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Reporting taxes to US - bloody hell!

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  1. #21

    Join Date
    Dec 2014
    Posts
    2

    For any other Americans out there, if there you ever paid into Social Security, you are officially exempt from MPF.


  2. #22

    Join Date
    Feb 2012
    Location
    Park Island, Hong Kong
    Posts
    54

    I'm still trying to figure out how to handle my MPF contributions and my school's MPF contributions. Also I've been reading about the US and HK governments signing a FACTA exemption agreement, but I can't tell if it changes anything on the US taxes reporting end for US citizens like myself. You can search for the agreement, but here is a blogpost that explains some of it: Hong Kong signs FATCA agreement with the United States, poor wording may not excuse MPF or ORSO schemes | the MPF blog

    I'm also trying to use Turbotax and figure out my own taxes because I don't make much money, and I don't want to pay a CPA to go through everything for me.

    Can any US citizen living and working in HK state how they filed their MPF contributions and their employer's contributions for the 2014 calendar year? Any different than last year?


  3. #23
    qvp
    qvp is offline

    Join Date
    Sep 2012
    Posts
    38

    Use HR Block. I think a lot people are transitioning over to it.


  4. #24

    Join Date
    Jan 2012
    Posts
    804

    yup i use HR Block. i don't even put anything in there about my MPF.


  5. #25

    Join Date
    Feb 2012
    Location
    Park Island, Hong Kong
    Posts
    54

    Thanks for the HR Block advice, but I don't think their software is so much better than TurboTax. Both don't usually accommodate Americans living abroad even though by some estimates it's 5+ million. And most of those Americans abroad are supposed to file taxes every year even if it's just an informational return and they don't actually owe the US money.

    I like not reporting my MPF and supposedly that agreement above means places like HSBC and other financial institutions in HK don't need to report MPF accounts of Americans to the IRS, but the US has regularly made it worse to be an American living abroad through FACTA, FBAR, and more. So I'm not holding my breath thinking that just not reporting my MPF account will work in the long run.

    I finally gave up this year after spending days last year and in 2013 filling my taxes on my own with just software. I went with a service that specializes in US expats taxes, but it'll cost me $350USD for my federal return and maybe another $100 or more for my self employment part. I'm not sure what how they'll report my measly MPF account, which lost money in 2014 if I use December 31st, 2014 as when to calculate my returns.

    Anyway best of luck to other Americans abroad also struggling with their US taxes. Another HR Block option is another American I know is he does his own taxes. Then he sends his return to be reviewed by an HR Block person in the US, and then HR Block actually files his return on his behalf. He said if a well known accounting firm or just a CPA files your return with their name stamped under the who prepared this return section your likelihood of being audited significantly is reduced compared to the chances of being audited if you self-prepare your returns.


  6. #26

    Join Date
    Jan 2012
    Posts
    804

    actually i used TurboTax for maybe 6 years abroad and it was great. it seemed to break down a bit now i have a wife and a kid, it wont even let me finish to print and file (because my wife and child dont have an SSN, i cannot eFile). at least HR Block lets gives me options there, which then will allow the printing.


  7. #27

    Join Date
    Jul 2012
    Posts
    1,334

    i've been using H&R for a long time. expats tax due date is 6/15 by default. so you still have time. for me, don't make enough to pay tax anyway. just a formality.


  8. #28

    Join Date
    Aug 2011
    Posts
    3

    KPMG did our taxes for 3 years (employer paid) then I took over using Turbotax and using all that I learned from KPMG's detailed calculations.
    MPF: This is treated as a non-qualified pension, i.e. taxed at standard tax rates.
    All money that employer contributes, plus any gains is added as "wages" on 1040. How calculated: Vested balance from 12/31 of current year minus vested balance of 12/31 of previous year (losses are a little more complicated).
    All gains from employee contributions are taxed the same but are reflected as "Other Income" on 1040.
    FBAR: I only started reporting MPF account with 2013 taxes just to make sure I'm clear with FATCA. Not sure if you "must" report it but as long as you are paying tax on it then it can't hurt to report it on FBAR.

    Elegiaque likes this.

  9. #29
    qvp
    qvp is offline

    Join Date
    Sep 2012
    Posts
    38

    Are there any guidebooks / pdfs on how to use HR Block software to report 100% foreign income?


  10. #30

    Join Date
    Jan 2015
    Posts
    57

    Unhappy Sorry to rekindle an old thread but...

    I'm just wondering... I'm an American, been living in HK for the past three years making just about 100K USD/year for a HK corporation and need to back file a few years.

    The major question I can't seem to get a solid answer on is... despite making just at or below the exception line for the duration of my time here and paying into MPF, will I still be on the hook for SS/Medicare (i.e. 15% of everything I've earned) once I do?


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