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  1. You should talk to the 401K custodian to...

    You should talk to the 401K custodian to determine if they will take back the matching funds from the employer because your initial donation exceeded the 19.5K limit.

    If that is in fact the case,...
  2. Answers
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    Glad to help!

    Glad to help!
  3. Answers
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    Yes, you have the option to file as a resident...

    Yes, you have the option to file as a resident for a full year. You can also choose to be treated as a dual-status alien and file a dual-status return. The return needs to be modeled both ways to...
  4. You should file an amendment to identify the $250...

    You should file an amendment to identify the $250 in consulting income on Schedule C.

    While doing this amendment, identify the rollover.

    If you want professional help to amend, contact me at...
  5. Glad to help!

    Glad to help!
  6. You have in fact established residency in...

    You have in fact established residency in Missouri, but you are only a part-year resident.

    When you file your 2020 return, you will need to file as a part-year resident of Missouri and whichever...
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    Kritvarma, Do not over-react. Remember...

    Kritvarma,

    Do not over-react.

    Remember that the IRS issued the Economic Stimulus payments, and they know what you got.

    So let them review the return and make any needed corrections before...
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    Glad to help!

    Glad to help!
  9. Answers
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    To get TaxAct to generate the Schedule D and Form...

    To get TaxAct to generate the Schedule D and Form 8949, you need to enter the stock and mutual fund SALES using Form 1099-B.
  10. For 2020, you are a resident alien because of the...

    For 2020, you are a resident alien because of the Substantial Presence Test (SPT).

    For 2021, you will be a non-resident alien because you are no longer subject to SPT.

    You will report ALL...
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    Glad to help

    Glad to help
  12. Answers
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    Was there any stock trading?

    Was there any stock trading?
  13. Glad to help!

    Glad to help!
  14. Answers
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    Contact the HSA custodian and arrange to have the...

    Contact the HSA custodian and arrange to have the excess contributions withdrawn.

    This may have to be done through the payroll or HR department of your company.
  15. It does not matter the order in which they are...

    It does not matter the order in which they are filed.

    If mailed, send a copy of the other state return with each submission; it answers a lot a questions before they can be asked.

    Equally...
  16. Answers
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    To my knowledge, there is NO "IRS Form 709 for...

    To my knowledge, there is NO "IRS Form 709 for Idiots"

    However, I will prepare the Form 709 for $200, which is less than HALF as much as the CPA firm wants to charge.

    If interested, email me at...
  17. Answers
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    All good points

    All good points
  18. Answers
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    Glad to help!

    Glad to help!
  19. Answers
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    Then the answer is NO. To claim your children as...

    Then the answer is NO. To claim your children as dependents on the Form 1040NR, they must be physically present in the United States during the year of the tax return.
  20. Answers
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    The answer to your question is you CAN claim your...

    The answer to your question is you CAN claim your children as dependents.

    The actual issue is WHY are you filing dual-status??

    Presumably, you have returned to India and are filing for the...
  21. Answers
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    There are a variety of issues in this situation...

    There are a variety of issues in this situation that dictate that you need to get a local estate tax expert involved.

    From MY point of view, I consider the $40K transfers to be distributions...
  22. Answers
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    No. Since the 401K or IRA distribution was...

    No.

    Since the 401K or IRA distribution was tax-deferred when you filed your return and deducted the contributions off your tax returns way back when, the transfer will be taxed using progressive...
  23. Answers
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    On such a conversion, you will have to pay taxes...

    On such a conversion, you will have to pay taxes on the value of the IRA with NO deductions at all (since NRAs do NOT get the claim the standard deduction).

    Will you be returning to the United...
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    Trishala, I am sorry, but this sounds like a...

    Trishala,

    I am sorry, but this sounds like a homework question, and this forum does NOT a matter of policy answer homework questions.

    ATE
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    Glad to help!

    Glad to help!
  26. Answers
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    Yes, that is correct.

    Yes, that is correct.
  27. Answers
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    Then you report nothing on your 2020 return and...

    Then you report nothing on your 2020 return and address it on the 2021 return.
  28. Answers
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    571

    Was the withdrawal physically done in 2020 or...

    Was the withdrawal physically done in 2020 or 2021?
  29. Answers
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    Glad to help!

    Glad to help!
  30. Answers
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    Yes, a Form 1040NR would normally submitted as a...

    Yes, a Form 1040NR would normally submitted as a Dual-Status Statement.

    However, what you filed was a EXPATRIATE dual-status return, which means the Form 1040NR is the Dual-Status return and the...
  31. For the W-2, you need to enter the max amount as...

    For the W-2, you need to enter the max amount as specified in the instructions and the capped amount of $137K. Also enter the amount withheld based on $137K.

    Then amend the employer tax returns...
  32. Generally speaking, you can pay up to $1,000 when...

    Generally speaking, you can pay up to $1,000 when filing your taxes without paying any penalties or interest.

    It can even be higher under certain circumstances, but the IRS has used the $1,000...
  33. Purely from a money management point of view, you...

    Purely from a money management point of view, you do NOT want a refund, because you are getting back your own money.

    If you end up owing about $700, then start saving the money and pay it when you...
  34. Sorry, but there is NO work-around. Several...

    Sorry, but there is NO work-around. Several states tried to implement laws and procedures to work past the SALT limitations, but they were all shot down by the IRS.

    Note that if you do not make...
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    The Residency Termination Statement IS still...

    The Residency Termination Statement IS still required. I have a boiler-plate copy I can send you for a small fee, but you can find out what is required in IRS Pub 519.
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    Yes, that is correct

    Yes, that is correct
  37. Answers
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    When the land is a gift from parent to child, the...

    When the land is a gift from parent to child, the cost basis is what the PARENT paid for the land.
  38. Answers
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    I cannot answer the question about how many...

    I cannot answer the question about how many months living outside of the U.S. forces you to surrender your green card. This is a question to be posted under Immigration Law, NOT taxes.

    That said,...
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    You have it exactly right. One note: do NOT...

    You have it exactly right.

    One note: do NOT try to file a dual-status return yourself, as it is NOT a return for amateurs.

    In fact, if you decide to do the dual-status return, be careful about...
  40. Answers
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    You have a choice. You can file as an...

    You have a choice.

    You can file as an expatriate dual-status, which allows you to declare ONLY the U.S.-sourced income you earned before returning to India. However, you CANNOT claim the $24,400...
  41. Your friend is full of it. I have dealt with...

    Your friend is full of it.

    I have dealt with HSAs for the past ten years and, to my knowledge, not ONE IRS audit has resulted from using of an HSA.

    The only time there is an IRS audit is if...
  42. Glad to help!

    Glad to help!
  43. If you have entered all of the stock transactions...

    If you have entered all of the stock transactions manually and (hopefully) properly adjusted the cost basis using Code B on the Form 8949, then all of the information on the summary statement has...
  44. Unfortunately, submitting tax transaction summary...

    Unfortunately, submitting tax transaction summary using IRS Form 8453 is an all-or-nothing affair. You either submit the stock transaction summary with the Form 8453, or you manually enter each...
  45. You need to determine what income earned overseas...

    You need to determine what income earned overseas is subject to U.S. taxes, and what is not. Look at the tax treaty if there is one.

    Then what you earned as wages is entered on Line #7 of the...
  46. U.S. citizens who have resided outside of the...

    U.S. citizens who have resided outside of the United States are STILL required to file an annual U.S. tax return and they can claim the same deduction as any living inside the United States.
    ...
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    She will have to file SINGLE; qualified widow...

    She will have to file SINGLE; qualified widow only applies if there are children.

    No requirement to file the California return, but the FBAR is STILL required even if she does not file the federal...
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    Yes, tax returns WILL still be required for 2019...

    Yes, tax returns WILL still be required for 2019 and 2020.

    It takes 2 - 4 weeks for the surrender date to be shared with the IRS.
  49. Answers
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    Glad to help!

    Glad to help!
  50. Answers
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    Mohan, The green card holder has to file even...

    Mohan,

    The green card holder has to file even if they are never in the United States for the calendar year. The filing requirement remains until they surrender the green card.

    Yes, the dad can...
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