Does a Tax Extension Apply to All Forms
I'm a US citizen living overseas.
1) If I file an extension, do I get an extra 6 months for all forms (e.g. schedule B?) or are there certain forms that the extension does not apply to?
2) In Sept. 2015, I will have been out of the US long enough to meet the physical presence test. This will excuse me from from a penalty for not having health insurance in 2015?
3) Suppose I file in Oct. 2015 (but pay in April 2015, as required) and don't use FEIE or FTC because I believe that I will not owe taxes in my resident country. Later I learn that I was supposed to pay taxes here. I will have until April 2018 to amend my return and claim FEIE and/or FTC and avoid having paid double income tax?
I talked to several local accountants in my resident country (it's a developing country) and they all didn't really know whether I would need to pay taxes given I am self-employed and make all my income online and also don't deposit any of it into my bank account in my resident country...but the general consensus was that I won't be responsible for any taxes. SO, I just plan on paying tax to the US and regard it as my tax domicile. I'm just concerned that in 2 years or so I might get a tax bill.
Re: Does a Tax Extension Apply to All Forms?
1. The automatic 6 month extension is for your entire tax return, and not specific forms.
2. Yes, if you are physically absent from the U.S. for 330 days of any 12-month period you are exempt from the health insurance penalty.
3. You have up to three years from the due date of the return (April 15, 2015) or two years from when a tax was paid in order to amend your returns. So yes, if you end up owing tax on your income in your country of residence then you could amend to take advantage of the credit on your U.S. return.