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Tax.appeal.168
Tax.appeal.168, Accountant
Category: US Tax
Satisfied Customers: 3444
Experience:  3+ decades of various tax experience, including ex-pat, tax prep and accounting as a business owner.
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I am a US citizen because I was born in the US in 1965 but

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I am a US citizen because I was born in the US in 1965 but I have been living in the UK since 1968. I have held US passports but my last passport expired in 2004. I naturalised to become British in 2000 with the intention of remaining a dual national. My problem is that I have never declared for US taxes as I only became aware of the requirement to do this recently. As far as I know I do not have a social security number or any tax reference in the US and I have never received any paperwork relating to it. I don't think I would ever have earned over the threshold for paying any tax to the IRS but I am worried that I will be penalised for never having filed. Can you tell me whet the situation is ?
Thank You.
Submitted: 2 years ago.
Category: US Tax
Expert:  Tax.appeal.168 replied 2 years ago.
Hello, thank you for using this question and answer site today. My name is ***** ***** I will be assisting you today.

As a U.S. citizen, you are required to report your worldwide income. However, if your income does not meet the income requirements, you do not have to file a U.S. tax return. You can refer to the document at the following page for the income requirements.

http://www.efile.com/tax/do-i-need-to-file-a-tax-return/

The IRS requires that a person file the last 6 years of tax returns to be in compliance. You are also required to report financial account information if you have had or have balances of $10,000 or more in certain financial accounts. For more information on financial bank account reporting, you can refer to the IRS document at the following link:

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR

In order to file a U.S. tax return, as a U.S. citizen, you will be required toapply for a social security number. If for any reason you are ineligible to get a social security number, you will need to apply for an ITIN. The document at the following link has a wealth of information that will likely be benefiical for you to read.

http://www.irs.gov/Individuals/International-Taxpayers/Frequently-Asked-Questions-About-International-Individual-Tax-Matters

------------------------------------------

Know that if you are required to file returns, youmay be eligible to claim the Foreign Eanred Income Exclusion or Foreign Tax Credit, whichever is most beneficial for you. There is also a tax treaty between the U.S. and the U.K. with a stipulation eliminating double taxtion. The tax treaty can be found at the following link:

http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/uktreaty.pdf

I know this is quite a bit of information to digest. Feel free tolet me know if I can be of further assistance to you regarding this matter.
Customer: replied 2 years ago.
Sorry I thought I had replied to you but I think I have just accidentally posted another question. Can you see it ? Basically I wanted to clarify -I have earned around £30/40k per year in the uk, so when I said that I didn't meet the threshold I meant for income earned overseas. So would it still be the case that I am not required to file, even though I am over the minimum earnings in the US ?
Expert:  Tax.appeal.168 replied 2 years ago.
Hello again,

I did see you other response and responded to it, but I no longer see it.

My response was that if the amount that you earned, onced converted to USD meets the income requirement to file, then you are required to file a US tax return. If you meet the minimum requirement in the U.S. to file, you will need to file a U.S. tax return.
Tax.appeal.168, Accountant
Category: US Tax
Satisfied Customers: 3444
Experience: 3+ decades of various tax experience, including ex-pat, tax prep and accounting as a business owner.
Tax.appeal.168 and other US Tax Specialists are ready to help you
Customer: replied 2 years ago.
So just to confirm - your advice would be that if you earn over the threshold $10k dollarser year even in the uk you still need to file for US taxes but that yourobably wouldn't owe anything if you don't earn over the $70k overseas threshold. Is that right ?
Expert:  Tax.appeal.168 replied 2 years ago.
Hello again,

Thank you for the positive rating. I do appreciate it. When I wrote the minimum $$ amount required to file a return, I am only speaking regarding the U.S. tax return. Your income qualifies you to take the foreign earned income exclusion, which will currently allows a taxpayer to exclude up to$97,600 in foreign income. It is likely that you will not owe any U.S. tax, but you will need to file a tax return. To claim the foreign earned income exclusion, you will need to also complete the form 2555. For more information regarding the foreign earned income exclusion, you can refer to the following IRS webpage;

http://www.irs.gov/Individuals/International-Taxpayers/Foreign-Earned-Income-Exclusion

------------------------------------------

Let me know if this qualifies matters for you.
Tax.appeal.168, Accountant
Category: US Tax
Satisfied Customers: 3444
Experience: 3+ decades of various tax experience, including ex-pat, tax prep and accounting as a business owner.
Tax.appeal.168 and other US Tax Specialists are ready to help you

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