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Found 2 results

  1. Hi @Wuozopo, I have seen your replies on this topic on numerous discussions. I wanted to thank you as it has been extremely helpful for me. I was wondering if you could quickly go through my situation to check if all makes sense. I will be permanently moving to the US (K-1 Visa) in 2023. You can assume that I will become a tax payer in 2023 (substantial presence test). Therefore, I will need to file taxes in 2024 for the 2023 fiscal year. I will do this jointly with my wife. As, I come from a high-tax country, I would like to use the Foreign Tax Credit (Form 1116) to offset high taxes I paid for fiscal year 2023. I am from a country that the US has a tax treaty with (including social security tax treaty). 2 question from my end. Question 1: Are the following calculations correct? Foreign Gross Income of $55000 and Total US Income (including partner's) of $130000. Total Worldwide Income is then $185000. Total US Tax Liability (Excluding Social Security) is around $46000. I will have paid $17000 in taxes (excluding social security) in my home country. Foreign Tax Credit Limit would be = ($55000/$185000)*$46000 = $13675. The foreign income was 30% of the worldwide income, and thus total tax credit limit is 30% of US Taxes (excluding Social Security). Since, I have already paid $17000 in foreign taxes, I will only be able to reduce taxes by $13675. Then, there is a $3325 foreign credit limit unused. Question 2: I know that you can either carry over or carry back this unused foreign tax credit. Carrying it over will not be very beneficial as I don't expect to have any foreign income in the next 10 years. So I looked at carrying it back, however, that seems a bit strange in my opinion. My wife and I will only have filed jointly in 2024. It seems strange that I can look back - including her income - to fiscal year 2022 and reduce taxes there as well. Especially that I have only become a US tax resident in 2023. Without giving the numbers, the credit limit for fiscal year 2022 would be more than the outstanding $3325. Does this mean, I could get the $3325 back? I'm pretty confident I got everything right for fiscal year 2023 and the form 1116. However, the carry back is not really clear to me. Thanks a lot for your input. I really appreciate it and again you have been super helpful for me already!! Thanks!
  2. I plan to marry an Australian citizen who is currently living with me in the US (I’m a USC, we are going to do AOS). I wanted to do it before the EOY so we can file taxes together and have W7 filed so she could get an ITIN sooner. I thought it would be faster than getting it thru AOS, but who knows. If going W7 route seems too difficult, we have an option to get married yearly next year and hopefully getting ITIN/SSN before the end of the next year. It seems like there are two options if we marry this year. File joint return with her as a resident alien. She has no US income, but substantial Australian income that she is already taxed on. She will also be taxed on it in US as well. So the disadvantage of this option is bigger tax liability. (It seems like there is $108,700 exclusion and only income above would be taxed in US?). And I assume messing with IRS and hiding foreign income is pretty dangerous. File married separate return as no resident alien. She will have no foreign income liability at all, and she has no US income either. I do get taxed higher if filing MFS, but the hit will be smaller and return will be simpler. Can we file a return for her and request ITIN? It seems like there wouldn’t be any need from IRS point of view to give her ITIN since there is no tax liability. So I don’t think we can do that. Any other options to get ITIN/SSN? Beside W7/taxes and AOS/EAD? As for documentation – what qualifies as certified passport copy? Photocopy with stamp/3d seal/wet signature from public notary? Or does it have to be done by TACs only? Do I prepare the tax return and bring it to TAC center with the passport? Or can I certify passport and send the tax return to tax processing center instead? I’m a bit vague on the process. Any implication on timing of AOS filling and filling taxes/applying for ITIN?
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