8689 Form 2023-2024

8689 Form: What You Should Know

You can only file tax forms on a U.S. citizen or resident alien's return. If you are not a U.S. citizen or resident alien, you cannot file a tax return for your U.S. Virgin Islands tax year. You may also be able to file a tax return only if you are a U.S. citizen or resident alien. Follow these steps ONLY if you: • Were not a U.S. citizen or resident alien during the tax year (see exception above) • Were not a U.S. resident alien during the tax year. • Were not a citizen or resident of the U.S. Virgin Islands when you earned income (see exception above) • Were not a U.S. resident alien when you completed part of your tax year. • Did not report your income on part of your return because that income was received by you as a resident alien (see exception above) • Have an international tax account with the IRS (see exception above) • Were issued a Form 1099, U.S. Treasury Form 1099-DIV, or Form W-2G, U.S. General Instructions for Certain Taxes For Individuals, when you earned income during the tax year You should also follow these steps to identify if you can claim a foreign tax credit that reduces your tax liability by claiming an exclusion or deduction for foreign income or sources. For additional rules regarding claiming a foreign credit and claiming a foreign tax credit, see IRS Publication 534, Tax Benefits Associated with Status as a Resident Alien. You should report the income for the total tax year on the return and do not use a calendar year. If a resident alien becomes a U.S. citizen or resident in addition to filing his or her tax return, you will not be required to file an additional return. If you are a U.S. citizen and a resident alien, report your earned income on your U.S. personal tax return. If a resident alien becomes a U.S. citizen or resident in addition to filing his or her tax return, you will have to report any foreign source income that you earned. For detailed information on the U.S. Federal income tax, see the individual income tax instructions available at IRS.gov/irb/article-1148.html. If you have a question about the foreign tax credit, contact the resident alien tax preparer or your tax advisor. If you use Form 8689, you must attach a statement to Form 8689 that: 1.

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