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R
The meaning of "nondeductible" IRA contributions?
Ah, it looks like there are a number of options to "self-correct" this error, as described here: https://www.irs.gov/retirement-plans/correcting-plan-errors Does anyone have experience with any of these options, or advice about what would be easiest? Thanks! -
R
The meaning of "nondeductible" IRA contributions?
Thanks for all the info. Should be fun amending this one. In any case, my employer is a US public university who sent me overseas to teach at a partner school. -
R
The meaning of "nondeductible" IRA contributions?
Well no, it did not exceed the FEIE, but I am not sure that I "contributed" to an IRA -- these were actually just pre-tax salary deferrals into a 457, so it's not actually an IRA, I believe. I believe these deferrals are allowed regardless of what my taxable income is... -
R
The meaning of "nondeductible" IRA contributions?
Hello all, please forgive my dunce-hood, but like the Lord of Idiots that I am, last year I was making traditional IRA salary deferments while qualifying for the Foreign Earned Income Exclusion. This is stupid of course because I could have excluded that income anyway. So, my question is... -
R
Can I use expected refund to pay another year?
OK, so I will just let them bill me any interest I owe, but in terms of paying taxes, am I "allowed" to just pay the difference, or will I be penalized for this? -
R
Can I use expected refund to pay another year?
Thank you--if that's the case, another interesting question arises: if I am owed a refund for 2017 (say, $500) but owe money for 2018 (say, $600), does that mean I have to pay interest on the full $600, or only the difference of $100? -
R
Can I use expected refund to pay another year?
Hello, I am ready to file amendments for both 2017 and 2018. At the end of my 2017 return, it allows me to apply my expected refund to another year's "estimated" tax. Does this mean only 2019 and beyond, or could I apply it to what I owe on my 2018 amendment? Thank you!! -
R
Claiming the Foreign Earned Income Exclusion (FEIE) for the partial year BEFORE I established residence in foreign country?
well, thanks, but I didn't deduct any meals from my 2018 return. And if I used a tax pro, I wouldn't be learning so much! :) -
R
Claiming the Foreign Earned Income Exclusion (FEIE) for the partial year BEFORE I established residence in foreign country?
Hello, it's me again, sorry. This isn't exactly the same issue as above, but related. I think I may have messed up my 2018 2555-EZ. Line 17 asks for total foreign earned income. Does this include my salary deferrals into my pre-tax 457 account? I am guessing not, since these deferrals were not... -
R
Claiming the Foreign Earned Income Exclusion (FEIE) for the partial year BEFORE I established residence in foreign country?
Thanks guys, but a couple other questions arise.... I had a Foreign Tax Credit and also took the Standard Deduction for this return. Do these need to pro-rated based on how long I was actually in the US? Or, I can take the full tax credit and deduction? -
R
Claiming the Foreign Earned Income Exclusion (FEIE) for the partial year BEFORE I established residence in foreign country?
Thanks Ron... so, originally I deducted my meals for that part of 2017 since it was considered a long business trip. Can I still deduct them in the amendment, or does that need to be changed? -
R
Claiming the Foreign Earned Income Exclusion (FEIE) for the partial year BEFORE I established residence in foreign country?
Hello, For example, I moved to China from Sept. 2017-present. I thought I read somewhere that, now, after I have established residence in China, I can go back and amend my 2017 return to claim the FEIE for Sept-Dec 2017? Is this right? Any help greatly appreciated. Ryan -
R
Can I pay taxes on this year's income on last year's tax return?
For example, if I have many deductions in 2018 but won't have many for 2019, is there any way to pay taxes on a portion of my 2019 income on 2018's return? -
R
Can you apply a foreign tax credit against Medicare taxes?
Oh, I see... OK, many thanks to you both! By the way, do either of you know whether it's possible to carry forward (or back) any "excess" exclusion? e.g. if I exclude 100k but income is only 90k, can I carry forward a 10k exclusion somehow? -
R
Can you apply a foreign tax credit against Medicare taxes?
ok, thanks, but what makes you sure it is gross? -
R
Can you apply a foreign tax credit against Medicare taxes?
OK, I have one more question on this subject in case anyone can help... I had called the IRS hotline for international tax payers about a month ago with a simple question: what do I put on line 17 of this form (2555 EZ) (https://www.irs.gov/pub/irs-pdf/f2555ez.pdf)? The wording is confusing... -
R
Can you apply a foreign tax credit against Medicare taxes?
thanks to both of you! -
R
Can you apply a foreign tax credit against Medicare taxes?
Sorry, one more question! I noticed that my tax software is not applying my foreign tax credit against my Medicare taxes. Is this right? I am curious now -- do Medicare taxes fall into a separate category that you cannot apply tax credits against? Thanks for any replies.
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