US citizen living Out of USA and Working online for owned US corporation Tax Question

[maxy 0]

Hi, I am a US citizen and I have a S corporation. I was out of USA since 10 years up to today. I was working for my own US S corporation online. I am married but filled my taxes separately. My wife is not a US citizen and living with me out of USA. I also have two kids aged 3 and 5 not US citizens.  Now the question is this year I have to show some higher income for immigration purpose for my wife and two children. My USCIS Case for wife and two children just approved and waiting for NVC visa number letter. I have two questions. 

 

1. If I show total taxable income as $45000.00 in my 1040 for this tax year what will be the approximate payment I should have to pay to IRS ?

2. For last few years I filled my tax as Married but filling separately. This year if I do joined filling and put two children as dependents will there be reduction of IRS payment ? 

[Pinkrlion 2,607]

3 hours ago, maxy said:

Hi, I am a US citizen and I have a S corporation. I was out of USA since 10 years up to today. I was working for my own US S corporation online. I am married but filled my taxes separately. My wife is not a US citizen and living with me out of USA. I also have two kids aged 3 and 5 not US citizens.  Now the question is this year I have to show some higher income for immigration purpose for my wife and two children. My USCIS Case for wife and two children just approved and waiting for NVC visa number letter. I have two questions. 

 

1. If I show total taxable income as $45000.00 in my 1040 for this tax year what will be the approximate payment I should have to pay to IRS ?

2. For last few years I filled my tax as Married but filling separately. This year if I do joined filling and put two children as dependents will there be reduction of IRS payment ? 

Go to IRS.gov for this information or contact a tax accountant. 

[JeanneAdil 6,203]

1. No one here knows your situation and what the income difference will be when u refile and what u will owe but the check for that payment needs to be enclosed with the new 1040x.  Refer to the tax schedule for what u paid and what the new payment will be
2. You can only go back 3 years of returns
3. Most recent year can be done online /the 2 before it must be paper
4. What IRS will charge for interest and penalty  will be billed  
5. Expect an audit 
6. Get your best info  from IRS

https://www.irs.gov/forms-pubs/about-form-1040x

 

° When to file: Generally, to claim a refund, you must file Form 1040X within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later. ° Processing time: Normal processing time for amended returns is 8 to 12 weeks.

 

In general, we charge interest on underpayments starting on the due date of the amount you owe and will continue to accrue until the balance is paid in full: Tax is due on the return filing date; extensions to file do not extend the date for payment of the tax.May 4, 2023

Edited October 29, 2023 by JeanneAdil

[SteveInBostonI130 3,319]

6 hours ago, maxy said:

Hi, I am a US citizen and I have a S corporation. I was out of USA since 10 years up to today. I was working for my own US S corporation online. I am married but filled my taxes separately. My wife is not a US citizen and living with me out of USA. I also have two kids aged 3 and 5 not US citizens.  Now the question is this year I have to show some higher income for immigration purpose for my wife and two children. My USCIS Case for wife and two children just approved and waiting for NVC visa number letter. I have two questions. 

 

1. If I show total taxable income as $45000.00 in my 1040 for this tax year what will be the approximate payment I should have to pay to IRS ?

2. For last few years I filled my tax as Married but filling separately. This year if I do joined filling and put two children as dependents will there be reduction of IRS payment ? 

 

1.  Use the tax tables.  If it is for 2023 taxes to be filed in Jan 2024, you will also be penalized for not submitting quarterly payments in 2023.  There are work tables to calculate the penalties, or just submit the normal amount and get a bill later with more interest penalties on top of the quarterly payment penalties.

 

2. MFJ:  Spouse and dependents will need SSN or ITIN.  It is better (easier) to file MFS and amend it after you immigrate and everyone has SSN.

 

[JeanneAdil 6,203]

10 minutes ago, SteveInBostonI130 said:

 

1.  Use the tax tables.  If it is for 2023 taxes to be filed in Jan 2024, you will also be penalized for not submitting quarterly payments in 2023.  There are work tables to calculate the penalties, or just submit the normal amount and get a bill later with more interest penalties on top of the quarterly payment penalties.

 

2. MFJ:  Spouse and dependents will need SSN or ITIN.  It is better (easier) to file MFS and amend it after you immigrate and everyone has SSN.

 

Agree as S corps may not have non-U.S. citizens/residents as shareholders. and this could be a bit of a mess

but you should have gone thru CBRA for the kids giving them USC and SS #'s /u could claim them