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Type: Posts; User: srivatsann

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  1. Answers
    5
    Views
    3,559

    Thanks a lot AtlantaTaxExpert.

    Thanks a lot AtlantaTaxExpert.
  2. Answers
    5
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    3,559

    Hi, If Green Card surrender happened in 2020,...

    Hi,

    If Green Card surrender happened in 2020, do we have a choice to file as Resident (1040) for entire 2020 with last date of residency as 31st Dec 2020. Or do we mandatorily have to file a Dual...
  3. Answers
    9
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    5,880

    Sorry Benno. I did not have to withdraw from IRA....

    Sorry Benno. I did not have to withdraw from IRA. So no first-hand experience on the above argument yet.

    But, some countries have treaty with US by which IRA distribution can be treated as pension...
  4. Answers
    5
    Views
    4,337

    Thanks AtlantaTaxExpert

    Thanks AtlantaTaxExpert
  5. Answers
    5
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    4,337

    Thanks AtlantaTaxExpert. We have the proof of...

    Thanks AtlantaTaxExpert.

    We have the proof of delivery confirmation from USPS (Oct 21, 2019).

    The email from USCIS says the following.

    ....
    Received Date Wednesday, 8 January 2020
    ....
  6. Answers
    5
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    4,337

    LTR Termination date

    Hi,

    My wife abandoned her Green Card by mailing I-407 in Oct 2019 to USCIS. It was delivered to USCIS in Oct 2019 as per USPS certified email.

    She got an email from USCIS only in Jan 2020...
  7. Answers
    8
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    2,095

    Thanks ATE. I have asked my friend to contact...

    Thanks ATE. I have asked my friend to contact you.

    Regards
    Sri
  8. Answers
    8
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    2,095

    Hi ATE, My friend had filed Termination of...

    Hi ATE,

    My friend had filed Termination of Residency statement since he had green card for less than 8 years before abandoning it. However, IRS has asked him to file 8854 as well. It is confusing...
  9. Answers
    9
    Views
    5,880

    Thanks AtlantaTaxExpert.

    Thanks AtlantaTaxExpert.
  10. Answers
    9
    Views
    5,880

    With regards to whether IRA distribution is...

    With regards to whether IRA distribution is considered Effectively Connected Income, I found the following info.

    Section IRC 864(c)(6) (R2) talks about treatment of certain deferred payments to a...
  11. Answers
    9
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    5,880

    Thanks AtlantaTaxExpert. Is IRA distribution...

    Thanks AtlantaTaxExpert.

    Is IRA distribution considered as Effectively Connected Income and only subject to graduated tax rates?

    Going through Pub 519, it is not clear if the gain/dividend...
  12. Answers
    9
    Views
    5,880

    30% Mandatory Withholding for Non-residents

    Hi,

    This question is regarding 30% mandatory withholding of IRA distributions to a foreign person (returned to India).

    1) If a non-resident alien withdraws from his IRA (before 59.5), I...
  13. Answers
    8
    Views
    2,095

    Thanks again AtlantaTaxExpert. Sri

    Thanks again AtlantaTaxExpert.

    Sri
  14. Answers
    8
    Views
    2,095

    Thanks AtlantaTaxExpert. 1) Let us assume...

    Thanks AtlantaTaxExpert.

    1) Let us assume that I abandon green card but my wife does not. I think I can still file 1040 declaring myself as a "Non-resident spouse treated as resident" and...
  15. Answers
    8
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    2,095

    Form 8854 & non - LTR

    Hi

    I am Green Card Holder. I got it in 2010. From 2012, I have been living outside the United States. So I don't qualify as a Long Term Resident.

    I am thinking of abandoning my green card....
  16. Sorry, I was not clear in my earlier message....

    Sorry, I was not clear in my earlier message. 80000 Foreign income is from salary (and NOT capital gains). The US Income of 40000 is long term capital gain coming out of US stock sale.

    Regards
  17. Capital Gains Rate for return with Foreign Earned Income

    Hi,

    I am wondering whether Foreign Earned Income will be considered when figuring out the long term capital gains tax rate.

    For example,

    US Income : 40000
    Foreign Income: 80000
    ...
  18. Hi ATE, Thanks for the update on 1040-C. ...

    Hi ATE,

    Thanks for the update on 1040-C.

    So, once I abandon my permanent residency (Green Card) in June 2014, should I still file 1040 along with Residency Termination Statement for 2014? Or...
  19. I guess I will need professional help. I will...

    I guess I will need professional help. I will contact you when time to file 2014 return nears.

    My last US pay stub was in 2012. I don't think I have it. Is it OK to have the tax returns of...
  20. Dual status - permanent resident to non-resident

    Hi,

    I have been a long time resident of US (11 years) and have returned to my home country India in 2012. In 2014, I am planning to surrender my Green Card in June.

    1) For the year 2014, should...
  21. TaxAct said that Income from rental property...

    TaxAct said that Income from rental property entry in Other Income form is NOT a computed field but a user entered one. So they told that I must have wrongly entered and advised me to make it 0. As...
  22. Thanks for your response. I use Deluxe version of...

    Thanks for your response. I use Deluxe version of TaxAct. I have sent an email to TaxAct. I will keep the forum posted when they respond.
  23. Real estate income and other income confusion

    Hi,

    I had real estate rental income from my foreign apartment (approx $3700). Overall it was net loss due to mortgage payments ($ -2200). I had entered this information in Tax Act (Schedule E) and...
  24. Thanks for clarifying. I understand the taxes and...

    Thanks for clarifying. I understand the taxes and penalty on early withdrawal.

    I got two messages from my company and they were contradicting each other. That confused me a lot. Now I understand...
  25. 401 k Direct rollover on international transfer

    Sorry for cross-posting in the taxes forum. I had posted in the retirement forum but no response so far.

    In 2012, I transferred from US to India and am working for the same company from India....
  26. Thanks for your response ATE. I have one more...

    Thanks for your response ATE. I have one more query.

    In 2012 March, I had contributed 5000 USD towards 2011 IRA. While filing 2011 taxes, I got to know that there is NO tax benefit of my...
  27. Hi AtlantaTaxExpert, Thanks for the response....

    Hi AtlantaTaxExpert,

    Thanks for the response. The construction of home in city A began in November 2010 and was completed and handed over to us in November 2011. It is not more than five years...
  28. Penalty free IRA withdrawal for second but primary home

    Hi,

    I am US resident for tax purposes and am younger than 59.5. I own a home in city A which has been rented out. I am paying mortgage for it.

    I want to purchase a home in the city B, where I...
  29. Hi AtlantaTaxExpert, Thanks for the response. ...

    Hi AtlantaTaxExpert,

    Thanks for the response. I was told by my friend that the interest must be paid directly to the foreign lender from my US bank account and not through a bank account in the...
  30. Itemized deduction second residence foreign country

    I will be paying interest for my mortgage loan for a new residence bought in a foreign country. The loan was obtained in the same foreign country. I will be paying the interest and principal from my...
  31. Thanks a lot AtlantaTaxExpert. I had one more...

    Thanks a lot AtlantaTaxExpert.

    I had one more question regarding Resident Alien status.

    I am on H1B visa. If I leave US for good and return to my home country, say in Feb 2007, should I file...
  32. Claiming Non-resident spouse & child as dependents

    Hello,

    My wife came to US (H4 visa) for the first time in 2006 & was in the US for 3 months. She left for India and we had a baby last month. She will be back
    In the US along with the child only...
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