Tesco
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Immigration Timeline & Photos
Tesco's Achievements
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In Law Tax and Obamacare Questions
Tesco replied to northusa44's topic in Tax & Finances During US Immigration
You must be lawfully present for Obama Care. As for subsidies, the household income must be over 100% of the poverty level. If you can’t prove this, there will be reduced or no APTC. We were quoted $1,900 a month without credit. Make over 100% and your premiums will be very low/none if you choice a silver plan. -
OldUser reacted to a post in a topic:
Has anyone tried opening a joint bank account with their spouse while they still live outside the US?
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Although now in the U.S on an IR1 with SSN/card, I was unable to open an account online. They check your credit and as I have no history we went into the local branch to open. It was a straight forward process there on. Needed passport, showing I-551 stamps & SS card. You could possibly open as a NRA and convert when in the U.S.
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OldUser reacted to a post in a topic:
What should we expect at the airport when landed with spouse on cr1 visa
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It was a very simple process. We went to the first officer together, then sent to secondary inspection. Less then 5 minutes later, was called up and asked for a mobile number. Passport handed back with two stamps, then left the airport seeing no one else.
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TBoneTX reacted to a post in a topic:
Obama Care Questions
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Obama Care Questions
Tesco replied to Tesco's topic in Moving to the US and Your New Life In America
Thankfully all sorted out with Healthcare.gov. Spouse had to upload a job offer letter, which did the trick. Without this, we would still had coverage, but would have paid $1,900 a month, (no financial help). -
Mtriligy reacted to a post in a topic:
Form 8938 - Questions
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There are two systems for international reporting: 1, CRS 2, FACTA 1, This is an international money laundering / tax evasion system, where tax information is shared between countries. 2, This is only for the U.S. and was signed into law in about 2010. The vast majority of countries, (with the exception of those sanctioned), report to Uncle Sam on their 'U.S. Persons'. customers. Things like maximum account balance, which must then tie in with your reporting on FinCEN114 and 8938. Many will be asked their U.S. status, SSN/ITIN when signing up for an account, or dealing with law firms. My gut feeling on what you say is that no, a 8858 is not required, as the rental is held as a personal property, (not in trust, business etc). You could do what they call a 'quiet disclosure' and hope the IRS don't bite. You're in a tricky situation, but I would reach out to an international tax accountancy firm, (TFX, Greenback). They are internationally known and can better advise on your circumstances. You do have complex issues and deep compliancy failures. Putting that to one side, I'd not go the DIY route on 8858's. Get a quote and sleep easy...
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Japan will report you maximum account balances to the IRS. It's called FACTA.
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Where did you work abroad?
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Where are you located?
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Mtriligy reacted to a post in a topic:
Form 8938 - Questions
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I'd say yes, needed reporting as you returned to the U.S. I'd suggest you get a CPA or an enrolled agent and file via the Streamlined Amnesty Program with the IRS. If you qualify, you may save tens of thousands of dollars in penalties.
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Mtriligy reacted to a post in a topic:
Form 8938 - Questions
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Obama Care Questions
Tesco replied to Tesco's topic in Moving to the US and Your New Life In America
So we were able to sign up to ACA ok and picked a plan to start April 1st. The problem that I have is that Healthcare.gov are unable to verify my income, (which will likely be a few hundred dollars this year). I suspect that as the application asked for a SSN, and I didn't have one yet, (I left this blank). I do have an ITIN, which we use as we file jointly for 2024 and previously. I did a note and uploaded, with regards income, but until I get my SSN through, they say that unless they can verify income, the Premium Tax credits could change or end? This means we'd pay $1,900 a month. Ok, would get this back come tax submission time next year, but it's an awful lot to pay up front. Has anyone had this? Thank you We need to confirm: Annual Income (for me only, not USC Spouse) Send documents by: June xx If you don't: Your financial help will change or end -
OldUser reacted to a post in a topic:
Form 8938 - Questions
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1, All of your accounts will be shown at the top of form 8938, 'cash and 'asset'. 2, The maximum value of your insurance policy will be what you've distributed during the year. If its $0, so state. 3, report the individual accounts and they will then reflect in the total at the header of the form. 5, Yes, deposit. 6, Yes, needs reporting. You would report property held in Trust, or owned by a business.
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jaywave reacted to a post in a topic:
Filing Form 1116 – Foreign Tax Credit Explained
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Filing Form 1116 – Foreign Tax Credit Explained
Tesco replied to jaywave's topic in Tax & Finances During US Immigration
Have a look at international tax firms: TFX Greenback Google will show others too. -
Joint Sponsor and Consular Officer.
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There was no problem. The CO said I needed a JS, dispute spouse having over 125% of the poverty level from income that will continue and also some on a 1099-R. May well of submitted a new I-864 to show assets, but just went with the JS and was approved in 3 days.
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OldUser reacted to a post in a topic:
Foreign Earned Income Exclusion (FEIE) tax filing and CR1/IR1 visa for my spouse
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We had a similar issue with filing 2555, (definite foreign employer/income). Residual U.S. sourced income was well above the 125% level, (continues in the U.S.), had to get a joint sponsor though.