Job Discussion Forums

[choudoufu]

[johntpartee]

What do they do about the money you have in non-US banks? Do they just assume that you've earned it all overseas and then tax it accordingly? Yeah, I know, ask the IRS.....

[Bud Powell]

How do you file with the IRS if your employer won't supply a wage statement?

[johntpartee]

Anybody with first-hand experience in presenting overseas bank info to the IRS?

[choudoufu]

sorry if this is the wrong thread. this was mentioned somewheres and i
just can't locate it now.

do american expats pay social security tax, medicare tax, medicaid tax,
and the new obaminationcare tax on wages earned outside the usa?

NO! unless earned in a few special circumstances:

U.S. citizens living in a foreign country are not required to get health insurance coverage under the Affordable Care Act. If you’re uninsured and living abroad, you don’t have to pay the fee that other uninsured U.S. citizens may have to pay.

To meet this requirement/exemption, you must meet either the IRS “330 day Physical Presence Test” (outside the USA for 330 or more days a year) or meet the IRS “bona fide” residence test requirements.

http://yucalandia.com/living-in-yucatan-mexico/aca-obamacares-effects-on-american-expats-living-abroad/#330%20day%20physical%20presence%20test

When Social Security and Medicare Taxes Apply Outside of the United States

In general, U.S. social security and Medicare taxes continue to apply to wages for services you perform as an employee outside of the United States if one of the following applies:

You are working for an American employer which includes:
The U.S. Government or any of its instrumentalities
An individual who is a resident of the United States
A partnership of which at least two-thirds of the partners are U.S. residents
A trust of which all the trustees are U.S. residents
A corporation organized under the laws of the United States, any U.S. state, or the District of Columbia, Puerto Rico, the Virgin Islands, Guam, American Samoa, or the Commonwealth of the Northern Mariana Islands (with respect to the CNMI, refer to Revenue Ruling 80-167).

You perform the services on or in connection with an American vessel or aircraft and either:
You entered into your employment contract within the United States, or
The vessel or aircraft touches at a U.S. port while you are employed on it

You are working in one of the countries with which the United States has entered into a binational social security agreement (also known as Totalization Agreements), and the agreement provides that your foreign employment is subject to U.S. social security and Medicare taxes.

You are working for a foreign affiliate of an American employer under a voluntary agreement entered into between the American employer and the U.S. Treasury Department

http://www.irs.gov/Individuals/International-Taxpayers/Social-Security-Tax-Consequences-of-Working-Abroad

[Bud Powell]

Thanks for the info.

[johntpartee]

Yes, that'll come in handy. I'm still wondering, though, what the IRS does about overseas bank accounts.

https://www.ffiec.gov/bsa_aml_infobase/documents/forms/f9022-1_fbar.pdf

Anybody filed this form? If so, what happened? Did they just assume it was all foreign income?

[choudoufu]

according to the instructions, you file with the treasury department
separately, not a part of your tax returns.

hooray, you can file electronically!

according to the form, it would simply be to collect information to be used
against you in any potential future investigation. it's just filed away for
future use..........

The principal purpose for collecting the information is to assure maintenance of reports where such reports or records have a high degree of
usefulness in criminal, tax, or regulatory investigations or proceedings. The information collected may be provided to those officers and
employees of any constituent unit of the Department of the Treasury who have a need for the records in the performance of their duties. The
records may be referred to any other department or agency of the United States upon the request of the head of such department or agency for
use in a criminal, tax, or regulatory investigation or proceeding. The information collected may also be provided to appropriate state, local, and
foreign law enforcement and regulatory personnel in the performance of their official duties. Disclosure of this information is mandatory. Civil and
criminal penalties, including in certain circumstances a fine of not more than $500,000 and imprisonment of not more than five years, are
provided for failure to file a report, supply information, and for filing a false or fraudulent report. Disclosure of the Social Security number is
mandatory. The authority to collect is 31 CFR 103. The Social Security number will be used as a means to identify the individual who files the
report.

[johntpartee]

Okay, it's not part of the return, that makes more sense. Thanks for doing the legwork for me, choudoufu.

[NoBillyNO]

Just a warning.. when I last went to the US I tried to find out what SS I had accumulated....I waited and waited while scores of folk sat for their disability appointments and grumbled tht the gov didn't care and that they need more of a disability payment to be able to hedge the cost of living .. (not their sentiments as they were not able to string enough words together to actually make a sentence and it sounded like cons on the set of OZ) but when it became my turn .. the woman behind the window .. took my information and then told me that they would have to write a letter as there was some problem finding my file.. I'm still waiting... admin wise the US is under piles of paperwork and the system seems to be crumbling..

[choudoufu]

[choudoufu]

yo, billy bro.

i just went to that there website and created an account in 6 minutes.
why six minutes? i had to check my records to see when i had opened
a credit card account.........need to answer some security questions.
they use info from your experian credit report.

created the account and immediately was able to view my social insecurity
account. woo-hoo! i gots enough to retire in thailand! (meets the
retirement visa requirements)

.............all that without leaving my apartment nor wearing pants.

[Guerciotti]

[johntpartee]

[Santos L Halper]

Don't forget, if you are filing an FBAR, it's now required to be done electronically. It's due June 30, and no extensions are done.