Hi
I have a few questions. I come from UK and just move to US for work. My husband lives in the UK. I need to go back to UK very often to visit him.
1. I have a few UK bank accounts with around 20k GBP. I know I need to report the max value of the year on 8939 form and Fbar next year. Do I need to pay some tax for my oversea account? From online, I see some website mentions that all the money should be transfered to USD. People may own some tax because of the change of the currency? I will only use the money when I am in UK or may transfer some to my husband for the living and pay UK tax of the last year. I think it will be ridiculous if I need to pay tax because I have money in UK bank.
2. My job is to trade stocks for my company. Personally, I only receive the wage and bonus. Does it belong to net investment income tax? I think it is not because personally, I do not trade stocks to earn money. I work for the company and I trade stocks for the company.
3. Does the tax of bonus and wage the same? Are they all treated as ordinary income or they are different? I see the withholding tax of them are different
4. I assume based on my current situation I should use the deluxe turbotax?
5. There is one mortage with the name of both myself and my husband. It is paid by my husband with his account independly. I assume it means it has nothing to do with me even it is within my name on it. I do not need to report anything about this mortage, right?
Sorry for lots of questions.
Helen
