US Tax Forms For Expats

US Tax Forms For Expats - This is a quick video that shows you the most common tax forms US tax payers living abroad need to file for FATCA compliance.

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IF are you an American or US tax payer living abroad, you need these common US Tax forms when filing for your worldwide income.

Here is the list of tax forms:

1. Form 1040: U.S. Individual Income Tax Return – This is the official tax form that U.S. taxpayers use to file their annual income tax returns.

2. Schedule B: Interest and Ordinary Dividends – It’s important that taxpayers with foreign bank and/or brokerage accounts complete part III.

3. Form 1116: Foreign Tax Credit – Allows U.S. taxpayers to take a tax credit and subtract the taxes they paid to another country from whatever they owe the IRS for income taxes

4. Form 2350: Application for Extension of Time File U.S. Income Tax Return – Citizens and residents abroad use this form to ask for an extension of time to file their tax return only if they expect to file Form 2555 and need time to meet the residency test

5. Form 2555: Foreign Earned Income Exclusion – This is one of the most important forms and is used to reduce taxable income.

6. Form 3520: Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts

7. Form 4868: Application for Automatic Extension of Time File U.S. Income Tax Return – Used to apply for an extension of time to file an income tax return until October 15.

8. Form 5471: Information Return of U.S. Persons with Respect to Certain Foreign Corporations – Used to report information if you own a business, real estate, investment assets through a foreign corporation.

10. Form 8621: Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund – Used to report actual distributions and gain as well as income for certain “pooled investments” (mutual funds, insurance products, pension plans) located outside the U.S.

11. Form 8938: Statement of Specified Foreign Financial Assets – Used to report your foreign financial assets if the total value is above a specific amount.

12. FinCEN form 114: Report of Foreign Bank and Financial Accounts – Used to report your foreign financial assets if the total value is above a specific amount.

If you need help with these forms, just get in touch!


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US Tax Forms For Expats