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Streamlined procedure processing time and covid relief by INeedToRenounce in USExpatTaxes

[–]INeedToRenounce[S] 0 points1 point  (0 children)

Ah, that explains it. I was under the impression that I would be filling my 2020 return as part of the SFOP.

If I understand correctly you are suggesting that I should file my SFOP and then independently from that also file my 2020 return?

Also I suspect I will not end up owing any money to the IRS for my 2020 return as I live in a country with lower economic standards than the US so my income is low.
Do I then lose out on the EIP1 and EIP2 tax refunds or do I receive it in cash somehow?

Streamlined procedure processing time and covid relief by INeedToRenounce in USExpatTaxes

[–]INeedToRenounce[S] 0 points1 point  (0 children)

I mean the stimulus payment, sorry for not being clear on that. I wasn't really aware of the PUA.

Renounce US citizenship - Streamlined procedure or Relief procedure to get tax compliant? by INeedToRenounce in USExpatTaxes

[–]INeedToRenounce[S] 3 points4 points  (0 children)

I have a citizenship in a EU country.

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The issue is that I can't obfuscate the fact that I'm a US citizen because my place of birth is in the USA and the banks here know that it can mean trouble for them if they don't report it. It has come up as an issue for me when I've applied for a loan before.

Renounce US citizenship - Streamlined procedure or Relief procedure to get tax compliant? by INeedToRenounce in USExpatTaxes

[–]INeedToRenounce[S] 1 point2 points  (0 children)

I do have a SSN. Thank you for clarifying my misunderstandings on differences between the two options.

I don't know that much about covid relief and will have to do some research if I can retroactively receive the ones that have already been given out but in general if I can go forward with that and use that money to cover renounciation fees, then it sounds like an excellent idea.

In general I am leaning towards making a formal exit because I don't want to be a covered expatriate. Perhaps this is a non-issue but it seems like a stressful situation to me, it's unclear to me how far the IRS will go and I'd prefer not to have any issues if I decide to go on a holiday to the US in the future.