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    mohan108's Avatar
    mohan108 Posts: 7, Reputation: 1
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    #1

    Jan 14, 2020, 07:46 PM
    FBAR and Form 8938 Filing requirements
    Hi,
    I had few questions about filing requirements.

    - After a US visitor gains US resident status (via green card), is he supposed to report his foreign income even for the months in a year he was a US visitor?

    - If his income after gaining US resident status is below the Federal filing limit, does he still need to file taxes? Where can I find the Federal filing limits for 5 months US residency? The IRS lists the limits for 12 months US residency.

    - If he does not require to file taxes based on his income, does he still need to submit FBAR and Form 8938 based on his account balance?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,815, Reputation: 846
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    #2

    Jan 14, 2020, 08:34 PM
    In order:

    1) Yes. A resident of the United States is REQUIRED to report ALL world-wide income for the entire calendar year. If he/she paid taxes to another country on some of that income, he/she can claim the Foreign Tax Credit using Form 1116.

    2) Since all world-wide income for the entire year must be reported, the 12-month limits are all that matter.

    3) Yes
    mohan108's Avatar
    mohan108 Posts: 7, Reputation: 1
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    #3

    Jan 15, 2020, 07:34 AM
    Thanks. That was helpful. I'm assuming if a green card holder resides even 1 day of a year in US, he still has to file as a resident and hence whole year income (partially foreign) will be used to determine if he needs to file taxes that year.

    A last question.
    - If a dad lives with his son, are they considered part of the same household for Tax purposes?
    - What is the difference between Head of Household and Qualified Widower, for Tax purposes?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,815, Reputation: 846
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    #4

    Jan 15, 2020, 08:02 AM
    Mohan,

    The green card holder has to file even if they are never in the United States for the calendar year. The filing requirement remains until they surrender the green card.

    Yes, the dad can be considered a dependent to the son and qualify the son as Head of Household.

    Head of Household is a status for the breadwinner who has dependents in the house. The dependents can be children, siblings and parents.

    Qualified Widower is a separate status for a widow or widower who has dependent CHILDREN and allows them to file a JOINT return for twol years after the death of their spouse.
    mohan108's Avatar
    mohan108 Posts: 7, Reputation: 1
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    #5

    Jan 15, 2020, 08:10 AM
    That was very useful. Thanks again.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,815, Reputation: 846
    Senior Tax Expert
     
    #6

    Jan 15, 2020, 08:22 AM
    Glad to help!

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