Tax question for K3 holder

[zyggy 9]

Kez, thank you so much!!!! I use turbo tax and had accidentally overlooked this section about the Foreign Income.

Thanks again, that's a big help!

Hello....this is agm

For line 21, you do not need to attach supporting documents.

Now, other member was saying about form 2555 - a foreign income exclusion.... you can not use it.

Actually, you wife can not use this form. This form is for USC and/or a resident alien who has been in foreign county for long time....read an instruction for this form. Your wife is not a USC nor a resident alien for tax purpose yet.

Form 1116, this is foreign tax credit form. I am not sure if we can use this form to take an advantage of tax creidt for the tax you wife paid. It is depend on which country she lives. There is explanation of country on an instruction for form 1116.

And...... if I were you, I am not going to use TurboTax this time. This area of taxation is very complicated. Use a C.P.A......and check if a C.P.A. has an experience of Form 1116 or not.

I read that the returns filed by taxpayers by TurboTax have higher chances for IRS audits.

agm

agm

This is not true at all... If one elects to treat their alien spouse as a resident alien for tax purposes, an alien spouse that is not even resident in the US is permitted to use Form 2555 to exclude their foreign earned income....

Please respond to inquiries like this only when you know all of the facts regarding this specific tax situation...