Contact UsFor sailing/departure permit, form1040-C, IRS requires payment in full of tax for whole year's income, so even if early in year before income has been earned??? How is determined if can use a bond for that purpose and would retirement account be acceptable for that use?
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John Stancil
The 1040-C is an estimate and should be completed close to the time of departure. Income earned after departure would not be taken into consideration. If you can't pay a bond could be obtained, it's your choice. A retirement plan is not a bond and not acceptable. IRS rules prevent such assignments of retirement plans.
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441 weeks ago
Question Owner
I am confused about income because one section on IRS site says only income up until time of departure but then instructions for 1040-C say should include all income expected to be earned for entire year.
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441 weeks ago