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Thanks a lot AtlantaTaxExpert.
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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...
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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...
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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
....
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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...
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Thanks ATE. I have asked my friend to contact you.
Regards
Sri
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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...
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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...
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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...
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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...
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Thanks again AtlantaTaxExpert.
Sri
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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...
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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....
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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
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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
...
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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...
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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...
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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...
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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...
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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.
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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...
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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...
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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....
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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...
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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...
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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...
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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...
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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...
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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...
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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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