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Irs Extension

Irs extension 10. Irs extension   Self-Employment (SE) Tax Table of Contents Who Must Pay SE Tax?Special Rules and Exceptions Figuring Earnings Subject to SE Tax Farm Optional Method Using Both Optional Methods Reporting Self-Employment Tax The SE tax rules apply no matter how old you are and even if you are already receiving social security and Medicare benefits. Irs extension Who Must Pay SE Tax? Generally, you must pay SE tax and file Schedule SE (Form 1040) if your net earnings from self-employment were $400 or more. Irs extension Use Schedule SE to figure net earnings from self-employment. Irs extension Sole proprietor or independent contractor. Irs extension   If you are self-employed as a sole proprietor or independent contractor, you generally use Schedule C or C-EZ (Form 1040) to figure your earnings subject to SE tax. Irs extension SE tax rate. Irs extension    For 2013, the SE tax rate on net earnings is 15. Irs extension 3% (12. Irs extension 4% social security tax plus 2. Irs extension 9% Medicare tax). Irs extension Maximum earnings subject to self-employment tax. Irs extension    Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. Irs extension 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. Irs extension   All of your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. Irs extension 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. Irs extension   If your wages and tips are subject to either social security or railroad retirement (tier 1) tax, or both, and total at least $113,700, do not pay the 12. Irs extension 4% social security part of the SE tax on any of your net earnings. Irs extension However, you must pay the 2. Irs extension 9% Medicare part of the SE tax on all your net earnings. Irs extension Special Rules and Exceptions Aliens. Irs extension   Generally, resident aliens must pay self-employment tax under the same rules that apply to U. Irs extension S. Irs extension citizens. Irs extension Nonresident aliens are not subject to SE tax unless an international social security agreement in effect determines that they are covered under the U. Irs extension S. Irs extension social security system. Irs extension However, residents of the Virgin Islands, Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, or American Samoa are subject to self-employment tax, as they are considered U. Irs extension S. Irs extension residents for self-employment tax purposes. Irs extension For more information on aliens, see Publication 519, U. Irs extension S. Irs extension Tax Guide for Aliens. Irs extension Child employed by parent. Irs extension   You are not subject to SE tax if you are under age 18 and you are working for your father or mother. Irs extension Church employee. Irs extension    If you work for a church or a qualified church-controlled organization (other than as a minister or member of a religious order) that elected an exemption from social security and Medicare taxes, you are subject to SE tax if you receive $108. Irs extension 28 or more in wages from the church or organization. Irs extension For more information, see Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers. Irs extension Fishing crew member. Irs extension   If you are a member of the crew on a boat that catches fish or other water life, your earnings are subject to SE tax if all the following conditions apply. Irs extension You do not get any pay for the work except your share of the catch or a share of the proceeds from the sale of the catch, unless the pay meets all the following conditions. Irs extension The pay is not more than $100 per trip. Irs extension The pay is received only if there is a minimum catch. Irs extension The pay is solely for additional duties (such as mate, engineer, or cook) for which additional cash pay is traditional in the fishing industry. Irs extension You get a share of the catch or a share of the proceeds from the sale of the catch. Irs extension Your share depends on the amount of the catch. Irs extension The boat's operating crew normally numbers fewer than 10 individuals. Irs extension (An operating crew is considered as normally made up of fewer than 10 if the average size of the crew on trips made during the last four calendar quarters is fewer than 10. Irs extension ) Notary public. Irs extension   Fees you receive for services you perform as a notary public are reported on Schedule C or C-EZ but are not subject to self-employment tax (see the Instructions for Schedule SE (Form 1040)). Irs extension State or local government employee. Irs extension   You are subject to SE tax if you are an employee of a state or local government, are paid solely on a fee basis, and your services are not covered under a federal-state social security agreement. Irs extension Foreign government or international organization employee. Irs extension   You are subject to SE tax if both the following conditions are true. Irs extension You are a U. Irs extension S. Irs extension citizen employed in the United States, Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or the Virgin Islands by: A foreign government, A wholly-owned agency of a foreign government, or An international organization. Irs extension Your employer is not required to withhold social security and Medicare taxes from your wages. Irs extension U. Irs extension S. Irs extension citizen or resident alien residing abroad. Irs extension    If you are a self-employed U. Irs extension S. Irs extension citizen or resident alien living outside the United States, in most cases you must pay SE tax. Irs extension Do not reduce your foreign earnings from self-employment by your foreign earned income exclusion. Irs extension Exception. Irs extension    The United States has social security agreements with many countries to eliminate double taxation under two social security systems. Irs extension Under these agreements, you generally must only pay social security and Medicare taxes to the country in which you live. Irs extension The country to which you must pay the tax will issue a certificate which serves as proof of exemption from social security tax in the other country. Irs extension   For more information, see the Instructions for Schedule SE (Form 1040). Irs extension More Than One Business If you have earnings subject to SE tax from more than one trade, business, or profession, you must combine the net profit (or loss) from each to determine your total earnings subject to SE tax. Irs extension A loss from one business reduces your profit from another business. Irs extension Community Property Income If any of the income from a trade or business, other than a partnership, is community property income under state law, it is included in the earnings subject to SE tax of the spouse carrying on the trade or business. Irs extension Gain or Loss Do not include in earnings subject to SE tax a gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers. Irs extension It does not matter whether the disposition is a sale, exchange, or an involuntary conversion. Irs extension Lost Income Payments If you are self-employed and reduce or stop your business activities, any payment you receive from insurance or other sources for the lost business income is included in earnings subject to SE tax. Irs extension If you are not working when you receive the payment, it still relates to your business and is included in earnings subject to SE tax, even though your business is temporarily inactive. Irs extension Figuring Earnings Subject to SE Tax Methods for Figuring Net Earnings There are three ways to figure your net earnings from self-employment. Irs extension The regular method. Irs extension The nonfarm optional method. Irs extension The farm optional method. Irs extension You must use the regular method unless you are eligible to use one or both of the optional methods. Irs extension Why use an optional method?    You may want to use the optional methods (discussed later) when you have a loss or a small net profit and any one of the following applies. Irs extension You want to receive credit for social security benefit coverage. Irs extension You incurred child or dependent care expenses for which you could claim a credit. Irs extension (An optional method may increase your earned income, which could increase your credit. Irs extension ) You are entitled to the earned income credit. Irs extension (An optional method may increase your earned income, which could increase your credit. Irs extension ) You are entitled to the additional child tax credit. Irs extension (An optional method may increase your earned income, which could increase your credit. Irs extension ) Effects of using an optional method. Irs extension   Using an optional method could increase your SE tax. Irs extension Paying more SE tax could result in your getting higher benefits when you retire. Irs extension   If you use either or both optional methods, you must figure and pay the SE tax due under these methods even if you would have had a smaller tax or no tax using the regular method. Irs extension   The optional methods may be used only to figure your SE tax. Irs extension To figure your income tax, include your actual earnings in gross income, regardless of which method you use to determine SE tax. Irs extension Regular Method Multiply your total earnings subject to SE tax by 92. Irs extension 35% (. Irs extension 9235) to get your net earnings under the regular method. Irs extension See Short Schedule SE, line 4, or Long Schedule SE, line 4a. Irs extension Net earnings figured using the regular method are also called actual net earnings. Irs extension Nonfarm Optional Method Use the nonfarm optional method only for earnings that do not come from farming. Irs extension You may use this method if you meet all the following tests. Irs extension You are self-employed on a regular basis. Irs extension This means that your actual net earnings from self-employment were $400 or more in at least 2 of the 3 tax years before the one for which you use this method. Irs extension The net earnings can be from either farm or nonfarm earnings or both. Irs extension You have used this method less than 5 years. Irs extension (There is a 5-year lifetime limit. Irs extension ) The years do not have to be one after another. Irs extension Your net nonfarm profits were: Less than $5,024, and Less than 72. Irs extension 189% of your gross nonfarm income. Irs extension Net nonfarm profits. Irs extension   Net nonfarm profit generally is the total of the amounts from: Line 31, Schedule C (Form 1040), Line 3, Schedule C-EZ (Form 1040), Box 14, code A, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J1, Schedule K-1 (Form 1065-B). Irs extension   However, you may need to adjust the amount reported on Schedule K-1 if you are a general partner or if it is a loss. Irs extension Gross nonfarm income. Irs extension   Your gross nonfarm income generally is the total of the amounts from: Line 7, Schedule C (Form 1040), Line 1, Schedule C-EZ (Form 1040), Box 14, code C, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J2, Schedule K-1 (Form 1065-B). Irs extension Figuring Nonfarm Net Earnings If you meet the three tests explained earlier, use the following table to figure your net earnings from self-employment under the nonfarm optional method. Irs extension Table 10-1. Irs extension Figuring Nonfarm Net Earnings IF your gross nonfarm income is. Irs extension . Irs extension . Irs extension THEN your net earnings are equal to. Irs extension . Irs extension . Irs extension $6,960 or less Two-thirds of your gross nonfarm income. Irs extension More than $6,960 $4,640 Actual net earnings. Irs extension   Your actual net earnings are 92. Irs extension 35% of your total earnings subject to SE tax (that is, multiply total earnings subject to SE tax by 92. Irs extension 35% (. Irs extension 9235) to get actual net earnings). Irs extension Actual net earnings are equivalent to net earnings figured using the regular method. Irs extension Optional net earnings less than actual net earnings. Irs extension   You cannot use this method to report an amount less than your actual net earnings from self-employment. Irs extension Gross nonfarm income of $6,960 or less. Irs extension   The following examples illustrate how to figure net earnings when gross nonfarm income is $6,960 or less. Irs extension Example 1. Irs extension Net nonfarm profit less than $5,024 and less than 72. Irs extension 189% of gross nonfarm income. Irs extension Ann Green runs a craft business. Irs extension Her actual net earnings from self-employment were $800 in 2011 and $900 in 2012. Irs extension She meets the test for being self-employed on a regular basis. Irs extension She has used the nonfarm optional method less than 5 years. Irs extension Her gross income and net profit in 2013 are as follows: Gross nonfarm income $5,400 Net nonfarm profit $1,200 Ann's actual net earnings for 2013 are $1,108 ($1,200 × . Irs extension 9235). Irs extension Because her net profit is less than $5,024 and less than 72. Irs extension 189% of her gross income, she can use the nonfarm optional method to figure net earnings of $3,600 (2/3 × $5,400). Irs extension Because these net earnings are higher than her actual net earnings, she can report net earnings of $3,600 for 2013. Irs extension Example 2. Irs extension Net nonfarm profit less than $5,024 but not less than 72. Irs extension 189% of gross nonfarm income. Irs extension Assume that in Example 1 Ann's gross income is $1,000 and her net profit is $800. Irs extension She must use the regular method to figure her net earnings. Irs extension She cannot use the nonfarm optional method because her net profit is not less than 72. Irs extension 189% of her gross income. Irs extension Example 3. Irs extension Net loss from a nonfarm business. Irs extension Assume that in Example 1 Ann has a net loss of $700. Irs extension She can use the nonfarm optional method and report $3,600 (2/3 × $5,400) as her net earnings. Irs extension Example 4. Irs extension Nonfarm net earnings less than $400. Irs extension Assume that in Example 1 Ann has gross income of $525 and a net profit of $175. Irs extension In this situation, she would not pay any SE tax under either the regular method or the nonfarm optional method because her net earnings under both methods are less than $400. Irs extension Gross nonfarm income of more than $6,960. Irs extension   The following examples illustrate how to figure net earnings when gross nonfarm income is more than $6,960. Irs extension Example 1. Irs extension Net nonfarm profit less than $5,024 and less than 72. Irs extension 189% of gross nonfarm income. Irs extension John White runs an appliance repair shop. Irs extension His actual net earnings from self-employment were $10,500 in 2011 and $9,500 in 2012. Irs extension He meets the test for being self-employed on a regular basis. Irs extension He has used the nonfarm optional method less than 5 years. Irs extension His gross income and net profit in 2013 are as follows: Gross nonfarm income $12,000 Net nonfarm profit $1,200 John's actual net earnings for 2013 are $1,108 ($1,200 × . Irs extension 9235). Irs extension Because his net profit is less than $5,024 and less than 72. Irs extension 189% of his gross income, he can use the nonfarm optional method to figure net earnings of $4,640. Irs extension Because these net earnings are higher than his actual net earnings, he can report net earnings of $4,640 for 2013. Irs extension Example 2. Irs extension Net nonfarm profit not less than $5,024. Irs extension Assume that in Example 1 John's net profit is $5,400. Irs extension He must use the regular method. Irs extension He cannot use the nonfarm optional method because his net nonfarm profit is not less than $5,024. Irs extension Example 3. Irs extension Net loss from a nonfarm business. Irs extension Assume that in Example 1 John has a net loss of $700. Irs extension He can use the nonfarm optional method and report $4,640 as his net earnings from self-employment. Irs extension Farm Optional Method Use the farm optional method only for earnings from a farming business. Irs extension See Publication 225 for information about this method. Irs extension Using Both Optional Methods If you have both farm and nonfarm earnings, you may be able to use both optional methods to determine your net earnings from self-employment. Irs extension To figure your net earnings using both optional methods, you must: Figure your farm and nonfarm net earnings separately under each method. Irs extension Do not combine farm earnings with nonfarm earnings to figure your net earnings under either method. Irs extension Add the net earnings figured under each method to arrive at your total net earnings from self-employment. Irs extension You can report less than your total actual farm and nonfarm net earnings but not less than actual nonfarm net earnings. Irs extension If you use both optional methods, you can report no more than $4,640 as your combined net earnings from self-employment. Irs extension Example. Irs extension You are a self-employed farmer. Irs extension You also operate a retail grocery store. Irs extension Your gross income, actual net earnings from self-employment, and optional farm and optional nonfarm net earnings from self-employment are shown in Table 10-2. Irs extension Table 10-2. Irs extension Example—Farm and Nonfarm Earnings Income and Earnings Farm Nonfarm Gross income $3,000 $6,000 Actual net earnings $900 $500 Optional net earnings (2/3 of gross income) $2,000 $4,000 Table 10-3 shows four methods or combinations of methods you can use to figure net earnings from self-employment using the farm and nonfarm gross income and actual net earnings shown in Table 10-2. Irs extension Method 1. Irs extension Using the regular method for both farm and nonfarm income. Irs extension Method 2. Irs extension Using the optional method for farm income and the regular method for nonfarm income. Irs extension Method 3. Irs extension Using the regular method for farm income and the optional method for nonfarm income. Irs extension Method 4. Irs extension Using the optional method for both farm and nonfarm income. Irs extension Note. Irs extension Actual net earnings is the same as net earnings figured using the regular method. Irs extension Table 10-3. Irs extension Example—Net Earnings Net Earnings 1 2 3 4 Actual  farm $ 900   $ 900   Optional  farm   $ 2,000   $ 2,000 Actual nonfarm $ 500 $ 500     Optional nonfarm     $4,000 $4,000 Amount you can report: $1,400 $2,500 $4,900 $4,640* *Limited to $4,640 because you used both optional methods. Irs extension Fiscal Year Filer If you use a tax year other than the calendar year, you must use the tax rate and maximum earnings limit in effect at the beginning of your tax year. Irs extension Even if the tax rate or maximum earnings limit changes during your tax year, continue to use the same rate and limit throughout your tax year. Irs extension Reporting Self-Employment Tax Use Schedule SE (Form 1040) to figure and report your SE tax. Irs extension Then enter the SE tax on line 56 of Form 1040 and attach Schedule SE to Form 1040. Irs extension Most taxpayers can use Section A—Short Schedule SE to figure their SE tax. Irs extension However, certain taxpayers must use Section B—Long Schedule SE. Irs extension If you have to pay SE tax, you must file Form 1040 (with Schedule SE attached) even if you do not otherwise have to file a federal income tax return. Irs extension Joint return. Irs extension   Even if you file a joint return, you cannot file a joint Schedule SE. Irs extension This is true whether one spouse or both spouses have earnings subject to SE tax. Irs extension If both of you have earnings subject to SE tax, each of you must complete a separate Schedule SE. Irs extension However, if one spouse uses the Short Schedule SE and the other spouse has to use the Long Schedule SE, both can use the same form. Irs extension Attach both schedules to the joint return. Irs extension More than one business. Irs extension   If you have more than one trade or business, you must combine the net profit (or loss) from each business to figure your SE tax. Irs extension A loss from one business will reduce your profit from another business. Irs extension File one Schedule SE showing the earnings from self-employment, but file a separate Schedule C, C-EZ, or F for each business. Irs extension Example. Irs extension You are the sole proprietor of two separate businesses. Irs extension You operate a restaurant that made a net profit of $25,000. Irs extension You also have a cabinetmaking business that had a net loss of $500. Irs extension You must file a Schedule C for the restaurant showing your net profit of $25,000 and another Schedule C for the cabinetmaking business showing your net loss of $500. Irs extension You file Schedule SE showing total earnings subject to SE tax of $24,500. Irs extension Prev  Up  Next   Home   More Online Publications
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Nuclear Waste Technical Review Board

The Nuclear Waste Technical Review Board provides scientific and technical oversight of the Department of Energy's program for managing and disposing of high-level nuclear waste and spent nuclear fuel.

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Irs extension 1. Irs extension   Filing Information Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Filing RequirementsWhen To File and Pay Foreign Currency Does My Return Have To Be On Paper? Where To File Nonresident Alien Spouse Treated as a ResidentSocial Security Number (SSN) How To Make the Choice Suspending the Choice Ending the Choice Estimated Tax Other Forms You May Have To File Topics - This chapter discusses: Whether you have to file a return, When to file your return and pay any tax due, How to treat foreign currency, How to file electronically, Where to file your return, When you can treat your nonresident alien spouse as a resident, and When you may have to make estimated tax payments. Irs extension Useful Items - You may want to see: Publication 3 Armed Forces' Tax Guide 501 Exemptions, Standard Deduction, and Filing Information 505 Tax Withholding and Estimated Tax 519 U. Irs extension S. Irs extension Tax Guide for Aliens 970 Tax Benefits for Education Form (and Instructions) 1040-ES Estimated Tax for Individuals 1040X Amended U. Irs extension S. Irs extension Individual Income Tax Return 2350 Application for Extension of Time To File U. Irs extension S. Irs extension Income Tax Return 2555 Foreign Earned Income 2555-EZ Foreign Earned Income Exclusion 4868 Application for Automatic Extension of Time To File U. Irs extension S. Irs extension Individual Income Tax Return 8822 Change of Address See chapter 7 for information about getting these publications and forms. Irs extension Filing Requirements If you are a U. Irs extension S. Irs extension citizen or resident alien, the rules for filing income, estate, and gift tax returns and for paying estimated tax are generally the same whether you are in the United States or abroad. Irs extension Your income, filing status, and age generally determine whether you must file an income tax return. Irs extension Generally, you must file a return for 2013 if your gross income from worldwide sources is at least the amount shown for your filing status in the following table. Irs extension Filing Status*   Amount Single $10,000 65 or older $11,500 Head of household $12,850 65 or older $14,350 Qualifying widow(er) $16,100 65 or older $17,300 Married filing jointly $20,000 Not living with spouse at end of year $3,900 One spouse 65 or older $21,200 Both spouses 65 or older $22,400 Married filing separately $3,900 *If you are the dependent of another taxpayer, see the instructions for Form 1040 for more information on whether you must file a return. Irs extension Gross income. Irs extension   This includes all income you receive in the form of money, goods, property, and services that is not exempt from tax. Irs extension   For purposes of determining whether you must file a return, gross income includes any income that you can exclude as foreign earned income or as a foreign housing amount. Irs extension If you are self-employed, your gross income includes the amount on Part I, line 7 of Schedule C (Form 1040), Profit or Loss From Business, or line 1 of Schedule C-EZ (Form 1040), Net Profit From Business. Irs extension Self-employed individuals. Irs extension   If your net earnings from self-employment are $400 or more, you must file a return even if your gross income is below the amount listed for your filing status in the table shown earlier. Irs extension Net earnings from self-employment are defined in Publication 334, Tax Guide for Small Business. Irs extension 65 or older. Irs extension   You are considered to be age 65 on the day before your 65th birthday. Irs extension For example, if your 65th birthday is on January 1, 2014, you are considered 65 for 2013. Irs extension Residents of U. Irs extension S. Irs extension possessions. Irs extension   If you are (or were) a bona fide resident of a U. Irs extension S. Irs extension possession, you may be required to file Form 8898, Statement for Individuals Who Begin or End Bona Fide Residence in a U. Irs extension S. Irs extension Possession. Irs extension See the instructions for the form for more information. Irs extension When To File and Pay If you file on a calendar year basis, the due date for filing your return is April 15 of the following year. Irs extension If you file on a fiscal year basis (a year ending on the last day of any month except December), the due date is 3 months and 15 days after the close of your fiscal year. Irs extension In general, the tax shown on your return should be paid by the due date of the return, without regard to any extension of time for filing the return. Irs extension When the due date for doing any act for tax purposes—filing a return, paying taxes, etc. Irs extension — falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day. Irs extension A tax return delivered by the U. Irs extension S. Irs extension mail or a designated delivery service that is postmarked or dated by the delivery service on or before the due date is considered to have been filed on or before that date. Irs extension See your Form 1040 or Form 1040A instructions for a list of designated delivery services. Irs extension Foreign wire transfers. Irs extension   If you have a U. Irs extension S. Irs extension bank account, you can use: EFTPS (Electronic Federal Tax Payment System), or Federal Tax Application (same-day wire transfer). Irs extension If you do not have a U. Irs extension S. Irs extension bank account, ask if your financial institution has a U. Irs extension S. Irs extension affiliate that can help you make same-day wire transfers. Irs extension   For more information, visit www. Irs extension eftps. Irs extension gov. Irs extension Extensions You can get an extension of time to file your return. Irs extension In some circumstances, you also can get an extension of time to file and pay any tax due. Irs extension However, if you pay the tax due after the regular due date, interest will be charged from the regular due date until the date the tax is paid. Irs extension This publication discusses four extensions: an automatic 2-month extension, an automatic 6-month extension, an additional extension for taxpayers out of the country, and an extension of time to meet tests. Irs extension If you served in a combat zone or qualified hazardous duty area, see Publication 3 for a discussion of extensions of deadlines. Irs extension Automatic 2-month extension. Irs extension   You are allowed an automatic 2-month extension to file your return and pay federal income tax if you are a U. Irs extension S. Irs extension citizen or resident alien, and on the regular due date of your return: You are living outside the United States and Puerto Rico and your main place of business or post of duty is outside the United States and Puerto Rico, or You are in military or naval service on duty outside the United States and Puerto Rico. Irs extension   If you use a calendar year, the regular due date of your return is April 15. Irs extension Even if you are allowed an extension, you will have to pay interest on any tax not paid by the regular due date of your return. Irs extension Married taxpayers. Irs extension   If you file a joint return, either you or your spouse can qualify for the automatic extension. Irs extension If you and your spouse file separate returns, this automatic extension applies only to the spouse who qualifies for it. Irs extension How to get the extension. Irs extension   To use this automatic 2-month extension, you must attach a statement to your return explaining which of the two situations listed earlier qualified you for the extension. Irs extension Automatic 6-month extension. Irs extension   If you are not able to file your return by the due date, you generally can get an automatic 6-month extension of time to file (but not of time to pay). Irs extension To get this automatic extension, you must file a paper Form 4868 or use IRS e-file (electronic filing). Irs extension For more information about filing electronically, see E-file options , later. Irs extension   The form must show your properly estimated tax liability based on the information available to you. Irs extension    You may not be eligible. Irs extension You cannot use the automatic 6-month extension of time to file if: You want the IRS to figure your tax, or You are under a court order to file by the regular due date. Irs extension E-file options. Irs extension    You can use e-file to get an extension of time to file. Irs extension You can either file Form 4868 electronically or you can pay part or all of your estimate of tax due using a credit or debit card. Irs extension   First, complete Form 4868 to use as a worksheet. Irs extension If you think you may owe tax when you file your return, use Part II of the form to estimate your balance due. Irs extension    Then, do one of the following. Irs extension E-file Form 4868. Irs extension You can use a tax software package with your personal computer or a tax professional to file Form 4868 electronically. Irs extension You will need to provide certain information from your tax return for 2012. Irs extension If you wish to make a payment by electronic funds withdrawal, see the instructions for Form 4868. Irs extension If you e-file Form 4868, do not also send a paper Form 4868. Irs extension E-file and pay by credit or debit card. Irs extension You can get an extension by paying part or all of your estimate of tax due by using a credit or debit card. Irs extension You can do this by phone or over the Internet. Irs extension If you do this, you do not file Form 4868. Irs extension For more information, see the instructions for your tax return. Irs extension When to file. Irs extension   Generally, you must request the 6-month extension by the regular due date of your return. Irs extension Previous 2-month extension. Irs extension   If you cannot file your return within the automatic 2-month extension period, you generally can get an additional 4 months to file your return, for a total of 6 months. Irs extension The 2-month period and the 6-month period start at the same time. Irs extension You have to request the additional 4 months by the new due date allowed by the 2-month extension. Irs extension   The additional 4 months of time to file (unlike the original 2-month extension) is not an extension of time to pay. Irs extension You must make an accurate estimate of your tax based on the information available to you. Irs extension If you find you cannot pay the full amount due with Form 4868, you can still get the extension. Irs extension You will owe interest on the unpaid amount from the original due date of the return. Irs extension   You also may be charged a penalty for paying the tax late unless you have reasonable cause for not paying your tax when due. Irs extension Penalties for paying the tax late are assessed from the original due date of your return, unless you qualify for the automatic 2-month extension. Irs extension In that situation, penalties for paying late are assessed from the extended due date of the payment (June 15 for calendar year taxpayers). Irs extension Additional extension of time for taxpayers out of the country. Irs extension   In addition to the 6-month extension, taxpayers who are out of the country can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). Irs extension   To request this extension, you must send the Internal Revenue Service a letter explaining the reasons why you need the additional 2 months. Irs extension Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0045   You will not receive any notification from the Internal Revenue Service unless your request is denied. Irs extension   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350, discussed next. Irs extension Extension of time to meet tests. Irs extension   You generally cannot get an extension of more than 6 months. Irs extension However, if you are outside the United States and meet certain requirements, you may be able to get a longer extension. Irs extension   You can get an extension of more than 6 months to file your tax return if you need the time to meet either the bona fide residence test or the physical presence test to qualify for either the foreign earned income exclusion or the foreign housing exclusion or deduction. Irs extension The tests, the exclusions, and the deduction are explained in chapter 4. Irs extension   You should request an extension if all three of the following apply. Irs extension You are a U. Irs extension S. Irs extension citizen or resident alien. Irs extension You expect to meet either the bona fide residence test or the physical presence test, but not until after your tax return is due. Irs extension Your tax home is in a foreign country (or countries) throughout your period of bona fide residence or physical presence, whichever applies. Irs extension   If you are granted an extension, it generally will be to 30 days beyond the date on which you can reasonably expect to qualify for an exclusion or deduction under either the bona fide residence test or the physical presence test. Irs extension However, if you have moving expenses that are for services performed in 2 years, you may be granted an extension until after the end of the second year. Irs extension How to get an extension. Irs extension   To obtain an extension, file Form 2350 either by giving it to a local IRS representative or other IRS employee or by mailing it to the: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0045   You must file Form 2350 by the due date for filing your return. Irs extension Generally, if both your tax home and your abode are outside the United States and Puerto Rico on the regular due date of your return and you file on a calendar year basis, the due date for filing your return is June 15. Irs extension What if tests are not met. Irs extension   If you obtain an extension and unforeseen events make it impossible for you to meet either the bona fide residence test or the physical presence test, you should file your income tax return as soon as possible because you must pay interest on any tax due after the regular due date of the return (even though an extension was granted). Irs extension    You should make any request for an extension early, so that if it is denied you still can file your return on time. Irs extension Otherwise, if you file late and additional tax is due, you may be subject to a penalty. Irs extension Return filed before test is met. Irs extension   If you file a return before you meet the bona fide residence test or the physical presence test, you must include all income from both U. Irs extension S. Irs extension and foreign sources and pay the tax on that income. Irs extension If you later meet either of the tests, you can claim the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction on Form 1040X. Irs extension Foreign Currency You must express the amounts you report on your U. Irs extension S. Irs extension tax return in U. Irs extension S. Irs extension dollars. Irs extension If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U. Irs extension S. Irs extension dollars. Irs extension How you do this depends on your functional currency. Irs extension Your functional currency generally is the U. Irs extension S. Irs extension dollar unless you are required to use the currency of a foreign country. Irs extension You must make all federal income tax determinations in your functional currency. Irs extension The U. Irs extension S. Irs extension dollar is the functional currency for all taxpayers except some qualified business units (QBUs). Irs extension A QBU is a separate and clearly identified unit of a trade or business that maintains separate books and records. Irs extension Even if you have a QBU, your functional currency is the dollar if any of the following apply. Irs extension You conduct the business in U. Irs extension S. Irs extension dollars. Irs extension The principal place of business is located in the United States. Irs extension You choose to or are required to use the U. Irs extension S. Irs extension dollar as your functional currency. Irs extension The business books and records are not kept in the currency of the economic environment in which a significant part of the business activities is conducted. Irs extension Make all income tax determinations in your functional currency. Irs extension If your functional currency is the U. Irs extension S. Irs extension dollar, you must immediately translate into U. Irs extension S. Irs extension dollars all items of income, expense, etc. Irs extension (including taxes), that you receive, pay, or accrue in a foreign currency and that will affect computation of your income tax. Irs extension Use the exchange rate prevailing when you receive, pay, or accrue the item. Irs extension If there is more than one exchange rate, use the one that most properly reflects your income. Irs extension You can generally get exchange rates from banks and U. Irs extension S. Irs extension Embassies. Irs extension If your functional currency is not the U. Irs extension S. Irs extension dollar, make all income tax determinations in your functional currency. Irs extension At the end of the year, translate the results, such as income or loss, into U. Irs extension S. Irs extension dollars to report on your income tax return. Irs extension Blocked Income You generally must report your foreign income in terms of U. Irs extension S. Irs extension dollars and, with one exception (see Fulbright Grant, later), you must pay taxes due on it in U. Irs extension S. Irs extension dollars. Irs extension If, because of restrictions in a foreign country, your income is not readily convertible into U. Irs extension S. Irs extension dollars or into other money or property that is readily convertible into U. Irs extension S. Irs extension dollars, your income is “blocked” or “deferrable” income. Irs extension You can report this income in one of two ways: Report the income and pay your federal income tax with U. Irs extension S. Irs extension dollars that you have in the United States or in some other country, or Postpone the reporting of the income until it becomes unblocked. Irs extension If you choose to postpone the reporting of the income, you must file an information return with your tax return. Irs extension For this information return, you should use another Form 1040 labeled “Report of Deferrable Foreign Income, pursuant to Rev. Irs extension Rul. Irs extension 74-351. Irs extension ” You must declare on the information return that you will include the deferrable income in your taxable income for the year that it becomes unblocked. Irs extension You also must state that you waive any right to claim that the deferrable income was includible in your income for any earlier year. Irs extension You must report your income on your information return using the foreign currency in which you received that income. Irs extension If you have blocked income from more than one foreign country, include a separate information return for each country. Irs extension Income becomes unblocked and reportable for tax purposes when it becomes convertible, or when it is converted, into U. Irs extension S. Irs extension dollars or into other money or property that is convertible into U. Irs extension S. Irs extension currency. Irs extension Also, if you use blocked income for your personal expenses or dispose of it by gift, bequest, or devise, you must treat it as unblocked and reportable. Irs extension If you have received blocked income on which you have not paid tax, you should check to see whether that income is still blocked. Irs extension If it is not, you should take immediate steps to pay tax on it, file a declaration or amended declaration of estimated tax, and include the income on your tax return for the year in which the income became unblocked. Irs extension If you choose to postpone reporting blocked income and in a later tax year you wish to begin including it in gross income although it is still blocked, you must obtain the permission of the IRS to do so. Irs extension To apply for permission, file Form 3115, Application for Change in Accounting Method. Irs extension You also must request permission from the IRS on Form 3115 if you have not chosen to defer the reporting of blocked income in the past, but now wish to begin reporting blocked income under the deferred method. Irs extension See the instructions for Form 3115 for information on changing your accounting method. Irs extension Fulbright Grant All income must be reported in U. Irs extension S. Irs extension dollars. Irs extension In most cases, the tax also must be paid in U. Irs extension S. Irs extension dollars. Irs extension If, however, at least 70% of your Fulbright grant has been paid in nonconvertible foreign currency (blocked income), you can use the currency of the host country to pay the part of the U. Irs extension S. Irs extension tax that is based on the blocked income. Irs extension Paying U. Irs extension S. Irs extension tax in foreign currency. Irs extension   To qualify for this method of payment, you must prepare a statement that shows the following information. Irs extension You were a Fulbright grantee and were paid in nonconvertible foreign currency. Irs extension The total grant you received during the year and the amount you received in nonconvertible foreign currency. Irs extension At least 70% of the grant was paid in nonconvertible foreign currency. Irs extension The statement must be certified by the U. Irs extension S. Irs extension educational foundation or commission paying the grant or other person having control of grant payments to you. Irs extension   You should prepare at least two copies of this statement. Irs extension Attach one copy to your Form 1040 and keep the other copy for identification purposes when you make a tax deposit of nonconvertible foreign currency. Irs extension Figuring actual tax. Irs extension   When you prepare your income tax return, you may owe tax or the entire liability may have been satisfied with your estimated tax payments. Irs extension If you owe tax, figure the part due to (and payable in) the nonconvertible foreign currency by using the following formula. Irs extension   Adjusted gross income that is blocked income × Total U. Irs extension S. Irs extension tax = Tax on blocked income     Total adjusted  gross income     You must attach all of the following to the return. Irs extension A copy of the certified statement discussed earlier. Irs extension A detailed statement showing the allocation of tax attributable to amounts received in foreign currency and the rates of exchange used in determining your tax liability in U. Irs extension S. Irs extension dollars. Irs extension The original deposit receipt for any balance of tax due that you paid in nonconvertible foreign currency. Irs extension Figuring estimated tax on nonconvertible foreign currency. Irs extension   If you are liable for estimated tax (discussed later), figure the amount you can pay to the IRS in nonconvertible foreign currency using the following formula. Irs extension   Adjusted gross income that is blocked income × Total estimated U. Irs extension S. Irs extension tax = Estimated tax on blocked income     Total adjusted  gross income     If you must pay your host country income tax on your grant, subtract any estimated foreign tax credit that applies to your grant from the estimated tax on the blocked income. Irs extension Deposit of foreign currency with disbursing officer. Irs extension   Once you have determined the amount of the actual tax or estimated tax that you can pay in nonconvertible foreign currency, deposit that amount with the disbursing officer of the Department of State in the foreign country in which the foundation or commission paying the grant is located. Irs extension Estimated tax installments. Irs extension   You can either deposit the full estimated tax amount before the first installment due date or make four equal payments before the installment due dates. Irs extension See Estimated Tax , later. Irs extension Deposit receipt. Irs extension   Upon accepting the foreign currency, the disbursing officer will give you a receipt in duplicate. Irs extension The original of this receipt (showing the amount of foreign currency deposited and its equivalent in U. Irs extension S. Irs extension dollars) should be attached to your Form 1040 or payment voucher from Form 1040-ES. Irs extension Keep the copy for your records. Irs extension Does My Return Have To Be On Paper? IRS e-file (electronic filing) is the fastest, easiest, and most convenient way to file your income tax return electronically. Irs extension IRS e-file offers accurate, safe, and fast alternatives to filing on paper. Irs extension IRS computers quickly and automatically check for errors or other missing information. Irs extension Even returns with a foreign address can be e-filed! How to e-file. Irs extension   There are three ways you can e-file. Irs extension Use your personal computer. Irs extension Use a volunteer. Irs extension Many programs offering free tax help can e-file your return. Irs extension Use a tax professional. Irs extension Most tax professionals can e-file your return. Irs extension These methods are explained in detail in the instructions for your tax return. Irs extension Where To File If any of the following situations apply to you, do not file your return with the service center listed for your home state. Irs extension You claim the foreign earned income exclusion. Irs extension You claim the foreign housing exclusion or deduction. Irs extension You live in a foreign country. Irs extension Instead, use one of the following special addresses. Irs extension If you are not enclosing a check or money order, file your return with the: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 USA If you are enclosing a check or money order, file your return with: Internal Revenue Service Center P. Irs extension O. Irs extension Box 1303 Charlotte, NC 28201-1303 USA If you do not know where your legal residence is and you do not have a principal place of business in the United States, you can file with the appropriate address listed above. Irs extension However, you should not file with the addresses listed above if you are a bona fide resident of the U. Irs extension S. Irs extension Virgin Islands, Guam, or the Commonwealth of the Northern Mariana Islands during your entire tax year. Irs extension Resident of U. Irs extension S. Irs extension Virgin Islands (USVI). Irs extension   If you are a bona fide resident of the USVI during your entire tax year, you generally are not required to file a U. Irs extension S. Irs extension return. Irs extension However, you must file a return with the USVI. Irs extension    Send your return to the:     Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. Irs extension Thomas, Virgin Islands 00802 Non-USVI resident with USVI income. Irs extension   If you are a U. Irs extension S. Irs extension citizen or resident alien and you have income from sources in the USVI or income effectively connected with the conduct of a trade or business in the USVI, and you are not a bona fide resident of the USVI during your entire tax year, you must file identical tax returns with the United States and the USVI. Irs extension File the original return with the United States and file a signed copy of the U. Irs extension S. Irs extension return (including all attachments, forms, and schedules) with the Virgin Islands Bureau of Internal Revenue. Irs extension   You must complete Form 8689, Allocation of Individual Income Tax to the U. Irs extension S. Irs extension Virgin Islands, and attach a copy to both your U. Irs extension S. Irs extension return and your USVI return. Irs extension You should file your U. Irs extension S. Irs extension return with the address listed under Where To File. Irs extension   See Publication 570, Tax Guide for Individuals With Income From U. Irs extension S. Irs extension Possessions, for information about filing Virgin Islands returns. Irs extension Resident of Guam. Irs extension   If you are a bona fide resident of Guam during your entire tax year, you should file a return with Guam. Irs extension    Send your return to the:     Department of Revenue and Taxation Government of Guam P. Irs extension O. Irs extension Box 23607 GMF, GU 96921   However, if you have income from sources within Guam and you are a U. Irs extension S. Irs extension citizen or resident alien, but not a bona fide resident of Guam during the entire tax year, you should file a return with the United States. Irs extension Send your return to the address listed under Where To File. Irs extension   See Publication 570 for information about filing Guam returns. Irs extension Resident of the Commonwealth of the Northern Mariana Islands. Irs extension   If you are a bona fide resident of the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you should file a return with the Northern Mariana Islands. Irs extension    Send your return to the:      Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. Irs extension O. Irs extension Box 5234, CHRB Saipan, MP 96950   However, if you have income from sources within the CNMI and you are a U. Irs extension S. Irs extension citizen or resident alien, but not a bona fide resident of the CNMI during the entire tax year, you should file a return with the United States. Irs extension Send your return to the address listed under Where To File. Irs extension   See Publication 570 for information about filing Northern Mariana Islands returns. Irs extension Nonresident Alien Spouse Treated as a Resident If, at the end of your tax year, you are married and one spouse is a U. Irs extension S. Irs extension citizen or a resident alien and the other is a nonresident alien, you can choose to treat the nonresident as a U. Irs extension S. Irs extension resident. Irs extension This includes situations in which one of you is a nonresident alien at the beginning of the tax year and a resident alien at the end of the year and the other is a nonresident alien at the end of the year. Irs extension If you make this choice, the following two rules apply. Irs extension You and your spouse are treated, for income tax purposes, as residents for all tax years that the choice is in effect. Irs extension You must file a joint income tax return for the year you make the choice. Irs extension This means that neither of you can claim under any tax treaty not to be a U. Irs extension S. Irs extension resident for a tax year for which the choice is in effect. Irs extension You can file joint or separate returns in years after the year in which you make the choice. Irs extension Example 1. Irs extension Pat Smith, a U. Irs extension S. Irs extension citizen, is married to Norman, a nonresident alien. Irs extension Pat and Norman make the choice to treat Norman as a resident alien by attaching a statement to their joint return. Irs extension Pat and Norman must report their worldwide income for the year they make the choice and for all later years unless the choice is ended or suspended. Irs extension Although Pat and Norman must file a joint return for the year they make the choice, they can file either joint or separate returns for later years. Irs extension Example 2. Irs extension When Bob and Sharon Williams got married, both were nonresident aliens. Irs extension In June of last year, Bob became a resident alien and remained a resident for the rest of the year. Irs extension Bob and Sharon both choose to be treated as resident aliens by attaching a statement to their joint return for last year. Irs extension Bob and Sharon must report their worldwide income for last year and all later years unless the choice is ended or suspended. Irs extension Bob and Sharon must file a joint return for last year, but they can file either joint or separate returns for later years. Irs extension If you do not choose to treat your nonresident alien spouse as a U. Irs extension S. Irs extension resident, you may be able to use head of household filing status. Irs extension To use this status, you must pay more than half the cost of maintaining a household for certain dependents or relatives other than your nonresident alien spouse. Irs extension For more information, see Publication 501. Irs extension Social Security Number (SSN) If you choose to treat your nonresident alien spouse as a U. Irs extension S. Irs extension resident, your spouse must have either an SSN or an individual taxpayer identification number (ITIN). Irs extension To get an SSN for a nonresident alien spouse, apply at an office of the U. Irs extension S. Irs extension Social Security Administration (SSA) or U. Irs extension S. Irs extension consulate. Irs extension You must complete Form SS-5, Application for a Social Security Card, available at www. Irs extension socialsecurity. Irs extension gov or by calling 1-800-772-1213. Irs extension You must also provide original or certified copies of documents to verify that spouse's age, identity, and citizenship. Irs extension If the nonresident alien spouse is not eligible to get an SSN, he or she can file Form W-7, Application for IRS Individual Taxpayer Identification Number, with the IRS to apply for an ITIN. Irs extension How To Make the Choice Attach a statement, signed by both spouses, to your joint return for the first tax year for which the choice applies. Irs extension It should contain the following: A declaration that one spouse was a nonresident alien and the other spouse a U. Irs extension S. Irs extension citizen or resident alien on the last day of your tax year and that you choose to be treated as U. Irs extension S. Irs extension residents for the entire tax year, and The name, address, and social security number (or individual taxpayer identification number) of each spouse. Irs extension (If one spouse died, include the name and address of the person making the choice for the deceased spouse. Irs extension ) You generally make this choice when you file your joint return. Irs extension However, you also can make the choice by filing a joint amended return on Form 1040X. Irs extension Attach Form 1040, 1040A, or 1040EZ and print “Amended” across the top of the amended return. Irs extension If you make the choice with an amended return, you and your spouse also must amend any returns that you may have filed after the year for which you made the choice. Irs extension You generally must file the amended joint return within 3 years from the date you filed your original U. Irs extension S. Irs extension income tax return or 2 years from the date you paid your income tax for that year, whichever is later. Irs extension Table 1–1. Irs extension Ending the Choice To Treat Nonresident Alien Spouse as a Resident Revocation   Either spouse can revoke the choice for any tax year. Irs extension   • The revocation must be made by the due date for filing the tax return for that tax year. Irs extension   • The spouse who revokes the choice must attach a signed statement declaring that the choice is being revoked. Irs extension The statement revoking the choice must include the following:     • The name, address, and social security number (or taxpayer identification number) of each spouse. Irs extension     • The name and address of any person who is revoking the choice for a deceased spouse. Irs extension     • A list of any states, foreign countries, and possessions that have community property laws in which either spouse is domiciled or where real property is located from which either spouse receives income. Irs extension   • If the spouse revoking the choice does not have to file a return and does not file a claim for refund, send the statement to the Internal Revenue Service Center where the last joint return was filed. Irs extension Death   The death of either spouse ends the choice, beginning with the first tax year following the year in which the spouse died. Irs extension   • If the surviving spouse is a U. Irs extension S. Irs extension citizen or resident alien and is entitled to the joint tax rates as a surviving spouse, the choice will not end until the close of the last year for which these joint rates may be used. Irs extension   • If both spouses die in the same tax year, the choice ends on the first day after the close of the tax year in which the spouses died. Irs extension Divorce or  Legal separation   A divorce or legal separation ends the choice as of the beginning of the tax year in which the legal separation occurs. Irs extension Inadequate records   The Internal Revenue Service can end the choice for any tax year that either spouse has failed to keep adequate books, records, and other information necessary to determine the correct income tax liability, or to provide adequate access to those records. Irs extension Suspending the Choice The choice to be treated as a resident alien does not apply to any later tax year if neither of you is a U. Irs extension S. Irs extension citizen or resident alien at any time during the later tax year. Irs extension Example. Irs extension Dick Brown was a resident alien on December 31, 2010, and married to Judy, a nonresident alien. Irs extension They chose to treat Judy as a resident alien and filed a joint 2010 income tax return. Irs extension On January 10, 2012, Dick became a nonresident alien. Irs extension Judy had remained a nonresident alien. Irs extension Because Dick was a resident alien during part of 2012, Dick and Judy can file joint or separate returns for that year. Irs extension Neither Dick nor Judy was a resident alien at any time during 2013 and their choice is suspended for that year. Irs extension For 2013, both are treated as nonresident aliens. Irs extension If Dick becomes a resident alien again in 2014, their choice is no longer suspended and both are treated as resident aliens. Irs extension Ending the Choice Once made, the choice to be treated as a resident applies to all later years unless suspended (as explained earlier) or ended in one of the ways shown in Table 1-1. Irs extension If the choice is ended for any of the reasons listed in Table 1-1, neither spouse can make a choice in any later tax year. Irs extension Estimated Tax The requirements for determining who must pay estimated tax are the same for a U. Irs extension S. Irs extension citizen or resident abroad as for a taxpayer in the United States. Irs extension For current instructions on making estimated tax payments, see Form 1040-ES. Irs extension If you had a tax liability for 2013, you may have to pay estimated tax for 2014. Irs extension Generally, you must make estimated tax payments for 2014 if you expect to owe at least $1,000 in tax for 2014 after subtracting your withholding and credits and you expect your withholding and credits to be less than the smaller of: 90% of the tax to be shown on your 2014 tax return, or 100% of the tax shown on your 2013 tax return. Irs extension (The return must cover all 12 months. Irs extension ) If less than two-thirds of your gross income for 2013 and 2014 is from farming or fishing and your adjusted gross income for 2013 is more than $150,000 ($75,000 if you are married and file separately), substitute 110% for 100% in (2). Irs extension See Publication 505 for more information. Irs extension The first installment of estimated tax is due on April 15, 2014. Irs extension Foreign earned income exclusion. Irs extension   When figuring your estimated gross income, subtract amounts you expect to exclude under the foreign earned income exclusion and the foreign housing exclusion. Irs extension In addition, you can reduce your income by your estimated foreign housing deduction. Irs extension However, you must estimate tax on your nonexcluded income using the tax rates that will apply had you not excluded the income. Irs extension If the actual amount of the exclusion or deduction is less than you estimate, you may have to pay a penalty for underpayment of estimated tax. Irs extension   For more information about figuring your estimated tax, see Publication 505. Irs extension Other Forms You May Have To File FinCEN Form 114 (replaces Form TD F 90-22. Irs extension 1). Irs extension   Beginning October 1, 2013, Form 114, Report of Foreign Bank and Financial Accounts (FBAR), must be filed instead of Form TD F 90-22. Irs extension 1. Irs extension Form 114 is filed electronically with the Financial Crimes Enforcement Network (FinCEN). Irs extension See the filing instructions at www. Irs extension bsaefiling. Irs extension fincen. Irs extension treas. Irs extension gov/main. Irs extension html. Irs extension   You must file Form 114 if you had any financial interest in, or signature or other authority over a bank, securities, or other financial account in a foreign country. Irs extension You do not need to file the report if the assets are with a U. Irs extension S. Irs extension military banking facility operated by a financial institution or if the combined assets in the account(s) are $10,000 or less during the entire year. Irs extension   More information about the filing of Form 114 can be found in the instructions for the form. Irs extension FinCEN Form 105. Irs extension   You must file Form 105, Report of International Transportation of Currency or Monetary Instruments, if you physically transport, mail, ship, or cause to be physically transported, mailed, or shipped into or out of the United States, currency or other monetary instruments totaling more than $10,000 at one time. Irs extension Certain recipients of currency or monetary instruments also must file Form 105. Irs extension   More information about the filing of Form 105 can be found in the instructions on the back of the form. Irs extension Form 8938. Irs extension   You must file Form 8938 to report the ownership of specified foreign financial assets if the total value of those assets exceeds an applicable threshold amount (the “reporting threshold ”). Irs extension The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. Irs extension Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. Irs extension S. Irs extension person. Irs extension   You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. Irs extension   More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. Irs extension Prev  Up  Next   Home   More Online Publications