KORUS Tax Accounting Consulting (korusta.com): [U.S. Tax] U.S. Individual Income Tax Law Update For Tax Year 2019

[U.S. Tax] U.S. Individual Income Tax Law Update For Tax Year 2019

What’s new for tax year 2019

1) Form 1040-SR

You can use Form 1040-SR, U.S. Tax Return for Seniors if you were born before January 2, 1955.

2) Fewer numbered schedules

There are only 3 numbered schedules instead of 6.

3) IRA and pension reporting

You will now report your IRA distributions and pensions and annuities on new lines 4c and 4d.

4) Capital gain or (loss) is now reported on line 6

It will be reported on Form 1040 or 1040-SR, line 6 instead of line 13.

5) Health care coverage shared responsibility payment

You no longer need to either make a shared responsibility payment or file Form 8965.

6) Standard deduction amount increased

* Single or Married filing separately: $12,200.

* Married filing jointly or Qualifying widow(er): $24,400

* Head of household: $18,350

7) Qualified business income deduction

Use Form 8995 or Form 8995-A for figuring your qualified business income deduction, if applicable.

8) Alternative minimum tax (AMT) exemption amount increased

* The AMT exemption amount: $71,700 ($111,700 if married filing jointly or qualifying widow(er); $55,850 if married filing separately)

* Income level to phase out: $510,300 ($1,020,600 if married filing jointly or qualifying widow(er))

9) Qualified opportunity investment

Attach Form 8997 to your return if you held a qualified investment in a qualified opportunity fund at any time during the year.

10) Virtual currency

Use Schedule I if you engaged in a transaction involving virtual currency.

11) Email address

An optional field for your email address

12) Medicaid waiver payments

How Medicaid waiver payments are treated for purposes of the earned income credit for line 18a

13) Extended tax provisions

For 2019, Recent legislation extended certain tax benefits that had expired at the end of 2017, including:

* Tuition and fees deduction

* Deduction for mortgage insurance premiums

* Nonbusiness energy property credit

* Alternative fuel vehicle refueling credit

* Indian employment credit

Note that If you are eligible for one or more of these benefits for tax year 2018, you will need to file an amended return, Form 1040-X, to claim them.

14) Disaster tax relief

For those impacted by certain federally declared disasters,

* An increased standard deduction based on your qualified disaster losses.

* Election to use your 2018 earned income to figure your 2019 earned income credit.

* Election to use your 2018 earned income to figure your 2019 additional child tax credit.

1. Individual Income Tax Return

If you are a U.S. citizen or resident alien, the rules for filing income tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside. The individual must use a social security number (SSN) for filing the income tax return, but if the individual does not have, and is not eligible for, an SSN, he or she must apply for an IRS individual taxpayer identification number (ITIN) with the income tax return.

You should file form 1040 by April 15, 2020. You can get the automatic 2-month extension without specific requests required if you live outside the United States and you can get an automatic 6-month extension (due on October 15, 2020) if, no later than the date your return is due, you file form 4868.

2. FBAR (Reports of Foreign Bank and Financial Accounts)

U.S. taxpayers with an interest in, or signature or other authority over, foreign financial accounts whose aggregate value exceeded $10,000 at any time during the taxable year generally must file an FBAR. The FBAR due date is by April 15, 2020 and you can get the automatic 6-month extension (due on October 15, 2020) without specific requests required.

3. FATCA (Foreign Account Tax Compliance Act)

U.S taxpayers must file a form 8938 with form 1040 if you must file an income tax return and you have more than the following amounts of specified foreign financial assets.

Filing status	Taxpayers living abroad		Taxpayers living in the United States
Filing status	on the last day of the tax year	at any time during the year	on the last day of the tax year	at any time during the year
Single	$200,000	$300,000	$50,000	$75,000
married filing separate	$200,000	$300,000	$50,000	$75,000
married filing a joint	$400,000	$600,000	$100,000	$150,000

4. International Information Return

U.S. taxpayer must file the following international information return, if applicable.

1) Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts

2) Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner

3) Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations

4) Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business

5) Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation

6) Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, etc.

7) Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund

8) Form 8891, U.S. Information Return for Beneficiaries of Certain Canadian Registered Retirement Plans

5. Streamlined Filing Compliance Procedures

The U.S. IRS Streamlined Filing Compliance Procedures (SFCP) are available to taxpayers certifying that their failure to report foreign financial assets accounts (FBAR & FATCA) and pay all tax due in respect of those assets accounts did not result from willful conduct on their part. The taxpayers who are eligible for and use the SFCP may reduce penalties completely or substantially.

* Streamlined Foreign Offshore Procedures (SFOP): Reduce penalties completely

* Streamlined Domestic Offshore Procedures (SDOP): Reduce penalties substantially (50%→5%)

Source: IRS

[Disclaimer] This is used only for your information and is not legally binding.

[미국세무] 2019년 귀속 미국 개인소득세법 업데이트

What’s new for tax year 2019

1) Form 1040-SR (추가 신고서 양식 Form 1040-SR)

1955년도 1월 2일 이전 출생자는 Form 1040-SR, U.S. Tax Return for Seniors 사용 가능

2) Fewer numbered schedules (명세서수 축소)

Schedule(명세서)수가 6개에서 3개로 축소

3) IRA and pension reporting (IRS와 연금 신고)

IRA distributions, pensions/annuities (연금)을 새로운 lines 4c와 4d에 신고

4) Capital gain or (loss) is now reported on line 6 (양도 손익 신고)

양도 손익을 Form 1040 or 1040-SR의 line 13 대신 line 6에 신고

5) Health care coverage shared responsibility payment (건강보험 공동 분담금)

건강보험 공동 분담금 납부의무와 Form 8965 신고의무 폐지

6) Standard deduction amount increased (표준공제금액 증가)

* Single(독신) or Married filing separately(부부개별): $12,200.

* Married filing jointly(부부합산) or Qualifying widow(er)(적격미망인): $24,400

* Head of household(세대주): $18,350

7) Qualified business income deduction (적격사업소득공제)

적격사업소득공제와 관련하여 Form 8995 또는 Form 8995-A 신고

8) Alternative minimum tax (AMT) exemption amount increased (최저한세면세액 증가)

* The AMT exemption amount(최저한세면세액): $71,700 ($111,700 if married filing jointly or qualifying widow(er); $55,850 if married filing separately)

* Income level to phase out (면세감소소득수준): $510,300 ($1,020,600 if married filing jointly or qualifying widow(er))

9) Qualified opportunity investment (적격기회투자)

적격기회에 적격투자와 관련하여 Form 8997 신고

10) Virtual currency (가상화폐)

가상화폐와 관련된 거래가 있는 경우 Schedule I 로 신고

11) Email address (이메일)

An optional field for your email address

12) Medicaid waiver payments

How Medicaid waiver payments are treated for purposes of the earned income credit for line 18a

13) Extended tax provisions (연장된 세무규정)

2019년도에 대해서 2017년도에 폐지된 아래 세액공제혜택이 연장됨.

* Tuition and fees deduction (등록금 공제)

* Deduction for mortgage insurance premiums (모기지보험료 공제)

* Nonbusiness energy property credit (비사업에너지재산 공제)

* Alternative fuel vehicle refueling credit (대체연료전동차 재연료 공제)

* Indian employment credit (인디언 고용 공제)

만약 2018년도분에 대해서 위 해당 혜택을 적용받기 원하신다면 2018년 신고에 대해서 수정신고하셔야 합니다.

14) Disaster tax relief (재난세무경감)

연방차원에서 선언한 재난에 영향을 받은 납세자에 대해서 아래와 같은 혜택 제공

* An increased standard deduction based on your qualified disaster losses. (추가 표준공제)

* Election to use your 2018 earned income to figure your 2019 earned income credit. (근로소득공제 조정)

* Election to use your 2018 earned income to figure your 2019 additional child tax credit. (추가 자녀세액공제 조정)

1. Individual Income Tax Return

미국 시민권 또는 거주자 외국인은 미국에 거주하든 해외에 거주하든 상관없이 전세계 소득에 대해서 미국 소득세 신고 의무를 가집니다. 개인은 소득세신고를 위해 사회보장번호(SSN)을 사용하여야 합니다. 그러나 만약 해당 개인이 SSN을 가지고 있지 않고 SSN을 신청할 자격이 없다면 소득세신고 시 IRS 개인납세자번호(ITIN)를 신청해야 합니다.

개인신고서 Form 1040의 신고기한은 2020년 4월 15일까지입니다. 만약 귀하께서 미국밖 해외에 거주하고 계시다면 특정한 요청없이 신고기한 2개월까지 자동연장됩니다. 또한 신고기한 전에 Form 4868를 신고하시면 신고기한을 최대 6개월까지 (마감기한 2020년 10월 15일) 연장할 수 있습니다.

2. FBAR (Reports of Foreign Bank and Financial Accounts)

과세년도 중 한번이라도 총금액이 $10,000가 초과하는 해외금융계좌의 지분, 서명 또는 기타 권한을 가지고 있는 미국 납세자는 FBAR를 신고해야 합니다. 신고기한은 2020년 4월 15일까지이며 신고기한은 특정한 요청없이 6개월까지 (마감기한 2020년 10월 15일) 자동연장됩니다.

3. FATCA (Foreign Account Tax Compliance Act)

미국납세자가 소득세신고의무가 있고 특정해외금융자산에 대해서 다음과 같은 금액을 초과한다면 Form 1040과 함께 Form 8938를 신고해야 합니다.

신고지위	해외거주납세자		미국거주납세자
신고지위	연말	연중	연말	연중
Single (독신)	$200,000	$300,000	$50,000	$75,000
married filing separate (부부개별)	$200,000	$300,000	$50,000	$75,000
married filing a joint (부부합산)	$400,000	$600,000	$100,000	$150,000

4. International Information Return

미국납세자가 아래 국제정보신고 (International Information Return)에 적용을 받는다면 반드시 신고해야 합니다.