Foreign Earned Income Inquiry (split thread)

[Mag&Chef 17]

If you were paid in January 2015, then it is taxable in 2015 for that income. You should be able to use the Foreign Earned Income Exclusion on the 12 months before you came to the US, to exclude that income from US taxes but that's more forms to fill out. If you don't want to do that you can at least use the Foreign Tax Credit on any foreign taxes you paid.

Married Filing Jointly is much better than Married Filing Separately tax-wise, especially if the incomes of the two people are very different. It shouldn't be that hard to figure out how to file taxes.

Hi guys., happy new year.

I apologize for using the same thread to ask my questions.

1- newaccr! wich form I should use for foreign earned income exclusion? (2555 or 1116 or?)

here a bit my case, i worked in canada for 9 months in 2015 and came to US on october 2015, not working, my husband is self employed and we will fill married jointly.

2- I have a chequing account with TD with more than 10K (cad), I don't want to transfer the money ( rate -wise), please can anybody tell me how much tax I will pay for the amount of money over 10K $?

3- for us taxes should I wait for my T4 to do the us taxes or I don't have to report my canadian income.

4- according to IRS web site publication 519, I'm confused if I should fill as a resident aliens or nonresident aliens, cause Im in us on K1 for 86 days in 2015 and I dont know if I should count the days I came to us as visitor or not, if so I would have easily 183 days in 2015, could anybody help me with that.

Thanks a lot, and please accept my apology again for using the same threat to express my concern.

Edited January 5, 2016 by Mag&Chef

[newacct 688]

1- newaccr! wich form I should use for foreign earned income exclusion? (2555 or 1116 or?)

2555. 1116 is Foreign Tax Credit.

2- I have a chequing account with TD with more than 10K (cad), I don't want to transfer the money ( rate -wise), please can anybody tell me how much tax I will pay for the amount of money over 10K $?

Why would you pay tax on it? You only pay tax on income. You have to report the account to the US (FBAR) though.

3- for us taxes should I wait for my T4 to do the us taxes or I don't have to report my canadian income.

Not sure about this. But you will have to report your Canadian income on your US taxes (if you file jointly which means you have to be resident) and then use the exclusion.

4- according to IRS web site publication 519, I'm confused if I should fill as a resident aliens or nonresident aliens, cause Im in us on K1 for 86 days in 2015 and I dont know if I should count the days I came to us as visitor or not, if so I would have easily 183 days in 2015, could anybody help me with that.

To file as Married Filing Jointly you have to choose to be treated as a resident for the whole year.

[Mag&Chef 17]

2555. 1116 is Foreign Tax Credit.

Why would you pay tax on it? You only pay tax on income. You have to report the account to the US (FBAR) though.

Not sure about this. But you will have to report your Canadian income on your US taxes (if you file jointly which means you have to be resident) and then use the exclusion.

To file as Married Filing Jointly you have to choose to be treated as a resident for the whole year.

Thank you so much.