I haven’t paid taxes but I live abroad, can you help with my questions?
Asked by: bustermcleod
After hours (all day) of researching I realize that not only do I have to pay taxes but I should have also reported any foreign bank accounts if ever the amount exceeded 10,000(U.S) among other things like exemption forms etc.
I moved out of the United States in December 2008 and have been in this country (Asia) since that time.
I have worked and paid taxes for 2 years now. I have that record and could get documents if anything as far as records of what was payed from my employer. (if needed)
My problem is, I am planning on moving back USA in about 5 1/2-6 months.Since I haven’t lived in the United States I had(have) no bank accounts. I decided (agree’d) with my best friend to use her information to that the money could get from one continent to the other. (Again it’s completely for my use but I just don’t have another place to put it and I want to pre plan things..I hope there are things(something) I can do to fix this situation
The total amount of transfer(s) is about 63-66,000 dollars (per form 2555 on the IRS website I am tax exempt up to 95,100) but I don’t get what I do AT THIS POINT noting the details above etc. I am currently in contact with 2 different tax services ….I need to see who will be more accurate with processing all that needs to be done.
in the mean time am I in trouble? Tell me how to fix this. I am 26 (not really experienced) but DO pay taxes and work legally in this country.
I really just never thought that I had to file taxes because to me I always thought the point of filing taxes was to get money back (but since I didn’t even live/work in that country it just came to my mind that I didn’t need to) now that I have transfered a large amount I BELIEVE maybe her bank may report this to the IRS? if they do what do WE do ?
and please read this message twice it’s a complicated situation. I really need advice. I am not trying to cheat paying taxes it’s just now I feel rushed and don’t know where to start. I have available cash to pay a CPA or something but I live in Asia so I am in contacts(initial calls)
I know about form 2555 (exempt for foreign income up to 95,100)
I never knew to file before so this would be my first time 2012(if I can still file? is it to late? I have been in Asia mode and haven’t even given any thought to anything in USA as I have no debt,homes, credit cards etc ( I am 26 years old.)