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. The 8939 form and Fbar are informational returns only ... no tax is paid on these filings. However any income earned on those accounts (like interest) is reported on the form1040 where your total worldwide income is reported.
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. Wages are NOT reported for the NIT.
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 It is all ordinary income on an income tax return and is treated the same way. The reason bonuses have more withholding on them is something you can ask the employer to explain.
4. I assume based on my current situation I should use the deluxe turbotax? Yes, the deluxe will work well unless you have a personal stock broker account where you get interest/dividends or sell stock personally.
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? The mortgage interest can be deducted on the Sch A if you don't use the standard deduction ... and if you are filing separately then you both must itemize if one person itemizes or you both must use the standard deduction.
