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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13605
Experience:  15years with H & R Block. Divisional leader, Instructor
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Hi Robin, I asked this question principally for my wife that

Customer Question

Hi Robin,
I asked this question principally for my wife that runs a business here in Honduras. Now I have decided I had better file my tax returns that I have not done since 2006. How should I start. I am a US citizen and have two US citizen boys 13 & 14. I am employed by my wifes company as a captain and a manager. I receive SS and my boys do as well. My salary is less than the 80,000 deduction I should receive.
Submitted: 5 years ago.
Category: Tax
Expert:  Robin D. replied 5 years ago.

Robin D :

Hello and thank you for using Just Answer.
You will simply prepare the returns starting with the 2006 tax year. As long as the IRS has not requested the information first you can use the 2555 form to exclude the income. You are not required to include your sons' SS payments on your tax returns.
Here is a link to the irs.gov page that has the prior year forms you will need
http://www.irs.gov/formspubs/article/0,,id=98339,00.html
They will all need to be mailed since e-file is not allowed for past year returns and the 2010 dead line is past too. You can claim your son's as dependents as long as you meet all the requirements (lived with you, their age fits)

JACUSTOMER-qfru2nwg- :

That sounds good. Do I lose the 80,000 USD deduction because I am a late filer?

Robin D :

Not really, generally if you file before the IRS comes after you, the Foreign Earned Income Exclusion can be used. If the IRS comes after you first they will not allow the exclusion on a late return.

JACUSTOMER-qfru2nwg- :

Okay I will have to get busy. Where can I get that exclusion form.

Robin D :

On the same link I sent you, it is form 2555

JACUSTOMER-qfru2nwg- :

Got it thanks.

Robin D :

You can always come back even after you click ACCEPT. Thank you