My wife turned in her green card in March. I am aware we need to file a special 2007 IRS return for her next year. However, I am not clear what to do about form TDF 90-22.1. Any reporting would be, presumably, for the calendar year -- since there is no way to indicate otherwise. Any thoughts?
Also, on a related note, David Ingram recently wrote that, according to a June 20 IRS teleconference, TDF 90-22.1 must be backfiled for six years. I could not find confirmation of this in writing (yet) -- don't we need to see something in writing for it to be so?
TDF 90-22.1 and loss of green card
Moderator: Mark T Serbinski CA CPA
I read David's e-mail, and it talked of both of the TD form and the Box on Schedule B.
iT is this schedule that should be back-filed. There is NO provision for back-filing TD FORM.
David's emails often are rambling (in the good sense), but on this one he ties so many things toit that it came out jumbled.
You are correct that TD form is for calendar year, so she shuld report a;ll foreign accounts she has in 2007.
iT is this schedule that should be back-filed. There is NO provision for back-filing TD FORM.
David's emails often are rambling (in the good sense), but on this one he ties so many things toit that it came out jumbled.
You are correct that TD form is for calendar year, so she shuld report a;ll foreign accounts she has in 2007.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
There is no MUST about filing dual when leaving. First, anyone who leaves mid-year is allowed by IRS rules to file full year 1040 when they leave. Secondly, Cdns can ALWAYS file 1040, even if never having set foot in US.
Obviously, since 1040NR doesn't include any foreign income at all, there is no need to exclude foreign earned income. Its simple
But. as you probably know, 1040NR gives a terrible taxrate, especially for married folk (since it is a sigle filer rate), so you will undoubtedly file joint 1040, reporting all world income, and then excluding any foreign earned income using 2555.
Alternatively, you could file jointly and then take tax credits for Cdn taxes paid. This would be the best (definitely if you have kids), but may be a little complicated.
You will likely do your taxes 3 ways, and pick the way that yeilds lowest US taxbill.
Also, advice to others, since you will be filing a full-year return in US, you can see that there was no urgency to give in green card
Obviously, since 1040NR doesn't include any foreign income at all, there is no need to exclude foreign earned income. Its simple
But. as you probably know, 1040NR gives a terrible taxrate, especially for married folk (since it is a sigle filer rate), so you will undoubtedly file joint 1040, reporting all world income, and then excluding any foreign earned income using 2555.
Alternatively, you could file jointly and then take tax credits for Cdn taxes paid. This would be the best (definitely if you have kids), but may be a little complicated.
You will likely do your taxes 3 ways, and pick the way that yeilds lowest US taxbill.
Also, advice to others, since you will be filing a full-year return in US, you can see that there was no urgency to give in green card
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
Thanks again! Excellent, this should make it easy (we'll file jointly). One note on the green card: in my wife's case, she was closing in on the 8-year "long-term resident" threshold, which changes reporting requirements to include 8854 filing and so forth. So, there could be some urgency for anyone facing that threshold.