12 votes
Accepted

For a non-resident, Is it worth investing in a 401k?

You should fund the 401(k) and get the 4% matching because it's free money. When you leave the US, patience is a virtue to get the money penalty-free: Rollover to an IRA. Take "Substantially equal ...
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  • 23.7k
12 votes

Applicability of form W-8BEN-E / W-8BEN to an Indian citizen

If you're working as an individual and not a company then you should submit W8-BEN. If you're invoicing the client as a LLC/Corp/Partnership or anything else other than your own private name - you ...
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  • 127k
11 votes
Accepted

Do Canadian citizens have to file Canadian income tax returns even when living abroad?

No — the U.S. is the only country that imposes such a requirement on its citizens. Eritrea is another country (the only other...) in the world which taxes non-resident citizens, but it is not a ...
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  • 127k
10 votes

Tax Question for US Citizen moving abroad

As a general US income tax rule (e.g. §861(a)(3)), if the payment is due to services actually performed in another country, then the location of the bank or branch taking your salary is not going to ...
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  • 4,839
10 votes
Accepted

Can I transfer money from an NRE account to a USA checking account?

Assuming that the NRE (NonResident External) account is in good standing, that is, you are still eligible to have an NRE account because your status as a NonResident of India has not changed in the ...
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8 votes
Accepted

Is it possible to trade in UK's investment ISA after moving abroad?

After doing some more digging I figured there are two parts of this problem: Being able to use the UK investment ISA after moving abroad. Taxing the profits from investments. Re. 1: It was very ...
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  • 261
6 votes

Non-Resident Alien investing in a Vanguard mutual fund: is this allowed?

However Vanguard has told me that only a "lawful permanent resident of the United States" can invest in the funds. Does this mean I am not allowed to invest in any mutual funds in the US? No, it ...
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  • 127k
6 votes

What's the tax rate on Roth IRA contributions for a nonresident alien?

Roth deposits are made with post tax money. It's not like there's a special rate. When you earn a dollar, it's taxed at your marginal rate but at that moment, it doesn't know your plans for it.
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6 votes

Born in the U.S.A., but I have no SSN & I live in Canada. Must I file a U.S. income tax return each year?

As a U.S. citizen — regardless of how you became one, or where you currently live — you must file a U.S. income tax return each year. Your worldwide income must be declared on your U.S. ...
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  • 31.4k
6 votes

Reason to give for personal loan in USA to buy land in India?

The truth is usually the best reason to give when asked why you want the loan. Expect the credit union to be fairly leery of giving someone an unsecured loan to buy land in a foreign country. A bank ...
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  • 1,098
6 votes

Have I committed a crime by not declaring a salary in India while working as an NRI?

I haven't ever declared that I'm residing abroad and in Europe There is no declaration you need to make in India that you are Non-Resident. You acquire the status once you are out for more than 182 ...
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  • 56.5k
6 votes
Accepted

How to invest money in the US for an alien friend?

You are likely to find that acting as an agent to invest other people's money for them and return them an income is a regulated activity. If so, it could be extremely burdensome for you to meet all ...
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6 votes

In the UK is it illegal for banks to open current accounts for non-residents/tourists?

UK banks are permitted to open accounts to non-residents. Whether resident or not, you will need to prove your identity in order to open a bank account. Your local bank may even be able to handle ...
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6 votes

I'm a resident of Monaco and my future wife is a US citizen and resident. Will I have tax obligations once married?

No, so long as you remain a non-resident, you will not need to file a US tax return. Your wife will need to continue to file either as Married Filing Separately or, possibly, as Head of Household: ...
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  • 3,632
6 votes
Accepted

UK tax for partial residents

The short answer is that I am a UK tax resident for 2019-2020. I pass the so-called "sufficient ties" test, but oh boy, there are so many nuances to this that it makes my brain melt. Buckle up! Tests ...
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5 votes

Can I open a rollover IRA account in the US when I am not a citizen, nor no longer live there?

You can definitely open an IRA and roll the money over. I suggest instead of trying opening online calling the institution and asking what would be the procedure in your specific case. If not, I ...
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  • 127k
5 votes

How to avoid U.S. FICA (S.S.)

If you're a salaried employee working for a foreign employer in a foreign country, you don't need to pay the FICA taxes. Also, if there's a totalization agreement between the US and the other country -...
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  • 127k
5 votes
Accepted

Transferring money from Foreign Account to NRO Account in india - is it taxable?

Taxability does not depending on transfer of money to NRO. It depending on your tax status in India. Assuming you have spent more than 182 days outside India for the financial year 1 April 2015 to 31 ...
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  • 56.5k
5 votes

Applying for "Help to buy" ISA. Asks for TIN number. Should I worry? (UK)

IANAL, I am married to someone in your situation. As a US citizen age 26 who has not had any contact with the IRS, you should most definitely be worried... As a US citizen, you are (and always have ...
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  • 4,254
5 votes
Accepted

File Taxes: US Expat, now married to foreign national

Per the IRS instructions on filing as Head of Household as a Citizen Living Abroad, if you choose to file only your own taxes, and you qualify for Head of Household without them, the IRS does not ...
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  • 34.6k
5 votes
Accepted

NRE to NRO or Saving Account Transfer

Is it possible to move money from NRE to NRO account Yes you can move money from NRE to NRO without any issue. You can't do the other way round. i.e. Move money from NRO to NRE. I would like to ...
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  • 56.5k
5 votes
Accepted

U.S. nonresident alien: Is my state tax refund taxable?

Federal income tax refunds received during 2016 are not taxable income for 2016 (or any other year) on either the Federal or the State tax return. The State income tax refund for 2015 received during ...
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5 votes

My employer is refunding incorrectly witheld FICA. Do I need to wait for W-2c to file?

Whether or not Social Security and Medicare taxes are withheld from your pay, what you need for filing your Federal income tax return are the amounts in Box 1 (Wages, tips,...) and Box 2 (Federal ...
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5 votes

How does the bank/IRS know whether a bank transfer over $14k is a gift or loan repayment?

You don't need to file or do anything. The bank will report all transfers over 10 000, but chances are slim that it will even be looked at, if you don't do this every week. Worst case, someone will ...
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  • 36.8k
5 votes

Non-resident alien tax

Once she became a US permanent resident, she continues to meet the Green Card Test (and thus be a resident alien for US tax purposes) until either she becomes a citizen, she voluntarily signs a form ...
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  • 15.6k
5 votes

Bank asking first transfer to be a wire transfer to NRE account

They are asking me that my first fund should be transferred directly from my US bank account (possibly through wire transfer). The FEMA rule is that transfers into an NRE account should be from ...
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  • 56.5k
5 votes
Accepted

Wealth Transfer Tax in UK

The UK doesn't tax money transfers themselves at all, either transferring into or out of the UK. You also shouldn't be charged any taxes on any interest on the savings as you won't be resident. You ...
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5 votes

$0.30 1099 tax form received, should I ignore it?

The 1099-INT form is not saying that any withholding was done. It is simply a notification to you as to how much interest you earned that year (hence -INT), so you may fill out your tax forms ...
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5 votes

Why does Charles Schwab require a large minimum deposit to open an international brokerage account?

While it's not possible for me to know why exactly Schwab or any brokerage would set minimum initial deposits, they are entitled to do so. Being a non US resident, you don't have the same consumer ...
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  • 469

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