Job Discussion Forums

[stumptowny]

starting into my taxes.. joy! this question applies to Americans..

I meet both tests: the Bona Fide Residence Test and the Physical presence test.

My question: on the form itself, must i complete both sections? I only need to meet the requirement for either test, not both, to qualify. But I am not sure if completing both sections is required? I prefer to complete just one and move on.

[Glenski]

I believe the form states rather clearly that you need to do one or the other. I know I've filled out only one for the past decade and a half.

[stumptowny]

[Glenski]

The form itself (part 1) says you can skip the physical presence part IF YOU WERE A BONA FIDE RESIDENT. In essence, then, this is what I meant.

Fill in part 1, and then go to part 2 if you answer NO about bona fide resident status. If you answered YES, then skip the physical presence test.

I've always met the bona fide resident status.

[stumptowny]

[stumptowny]

for glenski or anyone willing to share:

I am trying to figure my tax bracket back home for the purposes of taxes levied on short/long term capital gains. I am excluded from all income taxes with the earned income exclusion (EIE), however I still need an applicable tax rate to apply to my brokerage account back home because my short and long term gains will be taxed regardless of the EIE.

have read that you take the tax rate you pay in your country of domicile (%10 in japan) and the rate you would normally fall into in your home country (%15 based on foreign income earned) then minus the japan rate from the american rate. so you are not double taxed. so my taxable rate that applies to short/long term capital gains is 5%?? this can't be, of course, because the lowest tax rate is 10%. So would I default to that rate?

thanks for your feedback...

[lcanupp1964]

Hi all!

An old JET program guy (American) has a question:

I am 100% certain that I am under the max (money earned overseas) and am over the amount of days I need to live overseas earning said money. I am single with no kids.

Question: Is there any penalty for me NOT filling out a tax form? I know that all American are required to do so, but if I am certain that I don�t owe any money. So why should I fill out a tax form? Are there any downsides (besides needing past tax forms to submit for bank loans, etc...) for not filling out a tax form?

[stumptowny]