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DV 2017 OC Selectees

Hi guys, can i just confirm that i'm not mistaken, if i can show i have more than $10,000 to support myself, i DON'T need an affidavit of support??

Also, probably a trivial question but my US sized passport photos have not been cut. The place that took it said they didnt have a cutter. Should i cut it out myself (with scissors) or just take the uncut sheet to the interview?
 
lottic said:
Hi guys, can i just confirm that i'm not mistaken, if i can show i have more than $10,000 to support myself, i DON'T need an affidavit of support??

Also, probably a trivial question but my US sized passport photos have not been cut. The place that took it said they didnt have a cutter. Should i cut it out myself (with scissors) or just take the uncut sheet to the interview?
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You MIGHT still need an affidavit of support, but USUALLY OCers are not asked about financials. It is a wise idea to take financial proof though, as every case is different and things change.

Cut the photos yourself (careful on the size).
 
Britsimon said:
You MIGHT still need an affidavit of support, but USUALLY OCers are not asked about financials. It is a wise idea to take financial proof though, as every case is different and things change.

Cut the photos yourself (careful on the size).
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Thanks Britsimon! In my case, i don't know anyone in the US to get an affidavit of support so hopefully proof of financials is enough!
 
allabouttonight said:
Yeah I might play it safe and go with 6 months, cheers for the advice!
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Oh that's interesting. I thought we had up to 12 months after activation (or was it 12 months after we're approved for the visa at the consulate?) in order to move over there permanently. I was hoping to tie things up here and save up as much cash as possible before moving early next year.
 
Ok this is a long shot, but is it possible to extend your initial activation trip by a week or even a couple of days.

This baby still has not decided to come and today is the very last day that would allow us to have the baby vaccinated before getting on a 13+ hour flight and activate before the expiry date (which is 6 weeks from today).

I know I have had 6 months, but if anyone knows if it is possible to get an extension that would be great and put this overdue pregnant mumma at ease..
 
RI1985 said:
Ok this is a long shot, but is it possible to extend your initial activation trip by a week or even a couple of days.

This baby still has not decided to come and today is the very last day that would allow us to have the baby vaccinated before getting on a 13+ hour flight and activate before the expiry date (which is 6 weeks from today).

I know I have had 6 months, but if anyone knows if it is possible to get an extension that would be great and put this overdue pregnant mumma at ease..
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No. Your last date to enter is the expiry date on your visa. No exceptions....
 
SusieQQQ said:
No. Your last date to enter is the expiry date on your visa. No exceptions....
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I thought as much.. but just wanted to check.. thanks SusieQ.
Looks like we will be doing separate trips to Hawaii to activate or I will be sweet talking a child health nurse into vaccinating early.. wish me luck!!
 
RI1985 said:
I thought as much.. but just wanted to check.. thanks SusieQ.
Looks like we will be doing separate trips to Hawaii to activate or I will be sweet talking a child health nurse into vaccinating early.. wish me luck!!
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I commend your commitment to vaccination, but it sounds like it may make the most sense to activate separately and leave the child with the other parent while doing so. Just remember that the primary winner has to activate first.
 
Hi all,

I've got a boring tax question that I hope a former DV winner can shed some light on.

What is the deal with foreign tax credits on income earned overseas? I earned a bit of income in Australia Jan/Feb last year before moving to the US, and it was my understanding that because of the treaty we have between the US and Aus. that I couldn't be taxed twice for it. But I'm trying to put it in on TurboTax and it's telling me that I am going to be taxed on it again. There's a reduction (albeit EXTREMELY minor) and I'm wondering if I'm just entering this in incorrectly, or if this is what other people's past experiences have been...
 
You don't have to pay tax again because it's already been taxed by the Australian government.

BUT, honestly, I'd get an accountant to do your taxes, especially in the first year when you may have active income.

Even for subsequent years, income and interest for superannuation has to be declared. The US do not recognize superannuation as a pension account (there is some contention about this but the general thought is that our superannuation does not meet pension account requirements). To them, it's an investment account and, as such, you need to declare both the income and interest. You won't get taxed on it, but you need to declare it.

There are also reporting requirements to the IRS to consider. You may also have to list all foreign bank accounts you hold, the maximum value they held during the year and the interest earned on them. From memory, this is if you hold accounts in excess of $10000USD at any point during that year. Even if the money was only in the account for a day, it has to be declared.

https://www.fincen.gov/sites/default/files/shared/FBAR Line Item Filing Instructions.pdf

This is why we get an accountant to do ours - it can get tricky. Plus, our accountant ensures that any changes to tax laws are applied in our return, so we avoid getting on the wrong side of the IRS.
 
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Just to add, we've done two returns so far. We have not been taxed a second time on Australian income or interest.
 
EmilyW said:
There are also reporting requirements to the IRS to consider. You may also have to list all foreign bank accounts you hold, the maximum value they held during the year and the interest earned on them. From memory, this is if you hold accounts in excess of $10000USD at any point during that year. Even if the money was only in the account for a day, it has to be declared.

https://www.fincen.gov/sites/default/files/shared/FBAR Line Item Filing Instructions.pdf

.
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Just to clarify, if you have a total of $10000+ overseas at any stage in the year you have to declare all your offshore accounts, even if the individual accounts are less than that. FBAR is very straightforward to fill out but tax advisors will do it for you as well.

I agree with getting an accountant to do your taxes if you have overseas income or assets. If your taxes are fairly straightforward it won't cost much (worth the peace of mind re IRS), and if they are complicated it will definitely be worth it!
 
Thanks all, I think you're all right that it's going to be best to get an accountant for this one. Was hoping I could do it myself, but it's proving quite confusing doing this with all the variables I have, ha. Foreign income, multiple W2's, 1099's, no Obamacare for most of last year... plus an accountant will know much more of the tricks of the trade here than I will!
 
So say if you have 10k in a savings account that has already been taxed by another country, it needs to be declared, but it wouldn't be taxed by the US?
 
FBAR is pure reporting. No tax implications.

In your tax return, you have to declare worldwide income: that includes interest from bank accounts, superannuation income and interest (as the US see these accounts as an investment, not a pension fund), any other income such as rental property income.
 
Ok so for your tax return then, not FBAR? I've downloaded a few files for the UK-US tax exemption thing but it makes me die a little inside (very dry stuff indeed)
 
Wingpin said:
Ok so for your tax return then, not FBAR? I've downloaded a few files for the UK-US tax exemption thing but it makes me die a little inside (very dry stuff indeed)
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This is really why you need an accountant! For most people, if you pay tax in one country you won't owe in the US if there is a double tax treaty and it's income. However some differences do exist, emily has mentioned the different tax treatment of superannuation funds. If you sell assets, there may be implications from different capital gains tax rates. There are also exchange rate complications to deal with. And it's a PITA reconciling different tax year conventions across countries because most give you tax-relevant statements as a total for the tax year.

FBAR is both for checking on potential money laundering, and that the income you declare to the IRS is consistent with your assets.
 
Good call out @SusieQQQ re capital gains. In Australia, if it's the primary residence, there is no CGT to be paid. In the US, if you made $USD250k capital gains on a property you sold ($USD500k if you file as a couple), even it was in another country, that will be taxed by the US.

The US tax system is complicated. It's worth getting an accountant, in my opinion. Plus, accountants will get you deductions you didn't know you were entitled to.
 
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