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That's true for the tax return. The T1135 has some late penalties. These only apply if you had to file one, some/most people don't. http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/frgn/pnlts_grd-eng.html


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CODI is cancellation-of-debt income. Since BBEP is a partnership, the "income" generated from the cancellation of debt could potentially be passed back to the partners which could generate a tax liability to you. You would have to look at the books to determine the debt load per unit to understand what that might mean for your 1000 units. The most recent ...


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Both of the other answers are correct and good answers, but I think neither directly answers your question. No, you do not need to pay additional taxes on the wedding gifts simply because of the fact that they are going into a Roth IRA. Similarly, if you put them into a traditional IRA, that amount would be deductible (assuming you met the other criteria, ...


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You are a teacher with income. Presumably, between you and your spouse-to-be, more than $5500. That's all that matters. Unless, of course you make "too much money" (i.e. $184K or over). That's another story. The actual deposit can be from any source. The example we often give is that a teenager with legitimate income can have a Roth, up to the income or ...


1

Now, I have kept this money and after interval of 6 month or year whenever the USD price go up, I do exchange with Indian currency and deposit in my account. Now do I have to pay Tax on this money? No you are not required to pay any tax as the income was accrued when your were NRI for tax purposes. The Foreign currency upto USD 2000 can be held by an ...


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You must have $x of taxable income that year in order to make a contribution of $x to IRA for that year. It doesn't matter where the actual "money" that you contribute comes from -- for tax purposes, all that matters is the total amount of taxable income and the total amount of contributions; how you move your money around or divide it up is irrelevant.


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Fear tactics posted above, likely by IRS agents. Yes, you qualify based on the residence test. You perform your work outside the US. You gather business data in a foreign country. The income is excluded.


3

First, request that you complete a tax return. On this tax return, you will complete both the employed and self employed sections. This will give you a total income and tax liability. You will already have paid some tax via PAYE, but you will have to pay additional tax for any other income. For future years there is the option, depending on amount, to ...


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Whichever account you put on your filing; it doesn't really matter. I file the taxes for my wife and I (married - joint), and I pay the taxes from my checking account because I choose to, but I could use my wife's account. When filing jointly, the IRS doesn't really care which account the money comes from, or goes back into. As with you other question: ...


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No, H4 will not be exempt from FICA taxes.


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Your taxable income is your total income from however many sources of income you have. If you are in employment and doing self-employed job at the same time, your taxable income will be a combination of both incomes. For example if in employment you make £10000 and self employed you make another £10000 - your total income is £20000 and this is your taxable ...


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The first thing you need to do is to determine your maximum HSA contribution for 2016. The single coverage maximum for 2016 is $3350, but if you had family coverage for any complete months of 2016, your maximum will be higher. There is a worksheet in the Form 8889 instructions (line 3) that shows you how to prorate the maximum contribution limit for the ...


2

You can always lie and say you live in a different place, no-one but you can prevent you from doing stupid things. You need to remember that tax fraud is a criminal offense and you may end up in jail and/or with a huge tax penalty bill when you get caught. You will get caught because tax fraud has no statute of limitations periods, and there will always be ...


4

Based on your question, it sounds like you're wondering which salary would be the "primary" on a joint tax return. The answer is neither. It doesn't matter which salary is entered first or second. When I file our taxes, I put my info first because I get it before my wife's comes in. It used to be that her info arrived first, so I entered hers onto the tax ...


2

You can request a transcript online to get a report of the high level totals; in case you would prefer a full photocopy of the return for your records, fill out and mail in Form 4506 available at that link. The full photocopy has a fee of $50. IRS availability info: If you filed your tax return electronically, it takes about 3 weeks before a transcript ...


0

when investing in index funds Index fund as the name suggests invests in the same proportion of the stocks that make up the index. You can choose a Index Fund that tracks NYSE or S&P etc. You cannot select individual companies. Generally these are passively managed, i.e. just follow the index composition via automated algorithms resulting in lower ...


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From the employer side there are A LOT of legal duties attached to sponsoring a 401(k). If you are asking this question I would not suggest attempting to meet all of the regulations related to handling employee money internally. There are certain annual filings, periodic notices, accounting etc related to these kinds of plans, and the fines for ...


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I'm american and know little of Canadian law. I assume what I state here to be similar to American law... I do not believe the "lump sum" of the distribution makes any difference. If you earn 100k in 2016, you earn 100k in 2016...whether you earned it on May 16th, or on every Monday in 2016. Taxes, I'd presume would be the same. I'd look to see if you ...


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Interest earned over my saving only As you are Tax resident in UK, UK taxes Global income. So the interest earned in India is taxable. Further this is taxable when the interest was paid to you in India and it is not relevant whether you kept the funds in India or repatriated to UK. It is not clear in your question as to when the interest was credited ...


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There are filing requirements and you can check if you're required to file. Note that in 2014 the numbers were a bit lower. Since you're a non-resident, you only need to consider US-sourced income (i.e.: income paid to you from a US entity or you earned while in the US). Refund is not an income, it's your money being returned to you. From what you ...


3

You will need to file your tax return (form 1040) with the form 2555/2555-EZ attached to it. Usually, retail tax preparation services, especially on-line websites, are not tailored for such a unique need and people working there are likely not train to understand what it is that you're talking about. If you're up to doing the research yourself you can use ...


4

I can make that election to pay taxes now (even though they aren't vested) based on the dollar value at the time they are granted? That is correct. You must file the election with the IRS within 30 days after the grant (and then attach a copy to that year's tax return). would I not pay any taxes on the gains because I already claimed them as income? ...


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Let's have a look at Who must send a tax return: You’ll need to send a tax return if, in the last tax year: you were self-employed And we're done. It doesn't matter that your tax will come out to zero - you still need to TELL them this, otherwise how are they going to know? 'Person liable for zero tax who doesn't send their tax return' and ...


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The deadline for FBAR filing is June 30th, by that time the FBAR must be received by FinCEN. It is no longer filed by mail, but you still need to e-file it before June ends. So if you're using the streamlined procedure (i.e.: filing the current and all the delinquent), I don't think you can be late. For tax returns, the statute of limitations doesn't kick ...


3

Just to be clear, this is a 2011 tax table. No problem as an example, but I don't want you paying the wrong tax if you're actually using this now. Beyond that, you've got the right idea, but you need to keep track of the progressive nature at each rung. The first line your table is Taxable But not Tax is Plus Of amount Income over ...


3

Follow the guidelines from the IRS. It is very straight forward. The purpose of exempt is to make it more likely that somebody who in not going to have to pay doesn't have to file to get their withheld money back. If the situation changes because they work more hours, or they get a big raise just submit a new W-4. The biggest risk is that they go over the ...


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Based on these dates in your question: Going back over my records, I was able to recall the following: I lived in Virginia and worked in DC from Jan. 2009 to Aug. 2009. I lived in Maryland and worked in DC from Aug. 2009 to Dec. 2009. I lived in Maryland and worked in DC from Jan. 2009 to Aug. 2010. You should have filed a part year in ...


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If my wife were to receive an ITIN will she forever be obligated to file (or for me to include her in my filing) with the IRS? No. This mentions income which I generically assume to be salary from working. But what if she has investments, will those be protected from a US tax liability too? Whether she is required to file a US tax return ...


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I believe I found the answer and it is a yes - however if someone can confirm that would be great: How much can I claim for depreciation? In general, depreciation on a rental property cannot be used to either create or increase your rental loss. When more than one rental property is owned, all net rental income (or loss) is combined to determine ...


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SIP fund's interest Not sure what you mean. The gains are taxable as per regular tax rates. For example if you have invested 100 and sold the fund at 110, 10 is your profit and you would have to pay tax on this amount as per the tax brackets.


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It is considered additional income, so the 1% is added to your other income, and then the tax is normally calculated. You can imagine it as getting a raise in that amount, paying your taxes on the higher salary, and then making the virtual 'payment' in the original height to the car dealership. The net effect of this is a slightly increased tax rate on all ...



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