US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.

Shadow0: Jun 16, 2008; If to live in this style is to be eccentric, it must be confessed that there is something good in eccentricity.; Grimey Drawer

I've been working abroad 100% of last year. I tried filling out the million forms and sheets, and I'm 99% sure it's supposed to come to $0 since I make far less than $120,000. But it's not. And I'm not seeing the exclusion even doing anything. It seems to be working in the opposite direction if anything.

I think

1040 posted:

10 Adjustments to income from Schedule 1, line 26

is supposed to be the same as

1040 posted:

8 Additional income from Schedule 1, line 10

in my case, but Schedule 1 doesn't ask me what the excluded amount is.
I'm very confused where on the 1040 or some other sheet the exclusion is supposed to work.

I don't want to pay $110 to have some software do it for me, but when I use free software, it doesn't even ask me for my foreign income, then it gets mad at me for having $0 in income.
Sorry, I don't know how much you can help, but I thought it might be worth a shot. It feels super scummy that I might have to pay to file taxes in a country I don't even live in just to (probably) tell them it was $0 just because they made it soooooooo complicated.

# ¿ Apr 12, 2024 17:45

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# ¿ May 16, 2024 21:35

Shadow0: Jun 16, 2008; If to live in this style is to be eccentric, it must be confessed that there is something good in eccentricity.; Grimey Drawer

PatMarshall posted:

Use form 2555, the instructions should explain how it works.

I did exactly that, but then line 44 wants my income from 1040 line 11. But line 11 is dependent on line 44... It's a circle.

2555 posted:

44 Deductions allowed in figuring your adjusted gross income (Form 1040 or 1040-SR, line 11) that are
allocable to the excluded income. See instructions and attach computation

1040 posted:

11 Subtract line 10 from line 9. This is your adjusted gross income

dpkg chopra posted:

Are you self employed? If so, you�ll still owe self employment taxes.

No, I'm just a regular employee with nothing economically fancy or interesting at all in my life.

Shadow0 fucked around with this message at 03:13 on Apr 13, 2024

# ¿ Apr 13, 2024 03:10

Shadow0: Jun 16, 2008; If to live in this style is to be eccentric, it must be confessed that there is something good in eccentricity.; Grimey Drawer

Boris Galerkin posted:

Try running the numbers in this excel spreadsheet: https://sites.google.com/view/incometaxspreadsheet/home

All the cells and dependencies are linked and automatically update. Might help you resolve your issues.

(If you don't have excel it works in Google sheets too.)

Potentially dumb question, but do things in parenthesis mean negative?

As I thought, it is totaling to 0, but only if the () means negative.

# ¿ Apr 14, 2024 17:52

Shadow0: Jun 16, 2008; If to live in this style is to be eccentric, it must be confessed that there is something good in eccentricity.; Grimey Drawer

H110Hawk posted:

Yes.

Oh wow, I just noticed one of the fields has parenthesis baked in! It all makes sense now!
I thought that was weird, but didn't know if I should interpret it as anything. It all came together and worked how I expected it to.
I can finally file! Thank you so much!

# ¿ Apr 14, 2024 20:35

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.