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Can we file an Income tax return You must file returns that include the interest earned as income and pay tax accordingly. The tax deducted at source is nominal at 10%


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From India Tax Point of view, your parents can Gift you the money. There is no tax due to this in India for your parents or for you. Transferring the funds out of India is also possible. Under the Liberalized Remittance Scheme by RBI, one can transfer upto 200,000 USD. Please check with your Bank for the exact paperwork. Typically PAN and a CA ...


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No, a tax refund does not count as income. Because you got a refund in 2013 that means that you paid more tax than you owe to the government based on your 2012 income. They are simply refunding you the extra tax that you paid. This won't have any effect on your 2013 taxable income.


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As user102008 (you really got to get a nickname already...) rightfully mentioned, 1040X doesn't have a year. You take the most current form and either right down, or select from the available options, the year you want to amend. The amendment process was also covered by user102008 quite nicely. I'll answer the second part of your question: In my 2014 ...


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1040X doesn't go by year; you would just use the newest edition and check year 2013. But yes, according to the 1040X instructions, to switch from resident to nonresident or vice versa, you would just fill out the biographical information and explanation on the 1040X, and skip all the other parts, and attach the correct 2013 1040NR-EZ with "Amended" written ...


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The interest in the savings account may be too small to report, but I'm not sure what the threshold is. You should tell your banks you have moved and need to be treated as a US tax resident. That will prompt them to start sending you the US forms you need (1099-DIV etc). There are certain steps you need to take on moving out of Canada, include a 'deemed ...


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Would I have to pay income tax other then TDS on interest earned on my saving bank account. No being NRI you are not taxed in India on income outside of India. I am sending money from EU to my OWN saving account. Please note this account is not NRI\NRO\FCNR As an NRI you CANNOT by law hold a regular Savings Account. Please convert this account to ...


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As per the DTAA the Social Security Tax is not considered. There is no mention of State Tax. As per the definition, only Federal Tax is considered.


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There is no difference to the Tax treatment of 401(K) withdrawal. This is considered tax free and you can remit the funds back to India within a period of 7 years.


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No, you don't. Rounding errors happen, and if there's no change in the actual tax there's no reason to amend. If all the income was properly reported and the tax was properly calculated - no-one cares if it was rounded up or down on one of the lines. Note for the next time though: Not sure about New York, but Federal taxes are generally rounded to the ...


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For the financial year 1 April 2013 to 31 March 2014, you would be treated as resident Indian for tax purposes. The income you have earned from 22 Jan 2014 till 31 March 2014 is taxable in India. For the financial year 1 April 2014 to 31 March 2015, you would be treated as Non-Resident Indian for tax purposes. The income you have earned is not taxable in ...


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Apparently box 39 does not receive half of box 38 if "The price of the share or unit is less than its fair market value when the agreement was made." - the last point in paragraph 110(1)(d): *http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/bnfts/fnncl/scrty/stckpt03-eng.html#dspst The employee can claim a deduction under paragraph 110(1)(d) of the Income Tax ...


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Irrespective of where you are working and for what company, if you are an Indian citizen, you are liable to pay taxes for all income you receive. The income earned by a person is subject to tax under the IT ACT of 1961. Under this, incidence of tax on a tax payer depends on his residential status and also on the place of accrual or receipt of income. ...


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You're talking about NQO - non-qualified stock options. Even assuming the whole scheme is going to work, the way NQO are taxed is that the difference between the fair market value and the strike price is considered income to you and is taxed as salary. You'll save nothing, and will add a huge headache and additional costs of IPO and SEC regulations.


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I think I have an answer. After double checking with a few people, it appears that the correct answer is to input all my income, from all sources during the tax year of 2014. The language means to say that, "for the taxable year, for which I am to be considered a nonresident of NJ, input the amount of income (gross) earned from all sources, inside and ...


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Report the amounts as they are. If the IRS sends a letter asking why your report doesn't match the reporting on the 1099-MISC, you'll respond with the exact explanation you gave in your question and a copy of the said settlement. That said, I suggest you have a paid professional do that for you, including properly formulating the statements attached to your ...


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I'll point out that you don't actually have to pay your income taxes on time, just make sure to file on time. You will be charged interest (currently 5% ann., compounded daily). This is no big deal, I know plenty of people who do this. Note that if they pay you interest you have to report it on your taxes, but if you pay them it's not deductible.


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Here's the best explanation I found relating to why your T4 box 39 might not have an amount filled in, even when box 38 has one: Department of Finance – Explanatory Notes Relating to the Income Tax Act [...]. It's a long document, but here's the part I believe relevant, with my emphasis: Employee Stock Options ITA 110(1) [...] Paragraph ...


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If you are a regular kind of person there is probably no penalty. Here's how to find out. First, gather up whatever paperwork you have - T4s and the like. Second, contact the local office of Revenue Canada and tell them you are way behind and want to get caught up. They may have some of your missing paperwork (pretty sure you have some missing paperwork) ...


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The communication between you and your CPA (and EA, as it is also a Federally authorized practitioner) is only privileged in non-criminal matters. If you suspect that you may face a criminal prosecution - you can only discuss it with an attorney. If a tax advice is need - the attorney will hire the tax adviser, not you. All your communication will flow ...


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Your freelance income will not qualify you for the work-from-home deductions, for that you would need a T2200 form signed by your employer. But, you are allowed to be self employed as a sole-proprietorship while still being an employee of another company. If you take that route, you'll be able to write-off even more expenses than those you linked to. Things ...


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In general, scholarship income that you receive that is not used for tuition or books must be included in your gross income and reported as such on your tax return. Scholarship income you receive that is used for those kinds of expenses may be excludable from your gross income. See this IRS information and this related question. I believe that as ...


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Can said company deposit my salary check directly into my account Yes. Is it legal for me to work as the company's employee It is perfectly legal. Note that your company has to adhere to Indian laws like TDS etc. Hence it makes more sense to have this as a freelance contractor. Do I need to pay both service tax and income tax? Income tax is ...


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On line 3 of the QDCGT worksheet, as you say, you enter the smaller of your long-term gains and total gains. Assuming you did not have a loss in either category, your long-term gains will be less than both long- and short-term combined, so you will enter long-term gains here. On line 7 of this worksheet, you effectively subtract your long-term gains from ...


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You are confused about a couple of terms: filing means that a person/company/university sends a form to the IRS. report means that the information on a form is then included on a another tax form. For example you work for company A: They file a W-2 two ways: one copy to the IRS; another copy to you. You report the numbers on the W-2 when completing ...


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Yes, you can do be a co-borrower even if your name is not listed as the owner. And since you are a co-borrower, you can claim income tax benefit for the interest paid by you, subject to a limit of Rs2,00,000. However, in my suggestion, it would be better to take the loan in your mother's name and show that you pay her a rent. This will help you claim ...


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It all depends on your whole situation (not just the fact that you have only £10 from p2p investments). ie. if you have to so a self assessment then yes you have to declare the additional £10 from p2p In order to decide if you have to do a self assessment there is a question list on the HMRC web site https://www.gov.uk/check-if-you-need-a-tax-return Hope ...


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Usually, you are a resident of a state when you live there. Since you moved in the middle of the year, you were a resident of WA before your move, and a resident of CA after the move. You were a part-year resident of both states. The difference between resident and nonresident is, if you are the resident of a state, your worldwide income is subject to that ...


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You are either VAT registered or you are not VAT registered. If you are not VAT registered, then you are not allowed to charge customers VAT, and you cannot reclaim VAT that you are paying. You are however allowed to deduct the cost of goods including VAT from your expenses. So if you buy a computer for £1000 + £200 VAT, and you can deduct the computer as ...


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This loss would be unrealized and, assuming you're a cash-basis tax-payer, you would not be able to take a loss on your 2014 tax return. This is similar to if you held a stock that lost 50% of its value. You wouldn't be able to claim this loss until you finally sold it. The link that User58220 posted may come into play if you converted your UAH back to ...


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Yes, you can contribute now, report the contributions on your 2015 tax return, but hold off claiming the deduction until a future year when it will make a bigger difference. However, by delaying the tax refund, there is an opportunity cost: the money you could get from claiming it in 2015 could be invested and allowed to grow, and could end up being worth ...


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Depending on how much freelance work we're talking about you could set up a limited company, with you and your wife as directors. By invoicing all your work through the limited company (which could have many other benefits for you, an accountant/advisor would... well, advise...) it's the company earning the money, not you or her personally. You can then ...


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If you mostly do work for businesses/individuals who are VAT registered it's a no-brainer to become VAT registered yourself... Although you will have to charge your customers VAT (and pass this on to HMRC) because they are VAT-registered they will reclaim the amount so it won't actually 'cost' them anything. At the same time, you can reclaim all the VAT ...


1

Note that a proof of mailing only asserts that you sent an envelope - nothing more. There was a court case in which the payer was fined for not sending in his return. He showed a certificate of mailing - which the IRS acknowledge that they signed for an envelope, but they denied receiving the return. He offered to help search the facility which was of ...


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If you must mail it in, you only need to have it postmarked on the day it is due. Send it Certified Mail at the USPS for under $5, and you're set.


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You can withdraw from your RRSP to pay your taxes. While not necessarily advisable, it is permitted — yet the tax consequences are no different just because you happen to be using the money to pay a prior year's income tax balance due. When you make the withdrawal from your RRSP, an amount will be withheld towards your income tax for the withdrawal ...


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Do not send multiple tax documents in one envelope. This is a Bad Idea. You run significant risks that they only pick up one of the two. Send it via e-filing if possible. This way you know they get it. If you must send it via US Mail, send it well ahead of time (why not send it this weekend!). Then you can get an update from the IRS that they got it ...


0

foreign income, transfer it to my savings account in India Yes you can transfer to India. The right account would be NRO/NRE. As an NRI one should not hold a regular savings account. forum that foreign income is not taxable unless used to buy stocks, fds etc If you are an NRI, income earned outside of India is not taxable in India. However any ...


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What should be my resident status? Based on above you have spent more than 182 days outside of India in the financial year 2014-2015. Hence you would be classified as "Non-Resident" [NRI] What address shall I mention in personal information my USA address or Indian address? Your convenience, any correspondence from Income Tax, i.e. correction ...


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Donations to most public schools are tax deductible if it's used for public purposes; public charter schools might be an exception so I would pay attention to that. Also as mentioned above you want to make sure you are donating to the public school/government unit and not some "affiliated" organization like a booster, pto, pta, etc. which requires 501c3 tax ...


1

Your W-2 has state wages in box 16, so it doesn't need your assignment based on moving date. Property tax on Schedule A doesn't need assignment either. The only item that needs proration is your K1 income. It seems that March 15 shall be used, since it is you, not your wife, who is one of the LLC members. I'm not a tax professional, just moved to ...


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Here are answers to your queries. 2014 to 2017 2010 to 2013 One Can't claim two journeys in one go. Both the journeys have to be in different financial year and claimed accordingly. October 2013 falls under the previous block and you should have claimed it in the financial year 2013-14 (April 2013 to March 2014) Most employers in India do not allow you to ...


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From the facts you are deemed Non-Resident Indian for tax purposes. Where can I get my salary transferred? Indian account or Brunei account? Should Indian account be NRE? Where ever its convenient to you. If its in India it should be in NRE/NRO type accounts. As an NRI one should not have regular savings account in India. How do I report income and ...


1

Whether you're self-employed or not, knowing exactly how much tax you will pay is not always an easy task. Various actions you can take (e.g., charitable donations, IRA contributions, selling stocks) may increase or reduce your tax liability. One tool I've found useful for estimating federal taxes is the Excel 1040 spreadsheet. This is a spreadsheet ...


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The amount of the income taxes you will owe depends upon how much income you have, after valid business expenses, also it will depend upon your filing status as well as the ownership form of your business and what state you live in. That said, you will need to be sure to make the Federal 1040ES quarterly prepayments of your tax on time or there will be ...


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H&R Block is a huge company, they stand behind their work. As you might expect, they have a "satisfaction guaranteed" policy: "We’re so certain that you’ll have a positive experience that you don’t pay until you’re satisfied." You saw no value in the service regardless of whether or not you had that extra paperwork. If they ever follow up and ...


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Yes, You will have to pay the taxes at least initially but you'll most probably get a refund when you will file returns depending upon the amount and tax brackets in the UK.


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The PAYE tax and NI will be deducted as usual. Send HMRC a P85 form to tell them you're emigrating, and they will refund the tax.


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If you did not sign a contract with them, then you do not owe them a return visit, much less a fee. This is one of the downsides of running a business where you offer to do work for a client and tell them that the fee depends on an outcome that you can only reach at the end of the work. If you did sign an agreement or contract, then you need to carefully ...


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It seems to me that services were provided, and the fact that the fee depends on the amount of the work done was communicated to you ahead of time. I'd have to say that yes, you have to pay for the consultation. The fact that you're unsatisfied with the results (in part due to your own omission of an important piece of information) is irrelevant. So is the ...



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