04-11-2005, 09:46 PM
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 Re: Wife's foreigned earned income. "robert[at]elastica.com" <robert[at]elastica.com> wrote: - quote - > So, my wife joined me here in the US in 2004.
If you file jointly, yes, you include her worldwide income> I'm allowed to amend my previous years tax returns once I > obtain an ITIN for her. > Previously I would have filed married filing separately. > This year I'm filing married filing jointly and I'm using an > ITIN for my wife. > Q. If I amend 2003 tax return am I required to show my wifes > income? > The whole point of doing so is because I'm entitled to a > greater deduction as my wife would have earned considerably > less than 10k USD in any given year so I can significantly > reduce my gross by using the standard deduction for married > filing jointly. > Q. Where can I find out the average exchange rate to be used > in the event I have to convert her earnings to USD? along with yours. But she probably qualifies to exclude her earned income (up to US$80,000) because she was a bona fide resident in the other country. See Form 2555. Try http://www.exchangerate.com/ -- Tom Healy, CPA Boulder, CO Web: http://www.tomhealycpa.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-11-2005, 05:54 PM
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| Wife's foreigned earned income. So, my wife joined me here in the US in 2004. I'm allowed to amend my previous years tax returns once I obtain an ITIN for her. Previously I would have filed married filing separately. This year I'm filing married filing jointly and I'm using an ITIN for my wife. Q. If I amend 2003 tax return am I required to show my wifes income? The whole point of doing so is because I'm entitled to a greater deduction as my wife would have earned considerably less than 10k USD in any given year so I can significantly reduce my gross by using the standard deduction for married filing jointly. Q. Where can I find out the average exchange rate to be used in the event I have to convert her earnings to USD? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| earned, foreigned, income, wife |
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