Tax Return

How to file your Tax Return with Turbotax

Dependent:
A minor Child is your dependent. You use the minor child as a tax write off when the minor child qualifies. If the minor child qualifies as a tax write off, and even if his income is lower than $12k a year – the minor child is required to file a tax return.

The income of the minor child also requires to pay income tax and self employment tax, if the minor child was just self-employed. The selfemployment tax includes Social Security and Medicare.

Social Security and Medicare can be calculated with the Self Employment Tax Calculator:

https://www.mortgagecalculator.org/calcs/self-employment-tax-calculator.php

Foreign Bank Accounts

If you have foreign Financial Assets you need to file those assets if the total amount is more than $50k.

The Foreign Bank accounts have to be reported within the Tax-Return and additional, the Foreign Bank Account information has to be reported electronically to the BSA–> https://bsaefiling.fincen.treas.gov/main.html

Download the Form from their website. Download the 2019 Form.

I recommend filing the FBAR Form within the BSA E-Filing System first. And after, you file your tax return.

Turbotax Fees: If you don’t pay with your credit card upfront and decide to pay TurboTax from your Refund you’ll be charged a $40,– Fee from Turbotax.

Recommendation: Pay upfront so you don’t have to pay the Fee.

AGI Number

When you file a tax return and you would like to file electronically, you’ll be asked to provide the so called AGI Number from the Tax Return the year before.

You can find your AGI Number from your Tax Return filed a year before. For example, if you filed your Tax Return 2018 then you’ll find the AGI Number on FORM 1040 at Line 7.

Advice: Always keep a copy of your filed tax-return. Because you will need it for the next year when you want to file electronically.