Virgin Islands Private Annuity Agreement
Description
How to fill out Private Annuity Agreement?
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FAQ
The U.S. Virgin Islands uses a mirror system of taxation, also known as the Mirror Code, meaning that USVI taxpayers pay taxes to the Virgin Islands Bureau of Internal Revenue ("BIR") generally to the same extent as U.S. taxpayers would under the Code to the U.S. Internal Revenue Service.
A U.S. citizen or resident alien (other than a bona fide resident of the U.S. Virgin Islands (USVI)) with income from sources in the USVI or income effectively connected with the conduct of a trade or business in the USVI uses this form to figure the amount of U.S. tax allocable to the USVI.
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.
An applicant for permanent residence must reside in the Virgin Islands consecutively for a period of 20 years before application can be considered. An applicant can only be absent from the Territory for 90 days in any calendar year except when pursuing further education or as a result of illness.
You should pay any tax due to the Virgin Islands when you file your return with the Virgin Islands Bureau of Internal Revenue. You receive credit for taxes paid to the Virgin Islands by including the amount on Form 8689, line 32, in the total on Form 1040, line 65.
To take the credit, you must complete Form 8689 and attach it to your Form 1040 or 1040-SR. Add line 41 and line 46 of Form 8689 and include the amount in the total on Form 1040 or 1040-SR, Total payments line. On the dotted line next to it, enter Form 8689 and the amount paid.
The mailing address is 9601 Estate Thomas, St. Thomas, VI 00802.
Form 8689 is a tax form distributed by the Internal Revenue Service (IRS) for use by U.S. citizens and resident aliens who earned income from sources in the U.S. Virgin Islands (USVI) but are not bona fide residents. The U.S. Virgin Islands are considered an unincorporated territory of the United States.
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.
Purpose of Form Use Form 8898 to notify the IRS that you became or ceased to be a bona fide resident of a U.S. possession in accordance with section 937(c). See Bona Fide Residence, later.
