Hi, I am hoping I can get some insight on my solution on how to handle my taxes:
- I am a resident for tax purposes as per the substantial presence test in the US since 2018 (came into the US on F1). I left the US in July for Canada (I am not a US citizen or green card holder)
- I have had no US-related income since July 2024, but I have sold some stocks in my US Schwab account after July.
- I am planning to return to the US in September 2025
- I have filed my initial taxes as a full-year resident, but my accountant didn't include my foreign taxes because he didn't know that I was expected to do so.
- Per the IRS and even all the filing software I had tried using, I am a US Resident for tax purposes because I meet the substantial presence.
- I also know that I can choose the Dual-status filing option
My questions:
- I am in the process of amending the full-year tax-resident filing to include my foreign income. But will it be more accurate/safe to amend it to a dual-status filing?
- I am 90% sure that I will return to the US this year, but what if I don't return? What will be the repercussions of having filed as a full-year resident for 2024?
- If I amend to file as a dual-status for 2024 and then return in 2025, can I file a full-year return for 2025 as well?
- I should have gotten an extension instead of filing, but considering my situation, what's the way forward?
- Also, my refund has already been processed and deposited. I know that the amendment would reduce my refund and I will have to refund the IRS. If I go ahead to pay what I owe before April 15, I won't get any penalties or interest, right? Because technically, I paid all owed taxes before the deadline for the year?
