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to those w large investment holdings & working in Japan.
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Solar Strength



Joined: 12 Jul 2005
Posts: 560
Location: Bangkok, Thailand

PostPosted: Thu Jan 23, 2014 10:03 am    Post subject: Reply with quote

Stumpy,

So what's the deal with your broken quotes?

Why do you do that?
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stumptowny



Joined: 29 May 2011
Posts: 220

PostPosted: Thu Jan 23, 2014 12:31 pm    Post subject: Reply with quote

[quote="Inflames"]You were filling out the forms incorrectly.

You report your total earned income on line 7. The amount of the exclusion is listed on line 21, and any difference is added to the other amounts to get to the amount on line 22.[/quote]

checked it. I think I see what you did...

for line 21, you put the amount as zero?

and in the area to the left of that "Other income. List type and amount" did you write in "2555ez" to reference the exclusion form?

this would put my income at zero and likely my capital gains tax rate at 10%!!
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Inflames



Joined: 02 Apr 2006
Posts: 403

PostPosted: Thu Jan 23, 2014 3:16 pm    Post subject: Reply with quote

No. All earned income (regardless of source) should be entered on line 7 (the form itself isn't clear on this but it is all earned income). You take the amount from 2555 (or 2555EZ), write it in parentheses (which indicate a negative amount) on line 21. You add all the income up, keeping in mind that the amount on line 21 is a negative number (so subtract that amount) to get the amount on line 22.
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stumptowny



Joined: 29 May 2011
Posts: 220

PostPosted: Fri Jan 24, 2014 11:16 am    Post subject: Reply with quote

[quote="Inflames"]No. All earned income (regardless of source) should be entered on line 7 (the form itself isn't clear on this but it is all earned income). You take the amount from 2555 (or 2555EZ), write it in parentheses (which indicate a negative amount) on line 21. You add all the income up, keeping in mind that the amount on line 21 is a negative number (so subtract that amount) to get the amount on line 22.[/quote]

correct. line 7 is all income. line 21, did that correctly also...
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Inflames



Joined: 02 Apr 2006
Posts: 403

PostPosted: Fri Jan 24, 2014 2:40 pm    Post subject: Reply with quote

We seem to be talking past each other on some points. Here's an example of how it should be filled out (assumes all income can be excluded)
line 7: 58,000
9A: 4,000
13: 5,000
21: (58,000)
22: 9,000
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Solar Strength



Joined: 12 Jul 2005
Posts: 560
Location: Bangkok, Thailand

PostPosted: Sat Jan 25, 2014 2:43 pm    Post subject: Reply with quote

Does anyone know why stumpy can't quote worth shit?

I can't believe no one hasn't mentioned this yet.
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rtm



Joined: 13 Apr 2007
Posts: 396
Location: US

PostPosted: Sat Jan 25, 2014 3:03 pm    Post subject: Reply with quote

Solar Strength wrote:
Does anyone know why stumpy can't quote worth shit?
My guess is that he has bbcode set to off as default in his profile.

Quote:
I can't believe no one hasn't mentioned this yet.
I cant believe it bothers you so much. It's not that hard to figure out what is being quoted and what he's saying.
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stumptowny



Joined: 29 May 2011
Posts: 220

PostPosted: Fri Jan 31, 2014 12:24 am    Post subject: Reply with quote

[quote="Inflames"]We seem to be talking past each other on some points. Here's an example of how it should be filled out (assumes all income can be excluded)
line 7: 58,000
9A: 4,000
13: 5,000
21: (58,000)
22: 9,000[/quote]


thanks again flames. I'll double check it.

I pirated turbotax premiere. it auto-populates your schedule D, 5498 cost basis forms, and other obscure forms regarding investments by pulling all your info from your brokerage account, fidelity in my case. also does your 2555 earned income exclusion and everything else. much easier than doing it manually!

whoever recommended i get turbo tax... you were/are right!! I stand corrected.. I have always done my taxes but with my investments, it is just too time consuming to report everything single trade for the whole year.. (form 5498).

note: turbo tax delux and the other lower edition won't do all your investment forms as premiere will. gotta pay up for the extended services. all moot when you are ripping these for free of course...
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teacheratlarge



Joined: 17 Nov 2011
Posts: 155
Location: Japan

PostPosted: Sat Feb 08, 2014 8:03 am    Post subject: Reply with quote

Got to wonder, you're making such big bucks, yet you can't afford to buy the software legally?

Sounds like the person who airports ala Tom Hanks for fun.

Remember, after you' re dead, you won't be spending much..ask Steve Jobs!
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stumptowny



Joined: 29 May 2011
Posts: 220

PostPosted: Mon Feb 10, 2014 2:00 am    Post subject: Reply with quote

[quote="teacheratlarge"]Got to wonder, you're making such big bucks, yet you can't afford to buy the software legally?

Sounds like the person who airports ala Tom Hanks for fun.

Remember, after you' re dead, you won't be spending much..ask Steve Jobs![/quote]


and you are the one still going to the movies for 20 bucks a pop, for 30 minutes of previews, a mediocre flick, and a chance to get shot by a gun rights advocate with issues... you stud!

did you ask steve jobs how he lived while he was alive.. guessing not like you...


Now, for the savvy bunch..

an update:

I finished turbotax premier (the brokerages now have their tax forms ready to populate turbotax's software). results are phenomenal. it cranked out a stellar low tax rate of..... 7%!!!! unbelievable considering the lowest tax rate for capital gains should be 10%. so for my profits last year, I am paying 7%. amazing. If I was working back home I would be paying 20% on my capital gains. 13% savings just for living abroad! 13% of 200k is? of 500k is? its very significant...

and a beast of a task is done by turbotax. the time consuming 8949 forms (sales and other dispositions of capital assets) which make schedule B/D a cake walk in comparison...

only turbotax premier has the 8949 capabilities so pirate your turbo tax versions carefully! delux edition won't.

lastly, be savvy... realize the tax shelter that working abroad is! as long as you are claiming the foreign earned income exclusion and your investments are profitable, it's a rather phenomenal opportunity
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teacheratlarge



Joined: 17 Nov 2011
Posts: 155
Location: Japan

PostPosted: Mon Feb 17, 2014 1:09 am    Post subject: Reply with quote

stumptowny wrote:
teacheratlarge wrote:
Got to wonder, you're making such big bucks, yet you can't afford to buy the software legally?

Sounds like the person who airports ala Tom Hanks for fun.

Remember, after you' re dead, you won't be spending much..ask Steve Jobs!



and you are the one still going to the movies for 20 bucks a pop, for 30 minutes of previews, a mediocre flick, and a chance to get shot by a gun rights advocate with issues... you stud!

did you ask steve jobs how he lived while he was alive.. guessing not like you...




Why do you think I would be at risk of being shot at in Japan?!
In addition, I can't remember the last time I went the theater, maybe 3 years ago.

Look, one can't wonder why someone who has a small bankroll has to advocate 'stealing' from the software company whose product they love?

Steve Jobs had money, but...
1) in some ways he was horrible on a personal level
2) he checked out early because he thought he was smarter than the doctors


I am glad you're doing well financially, but please don't cheat the software company to do it.
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stumptowny



Joined: 29 May 2011
Posts: 220

PostPosted: Wed Feb 19, 2014 3:57 am    Post subject: Reply with quote

[quote="teacheratlarge"][quote="stumptowny"][quote="teacheratlarge"]Got to wonder, you're making such big bucks, yet you can't afford to buy the software legally?

Sounds like the person who airports ala Tom Hanks for fun.

Remember, after you' re dead, you won't be spending much..ask Steve Jobs![/quote]


and you are the one still going to the movies for 20 bucks a pop, for 30 minutes of previews, a mediocre flick, and a chance to get shot by a gun rights advocate with issues... you stud!

did you ask steve jobs how he lived while he was alive.. guessing not like you...


[/quote]

Why do you think I would be at risk of being shot at in Japan?!
In addition, I can't remember the last time I went the theater, maybe 3 years ago.

Look, one can't wonder why someone who has a small bankroll has to advocate 'stealing' from the software company whose product they love?

Steve Jobs had money, but...
1) in some ways he was horrible on a personal level
2) he checked out early because he thought he was smarter than the doctors


I am glad you're doing well financially, but please don't cheat the software company to do it.[/quote]


you aren't glad for anyone teach. certainly not for my financial success. you are bitter, on a personal level.

Everyone, download free stuff online. music, movies, software...
I advocate for it.. IT'S GREAT! and it's free....
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