Larry's 2016 U.S. Tax Guide 'Supplement' for U.S. Expats, Green Card Holders and Non-Resident Aliens in User Friendly English. Laurence E. 'Larry'

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СКАЧАТЬ is not required to report any of the interest payments (which are only taxable if in connection with a trade or business). Please note – Form 1042-S was greatly expanded for this year and is likely to be filed incorrectly, with the withholding agent withholding more than he or she (or it or they) should. This form, which you will receive, rather than prepare yourself, is 8 pages long with a 26 page set of instructions – at least 2014’s instructions for as of 4 February 2016, new, 2015 instructions have not yet been issued. Be prepared to ‘challenge’ the withholding – it’s not your fault that this is happening: the penalty payments for the entity preparing this form are as bad, if not worse than the penalties you’d get, so they (the form preparers) are only covering their rear-ends!

      oPayments of gross proceeds from the sale of securities or regulated

      futures contracts are generally exempt from U.S. tax law (unless part of that trade or business you might be involved with). If you received such payments and they were subjected to backup withholding, specify the type of payment on line 12 of Form 1040-NR and show that amount in column (d). Be prepared to list on line 12, dear readers, because there is far more likelihood of backup withholding because of fear of FATCA!

      oDocumentation: You must attach acceptable proof of the withholding for which you are claiming a refund. If you are claiming a refund of backup withholding tax based on your status as a non-resident alien, you must attach a copy of the Form 1099 or Form 1042-S that shows both the income and the amount of backup withholding to the left corner of the Form 1040-NR you are filing.

      oWhen do you file? If you get a W-2 with payroll tax deductions, be prepared to file by ‘tax day’, April 18^th, this year. Otherwise, you get that 15 June filing deadline. Page 6 of the instructions tells you where to file.

      oDual-Status taxpayers This applies basically to those of you who expatriated, for example, in September, 2015. Yet you had U.S. declarable and quite possibly taxable income throughout the entire calendar year. Then, guys, you are going to have to file two tax returns: the 1040 for the period you were a citizen and the 1040-NR for the time you were not a citizen. You’ve got to label both returns : The 1040 ‘Dual-Status Statement’ at the top; The 1040-NR ‘Dual Status Return’ across the top of this return. This is what the instructions (page 7) states. Why not say the same on both? Now that, I bet, would really be a frequently asked question!

      oThe Form, itself….. Let me mention two specific areas worthy of your attention if you are going to be filing this form: firstly, take a look at page 4, Section NEC, tax not effectively connected with a trade or business. Here’s where your (hopefully) gains from U.S. based investments are going to be listed. If you have a business, though, you’d best start paying closer attention to the very beginning of the form, not just page 4! AND Page 5, sections G and H. This is where you have got to list your trips and time spent in the States over the three past years. Please don’t forget this aspect of being a non-resident alien – there are some weighty tax costs if you become resident!

      •In summary……if you’ve never seen Form 1040-NR or Form 1040-NR EZ and discover that you are responsible for filing it, then be prepared to be both confused and annoyed while you are reading about your newfound tax obligations – that form and its instructions. They are (for lack of a better word) alien! Yes, you can do this return yourself…..but don’t hesitate to consult a tax professional if while reading you say to yourself: “It looks like English. It sounds like English. But I’ll be damned if I can figure out what it is trying to say!”

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