Fill in Your 14653 Form

When submitting Form 14653, there are several other documents that you may need to include. Each of these forms serves a specific purpose and can help ensure your submission is complete and accurate. Here’s a brief overview of some commonly used documents alongside Form 14653.

• Form 1040: This is the standard individual income tax return form used by U.S. citizens and residents to report their income, claim tax deductions, and calculate their tax liability.
• Address Nycers form: Essential for NYCERS members to update their contact information, ensuring uninterrupted communication and payments. For more details, visit nyforms.com/address-nycers-template.
• Form 1040X: This is the amended U.S. individual income tax return form. Use it to correct errors on a previously filed Form 1040.
• FBAR (FinCEN Form 114): This form is used to report foreign bank and financial accounts. If you have foreign accounts that exceed certain thresholds, you must file this form annually.
• Form 8938: This form is required to report specified foreign financial assets if they exceed certain thresholds. It is part of the FATCA (Foreign Account Tax Compliance Act) requirements.
• Form W-9: This form is used to provide your taxpayer identification number to others, such as banks or financial institutions, to ensure proper tax reporting.
• Form 4868: This is the application for an automatic extension of time to file your U.S. individual income tax return. If you need more time, this form can help you avoid penalties.
• Statement of Facts: This narrative document details your reasons for failing to report income, pay taxes, and submit required information returns. It should include personal and financial background information.
• Proof of Residency: Documents such as utility bills, lease agreements, or official correspondence that can verify your residency status outside the U.S. during the relevant tax years.

Including the right forms and documents with your submission can make a significant difference in the processing of your application. Ensure that each document is completed accurately and submitted in a timely manner to avoid delays or complications.

When filling out Form 14653, it’s important to approach the process with care. Here are five things to keep in mind, including what to do and what to avoid.

• Do: Provide accurate personal information, including your name, taxpayer identification number (TIN), and contact details.
• Do: Ensure that you include all required information returns for the past three years, as this is essential for eligibility.
• Do: Clearly explain the reasons for your failure to report income, including any relevant background information.
• Do: Retain all records related to your income and foreign financial accounts for the specified time periods, as you may need to provide them later.
• Do: Review your completed form for accuracy before submission to avoid delays or complications.

• Don't: Leave any sections of the form blank, as incomplete submissions may be rejected.
• Don't: Provide vague or insufficient explanations regarding your failure to report income; specifics are crucial.
• Don't: Assume that joint certifications do not require individual explanations if spouses have different reasons for non-compliance.
• Don't: Forget to sign and date the form, as missing signatures can lead to processing issues.
• Don't: Submit the form without verifying that you meet all eligibility requirements for the Streamlined Foreign Offshore Procedures.

1. What is Form 14653?

   Form 14653 is a certification used by U.S. persons residing outside of the United States who wish to participate in the Streamlined Foreign Offshore Procedures. This form allows individuals to disclose any delinquent or amended income tax returns and to explain their failure to report all income, pay all tax, and submit required information returns, including FBARs (Foreign Bank Account Reports).

2. Who needs to file Form 14653?

   This form is intended for U.S. citizens and lawful permanent residents who have not complied with U.S. tax laws while residing outside the country. If you have unreported income from foreign financial assets or have failed to file necessary tax documents, you may need to file this form to qualify for penalty relief under the Streamlined Foreign Offshore Procedures.

3. What information do I need to provide on Form 14653?

   You'll need to provide personal information such as your name, taxpayer identification number (TIN), and contact details. Additionally, you must disclose the years for which you are filing amended returns, the amount of tax and interest owed, and a detailed narrative explaining your reasons for failing to report income and file necessary returns. This narrative should include your personal and financial background and any relevant circumstances.

4. What does "non-willful conduct" mean?

   Non-willful conduct refers to actions that result from negligence, inadvertence, or misunderstanding of tax laws. If you can demonstrate that your failure to report income or file returns was not intentional, you may qualify for the streamlined procedures. It's essential to clearly explain your situation to support your claim of non-willfulness.

5. How long do I need to keep records related to my income and assets?

   You are required to retain records related to your income and foreign financial accounts for a specific period. Generally, you must keep these records for three years from the date of your certification for income and assets covered by your amended returns. If you had to file delinquent FBARs, retain those records for six years.

6. What happens if I provide false information on Form 14653?

   Providing false information on this form can lead to serious consequences, including penalties. The IRS may view it as a willful attempt to evade tax obligations, which could result in civil fraud penalties, FBAR penalties, or even criminal charges. Always ensure that the information you provide is accurate and truthful.

7. Can both spouses file a joint certification on Form 14653?

   Yes, both spouses can file a joint certification. However, both must meet the non-residency requirements and provide individual reasons for any discrepancies in their tax filings. If one spouse has different reasons for non-compliance, those should be detailed separately in the narrative statement.

8. What is the estimated time to complete Form 14653?

   The time required to complete Form 14653 can vary based on individual circumstances. On average, it may take around eight hours to gather the necessary information and complete the form. It's important to take your time to ensure accuracy and thoroughness in your submission.