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As DJClayworth's answer explains, normally you can't transfer personal allowances between people, whether married or not. However, as of April 2015, it's now possible to transfer a small part of your allowance to your husband or wife under certain circumstances. The main criteria are that One spouse needs to be earning less than the personal allowance The ...


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If you have held the stocks longer than a year, then there is no tax apart from the STT that is already deducted when you sell the shares. If you have held the stock for less than a year, you would have to pay short term capital gains at the rate of 15% on the profit.


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Your wife stopped working in November 2014. The tax year finished on 5th of April 2015. This form is now useless for you, because it is for people who try to get money back in that tax year, so that form would only have been useful before April. However, it's not a problem at all. She'll get the overpaid tax back easily by filling out a normal tax return ...


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I suspect they just want to know about any benefit or state pension payments she might have received, and they don't mean that you definitely would have anything, even though the wording does imply that you should have either that or a P45 from a pension provider. As I mentioned in my other answer, given that the tax year has now finished, the procedure for ...


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The tax year ran from 6th April 2014 - 5th April 2015. So it's now past the "start of the new tax year on 6 April", and the second statement seems perfectly correct to me, even if the tenses are a bit funny. You know for a fact that she hasn't gone back to work before then. From what I understand of the purpose of this form, they are willing to repay tax ...


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You'll need to read about Kansas residency rules, as establishing residency in a different State doesn't mean you automatically lose the residency in Kansas. On the other hand, you may be able to lose a State residency without acquiring any other, depending on the State laws (if you're moving out of the US). According to Kansas Revenue, A Kansas ...


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Assuming you are Resident Indian. As per Indian Income Tax As per section 208 every person whose estimated tax liability for the year exceeds Rs. 10,000, shall pay his tax in advance in the form of “advance tax”. Thus, any taxpayer whose estimated tax liability for the year exceeds Rs. 10,000 has to pay his tax in advance by the due dates ...


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In the US this would fall under the "miscellaneous income" category, which also covers hobby income and the like. Obviously this isn't a direct answer, but I hope it gets you pointed in the right direction.


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The same thing happened to me with my HSA several years ago. I made contributions in January and February. I intended for these to be for the previous tax year, but the credit union didn't know that. Toward the end of the year, they told me that I had hit the maximum contribution for the year, and that's when I discovered the mistake. Of course, it was ...


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The form is just for your records. You do not need to adjust your tax return. From the article "What is Form 5498": Form 5498: IRA Contributions Information reports your IRA contributions to the IRS. Your IRA trustee or issuer – not you – is required to file this form with the IRS by May 31. You won't find this form in TurboTax, nor do you file it ...


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India and US have a DTAA and you can claim relief to the extent of taxes paid. Please consult a CA would will help you with the specifics of your case. Related question 233 days India/132 days US - entire US salary taxable in India?


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It feels relatively easy because your employer takes care of the calculations and the consequences of your personal situation are sorted out later. But at the end of the day, the structure of the income tax is not particularly simple. Even without taking all the credits and deductions into account, the rules for employers fill a 300+ pages manual. The ...


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My own personal experience is of the United Kingdom rather than the Netherlands, but as your question asks about Europe I'll outline how it works for us just to give a general idea of the underlying principles. Note that the specific details may well vary in the Netherlands. Tax authorities supply employers with a set of rules to calculate the "right" tax. ...


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Is this money taxable in US? From what you described you're likely to have been a US tax resident. As such, you're taxed on your worldwide income. Foreign tax deferral schemes are not considered qualified under the US law (unless a treaty says otherwise), so you're liable for taxes on them now. Get a new tax adviser.


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You may want, or at least be thinking of, the annualized method described in Pub 505 http://www.irs.gov/publications/p505/ch02.html#en_US_2015_publink1000194669 (also downloadable in PDF) and referred to in Why are estimated taxes due "early" for the 2nd and 3rd quarters only? . This doesn't prorate your payments as such; instead you use your ...


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Varying the amount to reflect income during the quarter is entirely legitimate -- consider someone like a salesman whose income is partly driven by commissions, and who therefore can't predict the total. The payments are quarterly precisely so you can base them on actual results. Having said that, I suspect that as long as you show Good Intent they won't ...


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Assuming you purchased shares that were granted at a discount under the ESPP the 50% exemption would not apply. It's pretty unusual to see a US parent company ESPP qualify for the 110(1)(d) exemption, as most US plans provide for a discount


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If you do not need the money in the 401k right away and are interested in avoiding penalties on the amounts accumulated, roll over the 401k monies into a Roth IRA (your contributions and growth thereof) and a Traditional IRA (company match a d growth thereof). You can choose to take out money from the Traditional IRA not as a lump sum (penalties in addition ...


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There is no Roth 401(k) match. Or to be clear, when an employee deposits to a Roth 401(k), the company match goes into the traditional, pre-tax 401(k) account. That money is subject to both tax and 10% penalty on early withdrawal.


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How would I go about doing this? Assuming you had purchased the house by funding from your NRE account, you can easily move back the 30K into NRE Account and out of India from NRI Account. The 30K profit would be taxed in India as per capital gains and can only be moved into NRO account. A CA would need to certify that appropriate taxes have been ...


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How would I go about doing this? Are there any tax laws I should be worried about? Just report it as a regular sale of asset on your form 8949 (or form 4797 if used for trade/business/rental). It will flow to your Schedule D for capital gains tax. Use form 1116 to calculate the foreign tax credit for the taxes on the gains you'd pay in India (if any).


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Disclaimer: I am not a tax expert. Another disclaimer: because Pepone mentioned the company store and it amuses me, I'll refer to the pseudo-pounds you have in your value account as "company scrip". Yes, it is illegal in the UK to pay employees in company scrip, but since you have the option here to cash it out, that's not what they're really doing. If the ...


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Yes, the benefits you get will be considered to be benefits in kind and in general you'd be taxed on them, but the treatment would depend on the specific benefit as some are exempt from tax or national insurance or both. For example pension contributions are exempt from both tax and national insurance up to a certain limit. The tax will normally be handled ...


3

If you would be unable to make that specific purchase without being an employee, or if you're getting a discount because you're an employee, or the company is paying part of the cost because you're an employee, it's a benefit of employment. Whether it has tax implications, or is a bargain you couldn't meet or beat elsewhere, is a separate question.


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House rent allowance:7500 House Rent can be tax free to the extent [less of] Actual HRA Received 40% of Basic for other cities, 50% of Basic for Metro's Actual rent paid less of 10% of Basic Medical allowance : 800 Can be tax free, if you provide medical bills. Conveyance Allowance : 1250 Is tax free. Apart from this, if you invest in ...


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You're on the right track, and yes, that small difference is subject to income taxes. Do you use a payroll service? I do the same thing and use my payroll software to tweak the salary until the paycheck is just a few dollars every month (we run payroll once a month), with the rest going to the 401(k) and payroll taxes. So we're rounding up just a bit just ...


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Yes, if you have little income in one year and your expenses are more than your total income in that year, then any losses can be carried forward to a future income year in which you actually do have a taxable income. One thing to consider though, your first $18,200 in income is Tax free, so in a future Income Year, after deductions, if your Taxable Income ...


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A stipend received for the specific purposes of studies is not taxable. It is not clear from your question as to whether there are any strings attached to the money you receive. If its not for specific purpose, then its taxable as income and tax need to be paid accordingly. Please consult a CA and he can go through the specifics of your case.


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Following is IRS response: Dear Sir Madam I am a Resident alien for tax purposes for 2008. My wife is a Nonresident alien (F1 visa) for 2008. We have decided to take the choice of filing jointly and treat her as a Resident alien for tax purposes. Her FICA taxes were not withheld during 2008. In the IRS website when I looked at Nonresident Spouse treated as ...


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There might be some US tax implications depending on the amount of gift. See more here: http://en.wikipedia.org/wiki/Gift_tax_in_the_United_States


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"Hearing somewhere" is a level or two worse than "my friend told me." You need to do some planning to forecast your full year income and tax bill. In general, you should be filing a quarterly form and tax payment. You'll still reconcile the year with an April filing, but if you are looking to save up to pay a huge bill next year, you are looking at the ...


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Assuming your tax status in India is Non-Resident. The funds are deposited in an NRE account, there is nothing that needs to be done. If you have any income in India, then you would need to file a tax return.


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Can I use the foreign earned income exclusion in my situation? Only partially, since the days you spent in the US should be excluded. You'll have to prorate your exclusion limit, and only apply it to the income earned while not in the US. If not, how should I go about this to avoid being doubly taxed for 2014? The amounts you cannot exclude are ...


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Depends how long you'll be resident in NZ for. Less than 183 days? Then no, you won't necessarily be tax resident. You'll need to declare your NZ income (and pay tax) in Australia, but New Zealand won't be fussed. It all depends on your tax residency


2

Think of it as a "tax shelter." The term indicates that investment earnings are not taxed while the assets remain within the account. Practical examples: Account a.) $10,000 is put into a regular investment account. Account b.) $10,000 is put into a tax-sheltered 401(k) account. In account a, dividends and capital gains are subject to taxation. If ...


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I assume you are filing US taxes because you are a US citizen, resident alien, or other "US person". If you have a total of $10,000 or more in assets in non-US accounts, you are required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts, also known as FBAR, to report those accounts. See Comparison of Form 8938 and FBAR Requirements. ...


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Since you say 1099, I'll assume it's in the US. :) Think of your consulting operation as a small business. Businesses are only taxed on their profits, not their revenues. So you should only be paying tax on the $700 in the example you gave. Note, though, that you need to be sure the IRS thinks you're a small business. Having a separate bank account for the ...


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The term is intended to convey that there aren't annual tax bills for having that investment option. Generally, investment choices may be tax-deferred like Traditional IRAs where once the monies are removed then they are taxes or tax-free like Roth IRAs where the money is withdrawn without having to pay any taxes. Imagine you own $10,000 worth of shares in ...


1

There is no hard and fast rule. If there was, people could cleverly arrange to make money just often enough to stay on the "ok" side. It's a judgement call by the CRA and it probably starts with an audit, and depends on the reasons for the loss. Simple example: your business is selling your time at X an hour and you have expenses that you will cover if you ...



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