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No_hite_pls
Joined: 05 Mar 2007
Location: Don't hate me because I'm right
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 Posted: Mon Jun 09, 2014 12:47 pm Post subject: US Tax Questions.... |
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My children are US Citizens, but live in Korea. I do not paid US Taxes because my wife and I made less than the exclusion for foreign income tax .
Can I still claim the child tax credits even though we have no American taxable income? I receive a refund? Confused.... |
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thrylos
Joined: 10 Jun 2008
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| Posted: Mon Jun 09, 2014 2:56 pm Post subject: |
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Can't claim the tax credit, as you are just reporting non-taxable income from overseas.
But if you have any bank accounts in your name, especially in Korea, be VERY CAREFUL. Look up FBAR and be scared, VERY scared.  |
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nicwr2002
Joined: 17 Aug 2011
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| Posted: Mon Jun 09, 2014 6:16 pm Post subject: |
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| thrylos wrote: |
Can't claim the tax credit, as you are just reporting non-taxable income from overseas.
But if you have any bank accounts in your name, especially in Korea, be VERY CAREFUL. Look up FBAR and be scared, VERY scared. |
And FATCA |
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nate1983
Joined: 30 Mar 2008
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| Posted: Tue Jun 10, 2014 6:23 pm Post subject: |
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| thrylos wrote: |
Can't claim the tax credit, as you are just reporting non-taxable income from overseas.
But if you have any bank accounts in your name, especially in Korea, be VERY CAREFUL. Look up FBAR and be scared, VERY scared. |
Scared? Why? You just fill out an extra piece of paper with your tax returns every year, it's hardly a big deal. |
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nicwr2002
Joined: 17 Aug 2011
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| Posted: Tue Jun 10, 2014 11:16 pm Post subject: |
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| FATCA is a big deal actually. The IRS has complete knowledge of your bank accounts. They know your balance and what exactly you spend your money on since the bank has to report your account directly to the IRS. The FBAR is just for people who make the big bucks. I don't know about everyone else, but I don't want the IRS knowing what I spend my money on. |
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thrylos
Joined: 10 Jun 2008
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| Posted: Wed Jun 11, 2014 12:46 am Post subject: |
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The (bigger) point is that now, anything over 10,000 (U$) will be taxable by Uncle Sam, irrespective of where you are or where you made it.
Why should I pay the IRS money I've earned and I'm keeping overseas? They have NOTHING to do with it, yet they are eager to get their grubby paws into my money.
I don't receive ANY benefits from paying US taxes while living, working and saving here. I haven't lived or asked for anything from the US in over a decade, yet they seem happy to tax me on money I've already been taxed on here in Korea.
It's NOT just about filing extra paperwork. |
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nate1983
Joined: 30 Mar 2008
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| Posted: Wed Jun 11, 2014 3:28 pm Post subject: |
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| thrylos wrote: |
The (bigger) point is that now, anything over 10,000 (U$) will be taxable by Uncle Sam, irrespective of where you are or where you made it.
Why should I pay the IRS money I've earned and I'm keeping overseas? They have NOTHING to do with it, yet they are eager to get their grubby paws into my money.
I don't receive ANY benefits from paying US taxes while living, working and saving here. I haven't lived or asked for anything from the US in over a decade, yet they seem happy to tax me on money I've already been taxed on here in Korea.
It's NOT just about filing extra paperwork. |
Wow. Everything over $10,000 is now taxable? You have no clue, and no business commenting on a tax thread.
And I can almost guarantee that the IRS has no interest in obtaining a record of "your transactions." The point is to identify accounts that people have been using to evade taxes, and the process of actually getting those records is going to be a lot more trouble than it's worth if they don't have some prior reason for wanting your info specifically. |
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thrylos
Joined: 10 Jun 2008
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| Posted: Wed Jun 11, 2014 6:40 pm Post subject: |
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| nate1983 wrote: |
| thrylos wrote: |
The (bigger) point is that now, anything over 10,000 (U$) will be taxable by Uncle Sam, irrespective of where you are or where you made it.
Why should I pay the IRS money I've earned and I'm keeping overseas? They have NOTHING to do with it, yet they are eager to get their grubby paws into my money.
I don't receive ANY benefits from paying US taxes while living, working and saving here. I haven't lived or asked for anything from the US in over a decade, yet they seem happy to tax me on money I've already been taxed on here in Korea.
It's NOT just about filing extra paperwork. |
Wow. Everything over $10,000 is now taxable? You have no clue, and no business commenting on a tax thread.
And I can almost guarantee that the IRS has no interest in obtaining a record of "your transactions." The point is to identify accounts that people have been using to evade taxes, and the process of actually getting those records is going to be a lot more trouble than it's worth if they don't have some prior reason for wanting your info specifically. |
Read it and weep.
http://www.efile.com/irs-foreign-bank-and-financial-account-assets-report-form/
I'm not saying they'll come after you tomorrow, but they CAN and WILL soon enough, given the debt levels and their interest in finding new sources of tax income. |
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northway
Joined: 05 Jul 2010
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| Posted: Wed Jun 11, 2014 6:59 pm Post subject: |
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| thrylos wrote: |
| nate1983 wrote: |
| thrylos wrote: |
The (bigger) point is that now, anything over 10,000 (U$) will be taxable by Uncle Sam, irrespective of where you are or where you made it.
Why should I pay the IRS money I've earned and I'm keeping overseas? They have NOTHING to do with it, yet they are eager to get their grubby paws into my money.
I don't receive ANY benefits from paying US taxes while living, working and saving here. I haven't lived or asked for anything from the US in over a decade, yet they seem happy to tax me on money I've already been taxed on here in Korea.
It's NOT just about filing extra paperwork. |
Wow. Everything over $10,000 is now taxable? You have no clue, and no business commenting on a tax thread.
And I can almost guarantee that the IRS has no interest in obtaining a record of "your transactions." The point is to identify accounts that people have been using to evade taxes, and the process of actually getting those records is going to be a lot more trouble than it's worth if they don't have some prior reason for wanting your info specifically. |
Read it and weep.
http://www.efile.com/irs-foreign-bank-and-financial-account-assets-report-form/
I'm not saying they'll come after you tomorrow, but they CAN and WILL soon enough, given the debt levels and their interest in finding new sources of tax income. |
What are we supposed to be reading? Nowhere does it say that income over $10,000 is taxable. All it says is that you have to report foreign assets in excess of $10,000. Big difference. |
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nicwr2002
Joined: 17 Aug 2011
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| Posted: Wed Jun 11, 2014 9:10 pm Post subject: |
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| It doesn't bother you that the IRS has complete knowledge of your account balances and daily transactions? If you don't file, they can tack on a max fine of $10,000 dollars as well. |
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atwood
Joined: 26 Dec 2009
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| Posted: Wed Jun 11, 2014 10:28 pm Post subject: |
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| thrylos wrote: |
The (bigger) point is that now, anything over 10,000 (U$) will be taxable by Uncle Sam, irrespective of where you are or where you made it.
Why should I pay the IRS money I've earned and I'm keeping overseas? They have NOTHING to do with it, yet they are eager to get their grubby paws into my money.
I don't receive ANY benefits from paying US taxes while living, working and saving here. I haven't lived or asked for anything from the US in over a decade, yet they seem happy to tax me on money I've already been taxed on here in Korea.
It's NOT just about filing extra paperwork. |
That's an exaggeration. The most obvious benefit is that you're being protected by the U.S. military. There are other benefits to being a U.S. citizen and carrying a U.S. passport.
I do agree with you that in the effort to catch those hiding large amounts of money overseas that the IRS has gone too far and seems to be filling its nets with the little instead of the big fish. |
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nate1983
Joined: 30 Mar 2008
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| Posted: Thu Jun 12, 2014 2:22 pm Post subject: |
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| thrylos wrote: |
| nate1983 wrote: |
| thrylos wrote: |
The (bigger) point is that now, anything over 10,000 (U$) will be taxable by Uncle Sam, irrespective of where you are or where you made it.
Why should I pay the IRS money I've earned and I'm keeping overseas? They have NOTHING to do with it, yet they are eager to get their grubby paws into my money.
I don't receive ANY benefits from paying US taxes while living, working and saving here. I haven't lived or asked for anything from the US in over a decade, yet they seem happy to tax me on money I've already been taxed on here in Korea.
It's NOT just about filing extra paperwork. |
Wow. Everything over $10,000 is now taxable? You have no clue, and no business commenting on a tax thread.
And I can almost guarantee that the IRS has no interest in obtaining a record of "your transactions." The point is to identify accounts that people have been using to evade taxes, and the process of actually getting those records is going to be a lot more trouble than it's worth if they don't have some prior reason for wanting your info specifically. |
Read it and weep.
http://www.efile.com/irs-foreign-bank-and-financial-account-assets-report-form/
I'm not saying they'll come after you tomorrow, but they CAN and WILL soon enough, given the debt levels and their interest in finding new sources of tax income. |
You're either a troll or incredibly incompetent. And I'm against these ridiculous new regulations as much as anyone. |
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northway
Joined: 05 Jul 2010
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| Posted: Thu Jun 12, 2014 3:12 pm Post subject: |
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| nicwr2002 wrote: |
| It doesn't bother you that the IRS has complete knowledge of your account balances and daily transactions? If you don't file, they can tack on a max fine of $10,000 dollars as well. |
It bothers me but that doesn't change the fact that Thrylos is straight up wrong. |
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