Hello,
I arrived as a expat manager to the U.S. with the L1A visa (manager inter-company) on February 29th, 2020 with spouse and kids. We have not left since then (pandemic). I started on the U.S. branch payroll on March 1st, 2020. Spouse doesn't work.
Reading through the forums I think I have figured out some think that concerned aliens' first timer filler; please correct me if i am wrong:
Assumptions I have:
- I have come a go the U.S. (and many other countries) so many times in my life from 2016 to 2019 but always as a B1/B2 Business Trip. I don't think I have spent more than 14 days at a time. I don't want to deal with 1040NR.
- However, I do pass the "tax residence test" for 2020 and I will file my taxes with the 1040 form.
- Spouse has a SSN, but never worked.
- I will filed married jointly.
- The kids cannot have SSN with the L2 visas. So I need to get them a ITIN number with the W-7 form so I can claim them as dependents.
- I sold some U.S. stocks and I'm filling the 1099B.
- I do not own a house in U.S.
Foreign Wages
Before coming to the U.S. and up to February 29th, I was a manger in my own country branch (foreign country don't have a tax treaty) and received my wages in my own country bank for January and February 2020. I also received in my own country bank a severance package for my services when I move out. Every wages, bonuses, etc were taxed in my own country tax code and deposited directly to my foreign bank account.
Former Primary Residence (or still my residence?) and Foreign Bank Accounts
I also rented my former primary residence on February 2020 that's is still going on. I paid my property taxes.
I also own another property that in law are living on for free.
I have saving bank accounts on my foreign country with more than report tress hold.
My wife also has saving bank accounts with more than the report tress hold.
I also sold my primary car on February 2020 on my own country, paid my taxes in my own country, and leased a new one on U.S.
Questions
- Please confirm my assumptions.
- Obviously I want to pay the less taxes possible for the foreign transactions and I have already payed taxes for it !. So how I tackle this beast?
- I don't want to deal with foreign transactions here and there and bank secrecy, should I move my cash from there to the U.S.?
