aaron L

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About aaron L

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  • Location Cologne
  • Nationality USA
  1. Hi Jeba thanks for all of your info. Just wanted to clarify what you mean by having a problem when filing my German taxes. Let's say you have Charles Schwab or Fidelity in the states, are you saying the Steuerberater would not be able to complete the tax return due to me having an American account? My US taxes will be done through TurboTax or possibly a CPA in the States so that shouldn't be an issue but any advice on which one to do first, the German taxes or American taxes?   As far as transferring my portfolio to a German one, that seems a bit risky due to the high costs of buying stocks in Germany and inability to retain ETF's. Have you had experience with this and would there be a recommendable German broker or bank that you have? Assuming this would be through a bank/broker in Germany. I have been reading that you have to pay for each transaction, being buying stocks and such.   Let's say then that I transferred my portolio here to Germany, I would still need to pay the US the 15% correct? Then I would somehow have to get that money over to the States, to the IRS in a check format.    Thanks for your help! I really appreciate it! 
  2. I have been gathering lots of useful information form this website, looking at different websites, and spent the last couple months speaking with different German CPA's. The CPA's would like to charge me at least 1,000 Euros as a base price with each additional hour costing around 300 Euros, without a fixed price for the total which is a little worrying and is quite expensive considering I make around 2K  a month here in Germany.  Unfortunately it is not 100%  clear to me on the best route to do taxes, being an American Citizen living in Germany. I make way less than 100k a year in Germany (excludes me from double taxation)  and have ETF's/stocks in the USA still which have generated dividends although I do not have any capital gains from 2021. I am attempting to do my taxes for the year of 2021 and would appreciate help for the steps on how to do this. I read that Germany charges around 26.2% tax for dividends made from Stocks (not sure how this works with ETF's).    Does anybody have experience with this same situation as this is my first time doing this and I would appreciate some guidance: American doing taxes in USA and Germany while owning stocks/ETF's in USA.   Could someone please layout the groundwork in steps for how to approach this?   Additional questions:   1. Is it better to do the German taxes before USA taxes as I have been reading? 2. How do I pay specifically for the dividends, do I pay the difference from the 26.2% that Germany wants to have, being 11% to Germany first and then the 15% to the USA? How is this possible to pay? 3. Is this something that is do-able by yourself owning stocks/ETF's or should you consult a German CPA? 4. As far as the USA side of taxes, is it recommended to get a CPA or to do it on Turbo tax or another generic website that does taxes at a low-cost price.    Lastly, I would appreciate input specifically about the ETF's and stocks and the steps taken that others have done in the past. If you have had help along your journey with taxes being an American, then please shed some light so I can soak up the knowledge as this is not an easy process.   Thank you so much for your time to read and help answer these questions!   Regards,  
  3. Hi MollyWolly,   Thanks for the prompt response. Just to clarify, are you in a similar situation with having ETF's/Stocks in the USA and you are doing Turbotax entering this information there( I know you said investments can be entered but wanted to check if you have personally done it while living outside the US) ? Can you name any German CPA's or people that do your taxes that you would recommend someone also to go to? I would be willing to do this through the phone or even drive to meet someone who knows their stuff, as I live in the Bonn/Cologne region but am willing to drive somewhere. I have contacted so many people and many do not have lots of experience with specifically USA/Germany, and the ones that do have a little experience, they want a pretty penny (over 1K as a start and then more for additional hours). May I ask also what a normal price is for having someone do your German taxes?   I have been hearing mixed information when talking to CPA's, some said do your German (country of residence taxes first) taxes first and then do your American, and some said the opposite.    Have you had any experience as far as the German side of taxes with owning stocks or ETF's? This is the topic that is getting me without any solid answers on how to approach this.    Thanks so much for your time Molly! I really appreciate your answers as this is very new to me and I am trying to figure this out.    Aaron    
  4. Hi Frank,   I am in the exact same situation. I moved to Germany last year and am trying to file for the year of 2021. I couldn't find any info on what to do or how to do taxes in Germany and in the USA. I am have been calling different German CPA's who want >1,000 Euros as a base price which seems like a lot of money.    I also have stocks/ETF's in the US and have been in Germany for a little over a year, I live in the Cologne area and have been trying to contact different CPA's here, without any luck from someone who has done this many times before.   I just posted shortly ago to hopefully get some answers here: https://www.toytowngermany.com/forum/topic/391605-american-doing-taxes-for-usa-and-germany-with-stocks-and-etfs-that-generated-dividends/#comment-3914642     Have you found out any information about this since you posted this in September of 2021? I would greatly appreciate it as I am totally lost with this subject although I have spent many hours attempting to find more info about taxes.    Thanks!   Aaron
  5. Hi fellow Toytown Germany members,   I have been gathering lots of useful information form this website, looking at different websites, and spent the last couple months speaking with different German CPA's. The CPA's would like to charge me at least 1,000 Euros as a base price with each additional hour costing around 300 Euros, without a fixed price for the total which is a little worrying and is quite expensive considering I make around 2K  a month here in Germany.  Unfortunately it is not 100%  clear to me on the best route to do taxes, being an American Citizen living in Germany. I make way less than 100k a year in Germany (excludes me from double taxation)  and have ETF's/stocks in the USA still which have generated dividends although I do not have any capital gains from 2021. I am attempting to do my taxes for the year of 2021 and would appreciate help for the steps on how to do this. I read that Germany charges around 26.2% tax for dividends made from Stocks (not sure how this works with ETF's).    Does anybody have experience with this same situation as this is my first time doing this and I would appreciate some guidance: American doing taxes in USA and Germany while owning stocks/ETF's in USA.   Could someone please layout the groundwork in steps for how to approach this?   Additional questions:   1. Is it better to do the German taxes before USA taxes as I have been reading? 2. How do I pay specifically for the dividends, do I pay the difference from the 26.2% that Germany wants to have, being 11% to Germany first and then the 15% to the USA? How is this possible to pay? 3. Is this something that is do-able by yourself owning stocks/ETF's or should you consult a German CPA? 4. As far as the USA side of taxes, is it recommended to get a CPA or to do it on Turbo tax or another generic website that does taxes at a low-cost price.    Lastly, I would appreciate input specifically about the ETF's and stocks and the steps taken that others have done in the past. If you have had help along your journey with taxes being an American, then please shed some light so I can soak up the knowledge as this is not an easy process.   Thank you so much for your time to read and help answer these questions!   Regards,   Aaron  
  6. Hi fellow Toytown Germany members,   I have been gathering lots of useful information form this website, looking at different websites, and spent the last couple months speaking with different German CPA's. The CPA's would like to charge me at least 1,000 Euros as a base price with each additional hour costing around 300 Euros, without a fixed price for the total which is a little worrying and is quite expensive considering I make around 2K  a month here in Germany.  Unfortunately it is not 100%  clear to me on the best route to do taxes, being an American Citizen living in Germany. I make way less than 100k a year in Germany (excludes me from double taxation)  and have ETF's/stocks in the USA still which have generated dividends although I do not have any capital gains from 2021. I am attempting to do my taxes for the year of 2021 and would appreciate help for the steps on how to do this. I read that Germany charges around 26.2% tax for dividends made from Stocks (not sure how this works with ETF's).    Does anybody have experience with this same situation as this is my first time doing this and I would appreciate some guidance: American doing taxes in USA and Germany while owning stocks/ETF's in USA.   Could someone please layout the groundwork in steps for how to approach this?   Additional questions:   1. Is it better to do the German taxes before USA taxes as I have been reading? 2. How do I pay specifically for the dividends, do I pay the difference from the 26.2% that Germany wants to have, being 11% to Germany first and then the 15% to the USA? How is this possible to pay? 3. Is this something that is do-able by yourself owning stocks/ETF's or should you consult a German CPA? 4. As far as the USA side of taxes, is it recommended to get a CPA or to do it on Turbo tax or another generic website that does taxes at a low-cost price.    Lastly, I would appreciate input specifically about the ETF's and stocks and the steps taken that others have done in the past. If you have had help along your journey with taxes being an American, then please shed some light so I can soak up the knowledge as this is not an easy process.   Thank you so much for your time to read and help answer these questions!   Regards,   Aaron      
  7. Hi James,

     

    My name is Aaron and I am an American living in Germany now for a little over a year. I saw your post which was really informative about taxes between the US/Germany but I am still not 100% sure on how to tackle this. I saw that you had been helped by fellow members here and was wondering if you could pass on some of that knowledge to me before I go and throw away thousands of dollars for a Steuerberater. I spent the entire week making phone calls and all of the CPA's want a base price of 1K with an hourly wage of 300 Euros plus for additional work. 

     

    Background on myself: worked in Germany 2021 and have ETF's/stocks in the USA which have accrued dividends. 

     

    1. Is it best to do German taxes first as stated in the post?

    2. Did you have a CPA do your taxes or did you find it was do-able by yourself?

    3. Which exact tax forms did you need to fill out for general German taxes with stocks/ETF's and the dividends you earned?

    4. How does it work with the dividends? Since the US charges 15% and Germany 25%, do we pay the 10% to Germany and the 15% to the US?

    5. Could you please outline the way you managed to do your taxes from step to step? 

    6. As far as the US side goes, did you do the normal Turbotax route or did you have a CPA?

     

    I don't expect anything as I know you probably have a working life just like me, but I would be grateful if you had the time to give me a hand with this as it seems impossible now not knowing exactly what to do and how to do it, but you have been there and done that, and I would be very appreciative if you could lay the groundwork for me. 

     

    We could even talk on the phone if that would be easier to explain instead of you typing, if you had the time. Thanks so much and I look forward to hearing from you!

     

    Aaron

     

    1. Show previous comments  2 more
    2. LukeSkywalker

      You can send a PM if you click on somebody‘s profile and then select the envelope, but he was not online since May 2021.

    3. aaron L

      Thanks for the info. I figured he would get an email update that someone messaged him just like I get.

    4. aaron L

      I am just trying to get some help from people who have been through what I am going through and trying to find out, if you have any advice on who may be helpful then please let me know, thanks.