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Tax does not depend on whether you transfer the funds to India or keep in US. If you have spent less than 182 days in a given financial year, then you are treated as "Non-Resident" [NRI] in India. If you are NRI, you need not pay tax for income earned outside India. If you are NRI, you should not be holding Savings account these need to be converted into ...


1

There are 2 different things, As per IT Act, one can get "Medical Reimbursement" upto Rs 15,000 which is tax free. The way it is supposed to work is an employee submits bill and employer will "Reimburse" upto Rs 15,000. So if one does not submit any bills, he does not get any money. If the employer has given the employee Rs 15,000 without any bills, it would ...


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Yes, as you are Indian resident for Tax purposes, you have to pay Tax in India for the amount you have earned in Singapore. So essentially add the income from 1st April to Mid 2014 with the eq SGD earned in Singapore till 31st March 2015. Apply the tax brackets like you normally do, claim the exemptions you would normally do 80 C etc. As India and Singapore ...


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The short Answer is NO, HMRC do not like disguised employment which is what this is as you fall under IR35 you can bill them via an umbrella company and you should be charging the contractor rate not a permie rate. http://www.contractoruk.com/


2

You need to register as self-employed. As a result of this you will automatically be asked to complete a self-assessment tax return in April, and each subsequent April until you tell HMRC you've ceased self-employment. You may also be liable to pay National Insurance if you've retired early and are still under the state pension age. There are 2 classes of ...


2

What about the escudo balance in my checking account in Cabo Verde? Are the escudos that I held for months or years, before eventually deciding to change to dollars, considered an investment? Don't know. You tell us. Investment defined as an activity taken to produce income. Did you put the money in the checking account with a full expectation of ...


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Yes, you can deduct state income taxes paid, in the year you paid them, if you itemize your deductions on Schedule A of your Federal tax return. This is deduction from income, not a tax credit.


7

This is a common occurrence when somebody has multiple jobs in one year. The employer can't know if you have reached the annual limit. They know to stop when you have hit the maximum for their company, but don't have information on the other jobs. In fact the IRS doesn't let them factor in the other jobs. They have to keep making their payment until you hit ...


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First of all, OP is an F1/ OPT student and could fall within the Non-Resident Alien category which means that your tax filing is a little bit complicated from a Resident Alien or US citizen. US citizens and Residents have to report their domestic and worldwide income but I think you don't qualify for the significance presence test. You are permitted to file ...


0

if the deposit earned interest, you could be liable for taxes on the interest earned. If it ended up in a checking account, then you will not be liable for any taxes since checking accounts do not earn interest anyway. Your bank may inquire about where these transfers are coming from and question the legality of it.


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It doesn't generally matter, and I'm not sure if it is in fact in use by the IRS other than for general statistics (like "this year 20% of MFJ returns were with one spouse being a 'homemaker'"). They may be able to try and match the occupation and the general levels and types of income, but for self-employed there's a more precise and reliable field on ...


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The piece you seem to be missing is that the taxes you paid to the state as part of your previous year's tax return IS part of "state tax". Line 11 on 1040NR-EZ (which is equivalent to to Line 1 on 1040NR Schedule A, and Line 5a on 1040 Schedule A) is the itemized deduction for state and local income taxes paid in 2014. This includes: State and local ...


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To whom do I need to pay my taxes? To each country you'll be working in. In addition, you should check the laws of your country of citizenship, some have rules that define their citizens as tax residents unless they're tax residents elsewhere. If you're moving to a different country every 6 weeks - you may end up with paying taxes to 8-9 different ...


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Generally revisions are to be submitted in the same form as the Original. i.e. in your case ITR4. However, If you were originally required to only file ITR 1 / 2 and have filed a ITR 4 in error, then yes you can file the revised return in a different form.


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Your company is correct. As per income tax laws, The housing exemption is for the owner of the house provided he has taken a loan for reputed financial institution. In you case the property is not in your name and hence not eligible for exemption.


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Summary: The corporation pays 33.3% tax on dividends it receives and gets a tax refund at the same rate when it pays dividends out. Details According to http://www.kpmg.com/Ca/en/IssuesAndInsights/ArticlesPublications/TaxRates/Federal-and-Provincial-Territorial-Tax-Rates-for-Income-Earned-CCPC-2015-Dec-31.pdf the corporate tax rates for 2015 are: ...


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Not really, no. The assumption you're making—withdrawals from a corporation are subject to "[ordinary] income tax"—is simplistic. "Income tax" encompasses many taxes, some more benign than others, owing to credits and exemptions based on the kind of income. Moreover, the choices you listed as benefits in the sole-proprietor case—the RRSP, ...


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Let's say that I incur a cost of 15000 rs on a dental surgery in the month of August alone. Does this mean that I can submit this single expense for my medical reimbursement at the end of the financial year? Yes What all medical expenses can be claimed Almost everything, Doctors fee, medicines, tests, surgery, etc ofcourse No glasses, contact ...


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No. There is no such way. Once needs to pay the tax on 15 lacs for the first year and file a NIL return in subsequent year.


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Probably not. A debit of 50K in your Bank statement does not mean that its invested into tax saving instrument. This question is best answered by the finance department of your company. Practise vary from organization to organization.


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ITR1 or ITR2 needs to be filed. Declare the income through freelancing in the section "income from other sources"


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Per IRS Topic 503 (http://www.irs.gov/taxtopics/tc503.html), you can only deduct the tax during the year you paid it. Since you paid the tax in 2015, you will have to wait until next year to include it on your 2015 taxes. I'm not sure what the Illinois state taxes say about the topic, but I would imagine they would be the same.


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If you paid them via government website, mailed a check, or authorized a credit card after 11:59 PM on 31 December 2014, you have to count them as a 2015 deduction. If it was by credit card, it depends on when you authorized the transaction, not when you sent a payment to the credit card company. If you paid the taxes via monthly escrow payment, and the ...


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COBRA premiums are not deductible on 1040 line 29; to qualify, the IRS says the insurance plan must be in your name (COBRA is in your former employer's name). H&R Block confirms this.


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Yes, you need to file a tax return. For a single individual under the age of 65 who is a dependent, the filing threshold is $6200 or more of earned income, and your income is above that. Since your parents claim you as a dependent - you cannot claim an exemption for yourself, but as Joe said, you'll still have the standard deduction.


1

As a dependent, you lose your 'exemption' but not your standard deduction. For a single person, that's $6200, leaving $4900 to be taxed at your rate, 10%. I predict a federal tax bill of $490, and you've already paid $1600, so I smell 'refund'.


2

It's going to depend on more details like your age, whether or not you are a student, do you still live at home, etc. The IRS has a calculator to help determine your status as a dependent. You will need to file a tax return regardless because your earned income was over the standard deduction amount.


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You can invest directly in oil and gas, LP's, or MLP's which will offset your rental property income and decrease your tax burdens to some extent. You can also put a lot of your extra income into an infinite banking account where it will grow tax free. For more info on the infinite banking concept, you can read a post I wrote awhile ago here: ...


2

There is nothing legal you can do in the United States to avoid the tax burden of income earned as an employee other than offsetting it with pre-tax contributions (which it sounds like you're already doing), making charitable contributions, or incurring investment losses (which is cutting off your nose to spite your face). So that $660K can't be helped. As ...


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If you do not live in the U.S. and are not a U.S. citizen, you can transfer the money into the U.S. without paying any U.S. tax. You only have to pay U.S. income tax if you are a U.S. resident or citizen. I am not an accountant, so please double check this information!


1

You asked in Nov '14. It's now Feb 12th 2015. Yes to the following due April 15th: Sched C-EZ Sched SE + potentially others.. Form 1040 Sched 1040 ES Q1 payment for 2015 The ES payments can be left at minimum required (90% of prior years), but unless you are fastidious in keeping the proper amount aside, you may be faced with problem on April 15, 2016. ...


2

The money your tenants spent on repairs and maintenance that is otherwise your responsibility is considered rent paid to you (and deductible to the extent you can deduct maintenance expenses, provided you have documentation etc etc). The money your tenants spent on utilities, which is their responsibility anyway, is not considered rent paid to you. Since ...


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You've already seen the answer from your link. "This includes a temporary decree, an interlocutory (not final) decree, and a decree of alimony pendente lite (while awaiting action on the final decree or agreement)." Do you have either of those? As far as being married, I believe the rules that if you are married on 12/31, the you are considered married ...


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You are right that even if you do not receive a 1099-MISC, you still need to report all income to the IRS. Report the $40 on Schedule C or Schedule C-EZ. Since your net profit was less than $400, you do not need to file Schedule SE. From the IRS web site: Self-Employment Income It is a common misconception that if a taxpayer does not receive a ...


2

It appears you can elect to classify some or all of your scholarship money as taxable. If you do this, you would be deemed to have used the scholarship funds for non-deductible purposes (e.g., room and board), and you could be eligible to claim the American opportunity credit based on the money you used to pay for the tuition out of your own pocket. I ...


3

You need to file an amended return with the IRS. You can find details here. I believe you'd file the 1040X and the NR. Attach the 1040NR to the 1040X. More detailed instructions can be found here.


1

You can use the carry-forward amounts calculated by your tax software. The CRA will double-check your work and provide you with a final tally of what you/they owe them/you. The folks at the CRA are quite willing to help you with this kind of question. Such queries will not automatically trigger an audit. The Tax Information Phone Service number is ...


0

I would probably suggest adding it to your Form 4979 Part II. Otherwise you may consider adding it as additional income on line 21, but I'm not sure how it would work with automatic NIIT calculation. If you calculate it manually - just make sure to add the income to the investment income. Election to treat as investor should be made before making the ...


4

Salaries in India are generally paid of the month. If you have joined mid-month like you mention on 6th Jan. The first salary will be for part month. In your case it would be (15000/31) Multiply by 27 Days. Rs 13065. You should get a salary slip that would give more details.


2

This might be easier to see with a picture. Here is a graph of the tax rates for income up to $500,000, assuming Single, with absolutely no deductions or exemptions other than the basic two (Standard Deduction of $6200, Personal Exemption of $3950, for a total of $10,150 of income taxed at $0). That's a bit hard to see your situation in, though, since ...


0

You have multiple issues going on: Tax software: it sees the first W2 and sees that you made a, they withheld b, you calculates that you get a refund of c it doesn't care what you put on the w4 or how many weeks you worked for the employer it only knows that last year you made a, they withheld b, and you are owed c. then you add in the second W2 Now it ...


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Assuming you changed from employer A to B sometime during the year, then when you started with employer B you should have calculated your W-4 withholding and told them the correct withholding. You can use the IRS Withholding Calculator, or Turbotax's, or whatever you like. The IRS Withholding Calculator can calculate for up to 10 jobs, you tell it for each ...


4

I suspect you provided the same W4 to both the employers, which was calculated assuming you have one salary (I.e.: the standard "Single+2 allowances"). As the result, the withholding from your salary was way lower than it should be because of the marginal rate system explained to you by @jmg229 very nicely. So assuming I guessed right - here's what ...


13

A way to imagine taxes is as if you were pouring your income into a glass with lines along the side. Up until the first line is free (deduction and exemptions). Everything between that line and the next one is taxed at 10%, then 15% between the next two lines, etc. When you put in your first W-2, the income filled up the free space and the lower tax rate ...


0

Where to report the income You need to go by the income code on 1042-S (box 1). If it is code 20 (salary for a student) or 16 (scholarship/grant) - I'd say to report it as misc income on line 21. Where to report the taxes withheld Either on line 64 (taxes withheld) or on line 73, write down the form number next to the box "d" (which you check). ...


0

I believe the correct solution is for the school to change the 1042 to a W2. However, it's not surprising that they are resisting. In theory, extra income that doesn't otherwise have a place on your return goes in line 21. Withholding is listed in line 62. However, a regular 1040 doesn't have a 1042s line under 62 (line 62d on 1040NR); I'm not sure ...


1

As a resident of New York State you will, in addition to the Federal income tax handled by the IRS, be responsible for state and local income taxes. For New York the state tax forms are also used to determine your New York city tax. If HR was either not aware of the local tax requirement for New York or you filled out the New York State version of the W-4 ...


1

The IRS can direct your refund towards repayment of your unpaid taxes either on Federal or State/Local level. Whether it will depends on whether the State of New York will ask for it. Generally, if you owe taxes to New York for this year only, you would expect them to wait for you to file your State tax return and pay the taxes owed. If you don't - I'm ...



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