moving from boston to HK

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  1. #11

    Join Date
    Oct 2004
    Location
    Midlevels / USA (MD) / London
    Posts
    2,218

    Pretty much anyone who applies for it gets an automatic extension, in or out of the US, but you do have to apply. And what's annoying is that you basically have to know what your tax liability is when you apply anyway....

    I applied one year as I lived in two states, and one foreign country, and my wife worked in a different state, but was paid in our home state. Needless to say, it took some added time to compute.


  2. #12

    Join Date
    Mar 2006
    Location
    Pokfulam
    Posts
    204

    Hmmm...I was told that if you live abroad you don't need to apply. The extension was automatic.


  3. #13

    Join Date
    Dec 2004
    Location
    Hong Kong
    Posts
    6,355

    I've also heard there's a cutoff point before you have to pay taxes, i.e., if you're inside the US for under 140 days a year or something, you still file a tax return but you're not taxed on your overseas income. I read something about it on this forum, too...


  4. #14

    Join Date
    Mar 2006
    Location
    Cambridge, MA
    Posts
    2

    Hi guys,

    Thank you for the help, but I've decided not to move to HK after all.
    Turns out we both got job offers in NY, and chose to stay on for a couple of years before considering another move.

    Thanks for the help and best of luck to everyone!


  5. #15

    Join Date
    May 2006
    Posts
    6

    A little about US tax

    Hey congrats on you and your girlfriends' decision. All the best to both of your careers and relationship.

    btw, I used prepared US returns for expats in HK, and other asian countries. The 140 days applys to non-US citizens because the thing is if you are non-US citizens, your income will be taxed if you worked in the US for 140 or more days for that year.

    As for US citizens, there is the automatic extention of time for filing. (You may even keep on applying as long as it's reasonable in terms of your situation) To play safe, you can choose to pay the similar amout (Estimated Tax Payments from 90% to 110% depending on your situation) of $ to the IRS first and submit to return later. (if you don't mind losing the interests you would have earned in the bank or taking it out from investments). The IRS will pay you back certain amount of interest if it happens that you don't owe them the amount you paid.

    Also, as you work and live overseas, you should claim your expenses for housing and foreign earned income (both are limited to certain amounts and depend on your aggregated gross income) with form 2555.

    [Having said that, I do not take any responsibilities for the above information. Consult your accountant for professional advice before filing your tax return.]

    Anyhow, the next deadline is coming soon. Good luck!


  6. #16

    i am the other way around. i am originally from hong kong and am currently working for a hedge fund based off boston because the one i would like to marry is here for grad school. ( i graduated in may from college)
    i speak fluent english, cantonese, mandarin, as well as shanghainese. eventually, i would also like to go back to hk after i am done with grad school myself.

    u went to havard and she went to tufts. am i right?


  7. #17

    Yes, you do get the auto extension, and the Form 2555 does come in handy, (it gives you something like 80K tax-free, because it is foreign-earned.)


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