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Hitguj » Living Abroad » US related » How to file tax returns in USA » Archive through January 10, 2006 « Previous Next »

Hemantp
Friday, February 06, 2004 - 12:45 pm:   Edit Post Delete Post Print Post  Link to this message

ho ani urlele $ consulting fee mhanun mala pathav.


Yogibear
Friday, February 06, 2004 - 2:59 pm:   Edit Post Delete Post Print Post  Link to this message

Kiran, Savya: I have been using "Online Tax Filing" from last 2 years without any problems. Mostly 'Federal Tax Return' is free and for 'State' u will be charged max $10/- So instead of doing paper filing try Online..... I will suggest not to skip 'Tax Filing' karan future madhe traas hou shakto if at all u happen to visit US.

Yogibear
Friday, February 06, 2004 - 10:09 pm:   Edit Post Delete Post Print Post  Link to this message

Take advantage of these online Tax Return Filing:

1.
Filing Free Tax Return - IRS
2.Only $9.95 to e-File your federal return and your state is FREE
3.Free Tax Software

I hope this helps....:-)


Savyasachi
Monday, February 09, 2004 - 11:35 am:   Edit Post Delete Post Print Post  Link to this message

kiran, are ING direct ajunahi 1 ki 2 takke dete na? ya aswalanech mala ING baddal sangitle hote.. :-)
yogya, mi file karaycha vichar kartoch ahe. ata tu dilelya sites varun fukat kuthe hou shakel ka te pahato. haha.. pan konta tari ek filing (mostly MI state che) fukatat honar nahi. MA madhe hoto tenva MA government chya site varun direct file kele hote free madhe. MI la to option ahe ki nahi mahit nahi. if u know let me know.
kiran, tula 15 $ sathi file karaychi agadich garaj nahi.

Kiran
Monday, February 09, 2004 - 2:21 pm:   Edit Post Delete Post Print Post  Link to this message

Savya, tu US sodun alays ki parat janar ahes? ING account is not valid if you do not reside in the US. mi Indiat yetana tyanna call karun vicharle hote. Of course tyanche sagale net var aahe tyamule aplyala interact karaychi garaj nahi padat pan mala tari te risky vatale mhanun mi te close kele. So I suggest you not to keep funds with them. tyapeksha Indiat transfer karun 3% tari aramat miltilach :-)

DCU aani Paypal support international account holders. mi DCU la instructions deun alo hoto India address baddal. ata mala tyanche Indiala statement yete.



Yogibear
Monday, February 09, 2004 - 2:35 pm:   Edit Post Delete Post Print Post  Link to this message

Savya:
[qao TIcakI maaÉna baGa...

Bittu
Monday, February 09, 2004 - 7:34 pm:   Edit Post Delete Post Print Post  Link to this message

I was in OR for a while and now I have moved to CA. How to file tax returns now? I am sure I have to file 2 state tax returns. but how about federal tax returns?

Yogibear
Monday, February 09, 2004 - 8:28 pm:   Edit Post Delete Post Print Post  Link to this message

Bittu: You certainly dont have to file 'two' Federal Tax Returns, just one :-) You will probably have to file
part-year resident OR tax return and same goes for CA too.

Savyasachi
Tuesday, February 10, 2004 - 5:16 am:   Edit Post Delete Post Print Post  Link to this message

kiran, mi US sodun alo ahe ani 2003 complete year Indiat ahe. parat janar nahi janar asa kahi nahi. koni pathavla tar jainhi. baki tuzi ING baddalchi mahiti farach interesting ahe. I will check out.

yogi, tuzi link changli ahe re. try marato ata.

Nirakar
Thursday, February 19, 2004 - 3:44 pm:   Edit Post Delete Post Print Post  Link to this message

Mi geli 3 varshe Turbotax online bharato aahe, fed and state, no probs, this rocks.
This time I am trying TaxCut desktop vesrion.
Will give you my expereinece here.
BTW: if you put exactly same figures in Turbo tax and Taxcut you see different returns !!!. I am investigationg... If anybody came accross this pl update me

Rujuta
Friday, February 20, 2004 - 2:54 am:   Edit Post Delete Post Print Post  Link to this message

Yogibear, as per yr suggestion, posting my Q here ....

I need some info. abt Texas. What are the living standards there? What is tax rate? how much r school expenses? when the schools start?

Thanks in advance

Yogibear
Friday, February 20, 2004 - 3:03 am:   Edit Post Delete Post Print Post  Link to this message

Rujuta: In order to answer your questions....

1. Which state tax are you referring to?
2. What u mean by school expense with respect to tax? as well as school start?


Milindaa
Friday, February 20, 2004 - 7:24 am:   Edit Post Delete Post Print Post  Link to this message

I think, Rujuta's question was too generic to be moved to this BB. It is more suited for "Looking for" BB. Anyway.. :-)

Rujuta
Friday, February 20, 2004 - 9:56 am:   Edit Post Delete Post Print Post  Link to this message

I mean All those taxes that r deducted from salary.
school questions r not related to any tax. I am asking abt school for kids of age 6-7 , abt the admission procedure and fees,academic yr etc.



Yogibear
Friday, February 20, 2004 - 2:52 pm:   Edit Post Delete Post Print Post  Link to this message

Rujuta: On an average a 'total' of around 25% to 32% goes into various tax deductions (Federal tax, State tax, Social Security, Medicare) which are withheld via your employer at the time of paycheck.

Milinda: I was not aware that her question would be of generic nature and not specific to any tax filing.... :-(

Rujuta
Saturday, February 21, 2004 - 4:40 am:   Edit Post Delete Post Print Post  Link to this message

Yogibear, thanx. Its really a useful info.

Gaurijay
Tuesday, March 09, 2004 - 8:08 pm:   Edit Post Delete Post Print Post  Link to this message

hi, H1 var asatana dual income allowed aahe ka?

Yogibear
Tuesday, March 09, 2004 - 8:12 pm:   Edit Post Delete Post Print Post  Link to this message

Gaurijay: Yes, provided you have two H1 visas.

Atul
Monday, March 22, 2004 - 10:31 pm:   Edit Post Delete Post Print Post  Link to this message

Any idea about the USE TAX on the purchases of out of California? Is it required to be paid on all the internet purchases? Can anybody give more info?

Saurabh
Thursday, April 08, 2004 - 3:53 pm:   Edit Post Delete Post Print Post  Link to this message

If someone gifts me money from India, am I liable to pay income tax in US for that? Am I liable for income tax in India? thanks.
I a in US on H1 and donor is in India.

Yogibear
Thursday, April 08, 2004 - 4:02 pm:   Edit Post Delete Post Print Post  Link to this message

Saurabh: I doubt if you are liable for any tax in India for receiving gift (cash/voucher) here in US. I beleive their is some clause about taxation on gifts received in cash/vouchers but cant help more on that..... :-(


Any takers for this one....
Q. Educational Credit - IRS Publication 970: I do understand that we have 3 forms of educational credit... Hope/Life/Tax Deductions... Can any one explain why a person should use Tax deduction v/s Life/Hope Credit when it allows max deduction!!!

I have refered to IRS publication of 71 pgs but was not clear on how does this work......:-(

Asami
Thursday, April 08, 2004 - 6:09 pm:   Edit Post Delete Post Print Post  Link to this message

Saurabh, I think gifts only upto certain amounts are tax free. All other income, irrespective of source is liable to tax. I do not remember about limit though.

Yogibear
Friday, April 09, 2004 - 1:48 pm:   Edit Post Delete Post Print Post  Link to this message

Answer to my above Q: FYI

It requries an understanding of the difference between a credit and a deduction.

The Lifetime Learning Credit is a credit, if you get the maximum credit of $1,000, this reduces your taxes by that amount.

The deduction is a reduction in your taxable income. The maximum deduction is $3,000. The benefit of this deduction depends on your tax bracket. If you are in the 15% bracket, this deductions saves you $450 in taxes, if in the 28% bracket, your savings is $840, and if in the 35% bracket you save $1050. Since the deduction also reduces your adjustable gross income, if you itemize with medical expenses and miscellaneous itemized deductions, the savings can be even more.

Generally speaking, the LLC saves you more unless you are in the 35% bracket, or in the 33% bracket with medical expenses that can be deducted.

Hope this helps.


Mpt
Monday, April 12, 2004 - 7:33 pm:   Edit Post Delete Post Print Post  Link to this message

Hope credit may not be available for Nonresident aliens.
id=96271%2C00.html#QA7,http://www.irs.gov/individuals/article/0,,id=96271,00.html#QA7

Arch
Monday, April 12, 2004 - 7:41 pm:   Edit Post Delete Post Print Post  Link to this message

yaÜigaÊ malaa vaaTt there is a cap on the earning for this. mhNajao single, unmarried and income less than $50,000 ikMvaa married filing joint return and income less than $100,000

Yogibear
Monday, April 12, 2004 - 7:45 pm:   Edit Post Delete Post Print Post  Link to this message

Arch: There are tons of rules around it so before taking any credit/deductions please refer to IRS publication 970

Abedekar
Monday, January 09, 2006 - 4:13 pm:   Edit Post Delete Post Print Post  Link to this message

not sure if thsi is the right BB for these questions, but this one seemed reasonably close.

* is interestfrom NR/E (or FCNR) accounts in india subject to income tax here in the US?

* do indian banks report it to the IRS thrugh 1099-INT forms?

* in addition - do you have to report investments outside of the country (such as transferring money to NR/E accounts) to the IRS?

Yogibear
Monday, January 09, 2006 - 4:53 pm:   Edit Post Delete Post Print Post  Link to this message

Abe: I believe that NR/E (or FCNR) accounts are tax free in India which means you do not pay tax at source and hence will be liable to pay tax at destination (in US). I do not believe that the banks notifies IRS but its your duty to include it in your tax calculations.

Check out
IRS Publications 514 & 515....

more information here at ICICI site...

Chafa
Monday, January 09, 2006 - 5:20 pm:   Edit Post Delete Post Print Post  Link to this message

Interest income on NRE account(s) is reported by banks to IRS. That income has to be included in your taxable income. The copy of 1099-INT form that you get from your bank clearly indicates this.

Asami
Monday, January 09, 2006 - 6:15 pm:   Edit Post Delete Post Print Post  Link to this message

Yes, you should include them in the form of 1099-INT, However, my practical experience is, unless bank has US based branch, IRS is notified about this account or income.

Asami
Monday, January 09, 2006 - 6:15 pm:   Edit Post Delete Post Print Post  Link to this message

Yes, you should include them in the form of 1099-INT, However, my practical experience is, unless bank has US based branch, IRS is notified about this account or income.

Abedekar
Monday, January 09, 2006 - 7:24 pm:   Edit Post Delete Post Print Post  Link to this message

asami - your statement is confusing .. try reading it again

Asami
Tuesday, January 10, 2006 - 2:11 pm:   Edit Post Delete Post Print Post  Link to this message

Yes, you should include them in the form of 1099-INT, However, my practical experience is, unless bank has a US based branch, IRS is not notified about this account or income. e.g. canara bank or central bank of india did not bother to report it, while, citibank did.

Abedekar
Tuesday, January 10, 2006 - 3:33 pm:   Edit Post Delete Post Print Post  Link to this message

so basically - find a bank like canara or central bank (i believe icici bank is in the same category)

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