Taxes! Help!  

 

DaniQ
(@DaniQ)
Advanced Member
Joined: 7 years ago
Posts: 20
April 10, 2014 2:55 pm  

Good Morning,

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!

Dani


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OldTart
(@the-oldtart)
Expert
Joined: 8 years ago
Posts: 6523
April 10, 2014 3:48 pm  

Not sure what you're asking but I'll give it a shot - just pick up the forms from the local IRB office (they're exactly the same as the IRS statewide forms), complete them and take them back to the office to have them filed. At least that's the way I always did it!


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Alana33
(@Alana33)
Expert
Joined: 8 years ago
Posts: 12191
April 10, 2014 5:18 pm  

Call VIBIR and ask them.


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CruzanIron
(@cruzaniron)
Trusted Member
Joined: 6 years ago
Posts: 2447
April 10, 2014 6:35 pm  

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.


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C_Ray6
(@C_Ray6)
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Joined: 6 years ago
Posts: 141
April 10, 2014 6:48 pm  

Does Turbo Tax work in the USVI? I know you can file federal and most state taxes using their software.


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CruzanIron
(@cruzaniron)
Trusted Member
Joined: 6 years ago
Posts: 2447
April 10, 2014 8:16 pm  

Yes, I used TT and TaxAct both last year to see if the results might vary, and they both yielded identical returns and values.


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JE
 JE
(@JE)
Advanced Member
Joined: 15 years ago
Posts: 319
April 10, 2014 10:09 pm  

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.


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jj00802
(@jj00802)
Advanced Member
Joined: 7 years ago
Posts: 74
April 11, 2014 7:51 am  

IRS Publication 570 may answer most questions

http://www.irs.gov/pub/irs-pdf/p570.pdf

Tax Guide
for Individuals
With Income
From U.S.
Possessions


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gonetropo
(@gonetropo)
Advanced Member
Joined: 8 years ago
Posts: 427
April 11, 2014 9:09 am  

DaniQ
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.

http://www.irs.gov/Individuals/International-Taxpayers/Individuals-Living-or-Working-in-U.S.-Possessions

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


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