International Tax Lunch: Dual Status Returns?"What They Are, How They Work, How to Prepare Them
When someone becomes a U.S. person for tax purposes mid-year or ceases to be a U.S. person for tax purposes mid-year, they may be eligible to file a dual-status return. A dual-status return reports income for part of the year as a resident and part of the year as a nonresident. Learn how to identify the transition date; how income, exemptions, deductions and credits work on dual-status returns; how the foreign earned income exclusion can be applied; and how to prepare a dual-status return.
- Dual-status tax year
- Alternate US residence start date and end date
- Green card test
- Substantial presence test
- Foreign earned income exclusion
- Nonresident income reporting
- Determine the alternate start or end date of a taxpayer's US residence in a dual-status tax year.
- Recognize the different methods of reporting income under the resident and nonresident periods.
- Recognize what exemptions, deductions and credits apply to each portion of the tax year.
- Apply the foreign earned income correctly for a dual-status tax year.
- Calculate income and tax on a dual-status tax return.
Lawyers and CPAs.
Applicable if you are a HSCPA member in good standing.
Applicable if you are not a HSCPA member.