# filling out 1040



## craziness (Oct 4, 2012)

I recently learned that I need to become tax compliant with the US. I was born in Canada and have lived my whole life here; unfortunately my dad was a US citizen and I have dual citizenship as a result. The whole thing is a real pain and I look forward to getting this process behind me. I am thinking I will file 5 yrs of 1040's and schedule an apt to renounce my US citizenship as I have no plans to ever use the citizenship. My question is Re: the 1040. I have used the 2555EZ to exclude my working income(about 50K). I still have about $ 1900 in interest income on line 37/38. After the standard deduction and my exemption it comes out to 0. Do I just carry the 0's to the bottom and consider it completed? or am I missing something. Do I need to pay AMT? I am married with 2 children and my hubby is only a Canadian citizen. I realize I could use some of these other deductions if needed, but the gist I am getting is that you only need to get it to 0 and you don't want to include the kids unless needed. Any help would be greatly appreciated. Thanks


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## Oggy (Jan 25, 2009)

You may find the answers you're looking for in the tax forum ...

Expat Tax - Expat Forum For Expats, For Moving Overseas And For Jobs Abroad


You could ask a moderator to move this thread there for you.


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## xabiaxica (Jun 23, 2009)

Oggy said:


> You may find the answers you're looking for in the tax forum ...
> 
> Expat Tax - Expat Forum For Expats, For Moving Overseas And For Jobs Abroad
> 
> ...


 .


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## Bevdeforges (Nov 16, 2007)

Once you have your "taxable income" down to 0 you just carry the figure down to the end of the tax form, sign the forms and mail them in.

Just a word, though, the process of renouncing costs something like $450. Unless you expect your tax situation to change drastically, you can save the fees and just keep filing your "informational" form (i.e. to prove to them you don't owe anything).
Cheers,
Bev


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## craziness (Oct 4, 2012)

Hi Bev, thanks for the response. I guess it is easier than I thought. I was worried I'd have to do the AMT form and perhaps pay some tax. There are so many potential forms and I just want to be sure I'm dong it correctly.


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## jimmyjam (Jan 9, 2012)

Dear Craziness,

You are right to be worried, the forms are extremely complicated.

That is why I would be extremely wary of taking any advice from anyone who 
(a) has not seen your full return 
(b) does not know your situation and 
(c) may or may not have credentials to actually be giving this information.

You may indeed owe AMT, even if you have paid tax on the transactions in your home country.
You may as well owe tax on gifts received, on tax-free operations in your country, on sale of any real-estate, artwork or jewelry... gifts you have given your children or spouse or others....
If you own a timeshare abroad it could fall into the "foreign trust" category and need to be reported (or else face 30% penalty) etc....
You may be required to fill in numerous other forms depending on your specific situation, your marital status, your spouses status, etc.

If your situation is extremely straightforward and your finances very modest, you can perhaps try filing yourself as some moderators on this forum like to encourage people to do.

I think the penalties are so high and the potential risks so great, especially if you are planning to renounce, that you should get help from a qualified person.


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