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  1. Question: 401K withdrawal

    by suntaxfla
    Answers
    5
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    705

    The US-India tax treaty has some benefits if you...

    The US-India tax treaty has some benefits if you take it out in periodic payments.
  2. Answers
    14
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    1,015

    Agreed. Need to stress though that filing with a...

    Agreed. Need to stress though that filing with a nonresident spouse does not exist. You morph them into a resident for most tax purposes.
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    1,015

    Hi Atlanta Tax Expert. It is important to realize...

    Hi Atlanta Tax Expert. It is important to realize that the election actually changes the tax status of the otherwise nonresident spouse. You CANNOT file with a nonresident spouse. By making the...
  4. Answers
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    1,015

    In addition, filing jointly results in joint and...

    In addition, filing jointly results in joint and several liability for the tax return. Filing separately does not. Filing jointly is an election and is irrevocable. Separate returns can be amended to...
  5. Answers
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    1,168

    Well... that's not really the topic of this forum.

    Well... that's not really the topic of this forum.
  6. Answers
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    1,168

    Aha... that's where it gets complicated. The...

    Aha... that's where it gets complicated.

    The monthly penalty amount for any month is equal to 1/12th of the greater of:• a calculated flat dollar amount ($695 for 2016)
    • a specified percentage...
  7. Answers
    13
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    1,168

    The IRS will deduct this amount from future...

    The IRS will deduct this amount from future refunds, but they cannot lien or levy property for this amount. Neither does the taxpayer face criminal penalties.
  8. Answers
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    1,379

    Just being nosy. I use Ultratax, which is new to...

    Just being nosy. I use Ultratax, which is new to me. The program alerted me to the change in question. I think my old software would have let me fill out the 1040X, though not sure. Nice talking to...
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    1,379

    What software do you use?

    What software do you use?
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    1,379

    Hi AtlantaTaxExpert. Until recently I did the...

    Hi AtlantaTaxExpert. Until recently I did the same. Turns out you shouldn't. Who knew? How bizarre?
  11. This is a little late for the 2016 tax year, but...

    This is a little late for the 2016 tax year, but you can only exclude his foreign earned income if he satisfies the physical presence test or bona fide residence test. In plain English that means he...
  12. Answers
    4
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    851

    You may want to send them in separate envelopes,...

    You may want to send them in separate envelopes, i.e. one for each year, to avoid drawing attention. May or may not help.
  13. Answers
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    758

    IRS notice 97-34 refers to the "value of the...

    IRS notice 97-34 refers to the "value of the aggregate foreign gifts". This suggests to me that gifts of cash, securities, foreign currency or even bananas that exceed this threshold value must be...
  14. Answers
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    1,819

    I assume you mean $50,000

    I assume you mean $50,000
  15. I have had this happen to clients before. Simply...

    I have had this happen to clients before. Simply redistributing funds, even through your own account, is not in itself a gift -

    While there are many definitions of a "gift," the gift tax...
  16. Answers
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    1,126

    Just to reiterate, this form is only required to...

    Just to reiterate, this form is only required to explain the basis of a claim that he or she is able to exclude days of presence in the US. -
    301.7701(b)-8(a)(2) Exempt Individuals And Individuals...
  17. Answers
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    607

    Also, nonresident alienswho are residents of...

    Also, nonresident alienswho are residents of South Korea may beable to claim exemptions for children.
  18. Answers
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    1,379

    This probably doesn't impact your situation, but...

    This probably doesn't impact your situation, but just in case... page 5 of the instructions to form 1040X state that only your name, address, and TIN should be entered on page 1 if you are amending...
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