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Old 16.04.2009, 09:40
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US Taxes for dual citizenhsip

I have looked around to see if I can find an answer to my questions in one of the many posts but I couldnít but if this is still a duplicate I apologize.

How does it work for a dual citizen, CH Ė USA when filing taxes? Does it matter if I am Swiss first and then American, meaning if Iím Swiss born and became American later or vise versa?

I know that the due date was yesterday so Iím late as it is. However, if I want to apply for an extension does anyone know which form to use? I have seen a couple of different forms but donít know which one is the correct one. I have also read that when living outside the US one automatically gets an extension until June 15. Is that correct? Would that mean that I have to pay interest for the two months Iím late?

Then I read that when earning only $8000 something (canít remember the exact amount) one has to pay taxes????? I thought one has to earn more than $87,000 and if it is less I wouldnít have to pay? Will I have to send in my Swiss tax form to the US or do I only tell them the numbers?

This whole tax thing is way too confusing for me and obviously I need help. Does anyone know of a tax person in Basel that isnít too expensive and trustworthy? Thank you very much for your help.
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Old 16.04.2009, 11:33
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Re: US Taxes for dual citizenhsip

As an expat, you can file an extension for up 6 months( i.e. your
return would be due October 15)

You have to file a return if you are a US citizen. They don't care
about whether you have another citizenship or not. Additionally,
your Swiss return does not matter to the IRS.

As a person living outside the US, you can either take

1. Foreign tax credit for taxes paid in Switzerland.
2. Exclude 87000 of foreign income from your US return.
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Old 16.04.2009, 11:37
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Re: US Taxes for dual citizenhsip

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... stuff
most of this was covered last week!

EU / US Dual Citizenship and Taxes
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Old 16.04.2009, 11:40
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Re: US Taxes for dual citizenhsip

[quote=JG2008;438501]II have also read that when living outside the US one automatically gets an extension until June 15. Is that correct? Would that mean that I have to pay interest for the two months I’m late?

Last edited by conrad; 16.04.2009 at 11:40. Reason: no response
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Old 16.04.2009, 11:42
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Re: US Taxes for dual citizenhsip

It is an extension to submit the tax return, not the taxes due. If there is an amount due you owuld have to pay late penalties and interest.

[quote=JG2008;438501].

. I have also read that when living outside the US one automatically gets an extension until June 15. Is that correct? Would that mean that I have to pay interest for the two months Iím late?
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Old 16.04.2009, 12:05
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Re: US Taxes for dual citizenhsip

[quote=conrad;438596]It is an extension to submit the tax return, not the taxes due. If there is an amount due you owuld have to pay late penalties and interest.

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.

. I have also read that when living outside the US one automatically gets an extension until June 15. Is that correct? Would that mean that I have to pay interest for the two months Iím late?
You automatically have two months extension, i.e. June 15. After
that you can file an extension for up to 6 months, i.e. October 15.
I do this every year, and there are no late penalties. However, you
still have to pay interest if you owe money.
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Old 17.04.2009, 08:20
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Re: US Taxes for dual citizenhsip

Thanks everyone for your feedback. It still sounds complicated and no fun but I guess I got to do it anyway
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Old 19.07.2012, 05:25
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Re: US Taxes for dual citizenhsip

I have a slighly different problem. I have my inheritance in a swiss bank, the bank automatically deducts 35% tax on the interest. Now that I have to pay taxes in the US, where I live, I filed tax return and it cost me again, like another 15%, can I get the 35% back from the Swiss bank/government? how do I go about it?
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Old 19.07.2012, 08:47
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Re: US Taxes for dual citizenhsip

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I have a slighly different problem. I have my inheritance in a swiss bank, the bank automatically deducts 35% tax on the interest. Now that I have to pay taxes in the US, where I live, I filed tax return and it cost me again, like another 15%, can I get the 35% back from the Swiss bank/government? how do I go about it?
Have you told the bank where you live & what is it invested in?
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Old 19.07.2012, 10:06
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Probably your only recourse is to make sure you report the taxes already paid to Switzerland on your US return. If you're not living in Switzerland, not sure how to do this...maybe report it on schedule a, when itemizing deductions. But you may be stuck with double taxation for some of your funds. Perhaps talk to a tax advisor.
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Old 19.07.2012, 11:00
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Re: US Taxes for dual citizenhsip

If you have a simple financial situation you can use the online Turbotax software.
Also refer to my post where I also tried to get an understanding of all the inputs required.
US Tax Basics 101
If you are not yet in the US system and have been living here for a number of years, they have a new program where you can enter without penalty. Program starts in Sept and you have to file 3 years back taxes & 6 years of FBARS.
The US tax code is complex, confusing and unfair for overseas US citizens. Unfortunately in return we don't get any services or any political representation.
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Old 22.07.2012, 03:05
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Re: US Taxes for dual citizenhsip

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I have looked around to see if I can find an answer to my questions in one of the many posts but I couldnít but if this is still a duplicate I apologize.

How does it work for a dual citizen, CH Ė USA when filing taxes? Does it matter if I am Swiss first and then American, meaning if Iím Swiss born and became American later or vise versa?

I know that the due date was yesterday so Iím late as it is. However, if I want to apply for an extension does anyone know which form to use? I have seen a couple of different forms but donít know which one is the correct one. I have also read that when living outside the US one automatically gets an extension until June 15. Is that correct? Would that mean that I have to pay interest for the two months Iím late?

Then I read that when earning only $8000 something (canít remember the exact amount) one has to pay taxes????? I thought one has to earn more than $87,000 and if it is less I wouldnít have to pay? Will I have to send in my Swiss tax form to the US or do I only tell them the numbers?

This whole tax thing is way too confusing for me and obviously I need help. Does anyone know of a tax person in Basel that isnít too expensive and trustworthy? Thank you very much for your help.
Welcome to the wonderful world of IRS extraterritorial taxation. You are fortunate in that you have a CH passport to rely on in the event you chose to renounce your US passport.
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