Form 8840 for Vacaville California 2024-2025

Form 8840 for Vacaville California: What You Should Know

If you haven't filed your tax return, yet it's time to start. What the 8840 Form Claims. The closer connection is claimed for those who have: A foreign bank account located in one of the EEA(European Economic Area) countries and who (i) was a resident of the United States or (ii) was a resident of a non- EEA country.  What Does a Closely Connected Exemption Claim Allow Me to Claim? The closer connection exempts foreign citizens that hold the following: One or more non-US bank accounts, (i) with one of the EEA nation(IES), and (iii) that held 200,000 or more at the beginning of the tax year.  Where Can I Get This Form? This new version of the form allows you to claim the closer connection to a foreign country(IES).  What About the Foreign Bank Account? You don't need to file a financial statement. The foreign bank account doesn't have to be in a foreign country. You only need to report the foreign bank account to the IRS.  Does This Form Cover U.S. Citizens And Citizens Of United States Dependent Territories? The close connection exception also exempts U.S. citizens that have a U.S. bank account and hold at least 200,000 at the beginning of 2017.  Do Foreign Bank Account Held by People Subject to the Close Connection Exemption Have to Be Reported To the IRS? No. The close connection exemption doesn't apply at all to U.S. citizens or non-U.S. banking customers with a U.S. bank account at the beginning of 2017.   Is There a Time Limit? The closer connection exemption for close ties does not apply to foreign persons with non-U.S. banking accounts for the tax year. You don't have to file a return for each foreign country that you hold a non-U.S. bank account. All of a foreign person's funds will be held for the tax year in the non-U.S. bank account.  What About Foreign Taxes? You must have a non-U.S. tax return or financial statement to claim the closer connection. The closest foreign government agency that holds your funds must complete a financial statement for the tax year and send it to the IRS. What If I Don't Have a Financial Statement? No problem.

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