Virgin Islands Worksheet - Self-Assessment
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How to fill out Worksheet - Self-Assessment?
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FAQ
assessment worksheet is a tool that taxpayers use to evaluate their tax situation, ensuring compliance with local tax laws. In the context of the Virgin Islands, this worksheet helps you calculate your taxable income and applicable deductions accurately. Using a Virgin Islands Worksheet SelfAssessment can make this process more manageable and straightforward.
If you earned foreign income abroad, you report it to the U.S. on Form 1040. In addition, you may also have to file a few other forms relating to foreign income, like your FBAR (FinCEN Form 114) and FATCA Form 8938.
While the Foreign Earned Income (FEI) Tax Worksheet is linked to Federal Form 1040 U.S. Individual Income Tax Return, it is only used if the return reports an amount on Form 2555 Foreign Earned Income, Line 45 for the Foreign Earned Income Exclusion.
The amount of tax paid to the Virgin Islands is reported on Line 46. This amount is then reported on Line 33 of your Form 1040 and taken as a credit.
Where to file. You must file identical tax returns with the United States and the USVI. If you are not enclosing a check or money order, file your original tax return (including Form 8689) with the Department of the Treasury, Internal Revenue Service Center, Austin, TX 73301-0215 USA.
The first form TurboTax has available is Form 2555, also known as Foreign Earned Income Exclusion (FEIE), which allows you to exclude a certain amount of foreign earned income from any US tax. For this tax year (2021) you can exclude up to $108,700.
The mailing address is 9601 Estate Thomas, St. Thomas, VI 00802.
The tax applies to wages from employment, self-employment income and railroad retirement income, but if you are receiving W-2 income, the tax will most likely be withheld from your wages. Either way, anyone subject to the tax is required to file Form 8959 with their annual income tax filing.
Here's how to enter your foreign income:Sign in to TurboTax and open or continue your return. ASearch for foreign income.Select the Jump to link in the search results.Answer Yes to Did You Make Any Money Outside the United States? A‚ and follow the on-screen instructions.
Login to your TurboTax Account. Click "Federal" from the left side of your screen. Scroll down to Foreign Earned Income and Exclusion and click Start...In TurboTax online,After sign into your account, select Pick up where you left off.To your right upper corner, in the search box, type in schedule c.Follow prompts.
