Almost done with 2014 Tax...so stressful. :-)

[CowBoE 429]

I hate doing tax because...

1) Though I try to keep all relevant documents in one folder,

not all of them make it there. And I end up scrambling to find all the info.

Even if I use CPA, I still have to dig up and handover all the info,

so I usually just do the tax myself.

2) Doing about 100+ stock trading on the side adds complication and volume of work.

I do import all the trades in but I still have to manually check them.

3) Paying one kid's college tuition, so additional documents are needed for tax deduction.

And laws around this constantly change, so though I make similar income,

some years I get back money on this...and other years I do not.

It's a ####### shoot.

4) Paying off another kid's school loan, so more documents for this.

5) And this year, I have to deal with foreign income/asset.

And this is causing big confusion...as she has no detail information,

nor has access to them from US. So my initial filing will not include

anything from her side, and then amend it later, perhaps after she

visits back to China and get specific information in person.

Anyone from China, able to get their financial information through online from US?

How are you guys getting such information?

According to my wife, Chinese institutions (including government retirement insurance

accounts) do not always send annual statements.

In any case, we look to close out everything she has in China in her future visit back

to make things simpler.

That said, the good news is looks like I will be getting some money back

since my status changed to married filing jointly.

Hopefully in next year's filing...my wife's US income will be added...

Did you do your tax yet? Hehehe....hopefully I didn't surprise you.

[ChicagoSarah 127]

Taxes are the most painful time of year!

We did all of the foreign income stuff last year...boy was that fun. Nich-Nick (UK user) has some great posts about what forms to fill out. The UK isn't on the same tax year, so we didn't have any annual statements. It was all self-reported based on some excel sheet fun.

[Mike and Yaoling 46]

My wife and I filed jointly and applied for her ITIN (individual tax identification number). I have already received the ITIN in the mail and should get the tax return shortly.

I created an excel spreadsheet with name of her employer and address, her name address and whatever information we could put such as salary and taxes paid. Two columns. On the left of the page in English and on the right in Mandarin. She brought it to her boss who put his stamp on it and we were golden. That is all that is needed.

[CowBoE 429]

My wife and I filed jointly and applied for her ITIN (individual tax identification number). I have already received the ITIN in the mail and should get the tax return shortly.

I created an excel spreadsheet with name of her employer and address, her name address and whatever information we could put such as salary and taxes paid. Two columns. On the left of the page in English and on the right in Mandarin. She brought it to her boss who put his stamp on it and we were golden. That is all that is needed.

How are you guys going to handle the government social security funds

in terms of leaving it, cashing out, and needing to report tax(?).

[Mike and Yaoling 46]

How are you guys going to handle the government social security funds

in terms of leaving it, cashing out, and needing to report tax(?).

We did nothing with that yet. We reported only her salary this year and did nothing with the social security finds since she has yet to come to the US.

[CowBoE 429]

Taxes are the most painful time of year!

We did all of the foreign income stuff last year...boy was that fun. Nich-Nick (UK user) has some great posts about what forms to fill out. The UK isn't on the same tax year, so we didn't have any annual statements. It was all self-reported based on some excel sheet fun.

Do you have that link to Nich's post?

[ChicagoSarah 127]

i can try and look for it later. if you do an advanced search for her username, you may be able to fine it pretty easily. I think she's posted a few times about the issue.

[Nich-Nick 3,354]

Do you have that link to Nich's post?

I have posted a bunch so there isn't one post. Hopefully you got it all filed and are done.

I know what you mean about all the paper. Today I return to my desk to organize the mess and shred the spare printouts, then put all the documentation and a final copy away in a big white envelope marked 2014. I do that every year to pull out if ever audited. I took a week's vacation from looking at it, but will force myself into tidy mode today.