANY 365-day period - not necessarily the calendar year. That is, you need to be physically outside of the U.S. on business for any 330 days out of 365. So if you were in the UK for ALL of 2006 and then until May of 2007, for the sake of argument not returning to the US at all during this period, then you would meet the physical presence test for the period June 1, 2006 thru May 31, 2007, and you would get 151/365 of the $85,700 exclusion.
Also, if you had claimed bona fide residence before 2007, your bona fide residence would not end until you left the UK with no intent of returning in May of 2007. In this case, you don't need to meet the 330-day requirement, either.
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living out of us
