First year green card filing with overseas income

[thatone1 1]

Hi all, 

 

I entered SFO as a port of entry with my F41 immigrant visa on Nov 7 2022, filed a I-131 Re-Entry Permit and left US on Nov 30, 2022. 

I only received my physical green card in the mail on Dec 23, 2022. 

 

Have the following questions:

1. As  my income is still based overseas for the year 2022, Do I file federal taxes for year 2022 and will it be for partial year from Nov 7 to Dec 31 2022? (55 days)
2. How would I claim for Foreign Earned Income Exclusion -  $112,000 for 2022, similarly would this be pro-rated
3. Any recommendation on tax software or reasonably priced tax preparers for first year green card holders?

 

Thanks!

Eddy

[SteveInBostonI130 3,434]

These questions are better suited on a tax forum/website.  Most of us here have immigration experience but not much tax experience.

 

You do have to file taxes for 2022, but will probably not owe anything due to the foreign tax credit.  Again, please check with a tax professional.

 

One of the pro editions of Turbotax might work.

 

[iwannaplay54 985]

2 hours ago, thatone1 said:

Hi all, 

 

I entered SFO as a port of entry with my F41 immigrant visa on Nov 7 2022, filed a I-131 Re-Entry Permit and left US on Nov 30, 2022. 

I only received my physical green card in the mail on Dec 23, 2022. 

 

Have the following questions:

1. As  my income is still based overseas for the year 2022, Do I file federal taxes for year 2022 and will it be for partial year from Nov 7 to Dec 31 2022? (55 days)
2. How would I claim for Foreign Earned Income Exclusion -  $112,000 for 2022, similarly would this be pro-rated
3. Any recommendation on tax software or reasonably priced tax preparers for first year green card holders?

 

Thanks!

Eddy

Turbotax does it.  Answer that you had overseas income and fill in the boxes as they pop up.

Declare your income, use “bonafide resident” of your home country  on the exclusion, and it will be prorated.  

Keep your currency conversion basis with your tax documents.  The currency we used is fixed to the dollar, it was easy, previously I used monthly average for another currency.  
You can have any tax professional look over your return before you file it.  I paid the turbotax fee to have it reviewed before we submitted it.  

Your residence of your home country ends at US entry date, after which you should not use that exclusion category again unless you want to risk the green card.  

 

If you’re working overseas next year you either pay taxes on it all, stay out of the country for 330 days after you left to take physical presence exclusion, or risk losing that new green card.  You can live overseas with a USC spouse working there but as soon as you live and work there if you dodge taxes using bonafide resident they’ll flag you.

Edited January 14, 2023 by iwannaplay54

[JeanneAdil 6,498]

you would not pay on foreign income for 2022 as u were not in US until November 7th

if u file,  u only owe the 55 days income

probably nothing

 

we have no tax treaty with Singapore so any foreign income does not qualify for the exclusion (for future reference)

 

https://www.irs.gov/businesses/international-businesses/united-states-income-tax-treaties-a-to-z