I know this is on short notice and I should have taken care of this already but I have not and have some questions. This will be first year filing taxes here in the V.I. I have lived here since Feb. of last year. What do I have to do to get these things filed?!?! I am getting different answers from most people I ask. Any help would be greatly appreciated!
Go on line, download TAXACT, you don't need to pay for it or buy the state edition or the premium edition, answer the questions that it asks, print out the return and TAKE IT TO THE IRB in person, with a duplicate, and get the duplicate copy stamped as received.
Oh, pay at that time if you owe.
TurboTax and the other tax software programs work fine here with a couple of exceptions. One is that you can not electronically file your return - you will need to print out two identical copies and take them to the IRB. They will do a quick check to verify they are the same and then stamp one of them for you to keep for your records. The other issue is that if you are self-employed then you will need to override the tax due entry and separate the self-employment tax (Social Security and Medicare taxes) from the income tax. The tax programs don't do this because in the states you file all taxes due to the IRS. The IRB only cares about the income tax due them and will not forward the self-employment taxes to the IRS. You will need to file a 1040SS (available on the IRS website) and send it to the IRS with a check for your self-employment tax. That also applies to your quarterly estimated tax payments, in which you take the income tax portion to the IRB and mail the SS and Medicare portion to the IRS.
IRS Publication 570 may answer most questions
It's actually quite simple.
An individual who has income from U.S. Virgin Islands, or Puerto Rico will probably have to file a tax return with the tax department of one of these territories. It is possible that you may have to file two annual tax returns: one with the territory's tax department and the other with the U.S. Internal Revenue Service. You should ask for forms and advice about the filing of territory tax returns from that territory's tax department and not the U.S. Internal Revenue Service.
If you don't have income and are a bona fide resident of the U.S. Virgin Islands, you also may have to file with the IRB.
You can download all of the necessary forms in Acrobat format and fill them in online and save on your computer and simply mail to the IRB. http://apps.irs.gov/app/picklist/list/formsPublications.html