Ask Experts Questions for FREE Help !
Ask

Search:

Type: Posts; User: AtlantaTaxExpert

Search: Search took 0.20 seconds.

  1. Answers
    1
    Views
    11

    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...
  2. All good points

    All good points
  3. Answers
    10
    Views
    94

    Glad to help!

    Glad to help!
  4. Answers
    10
    Views
    94

    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.
  5. Answers
    10
    Views
    94

    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...
  6. 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...
  7. Answers
    10
    Views
    94

    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...
  8. Answers
    10
    Views
    94

    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...
  9. Answers
    2
    Views
    50

    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
  10. Answers
    7
    Views
    91

    Glad to help!

    Glad to help!
  11. Answers
    7
    Views
    91

    Yes, that is correct.

    Yes, that is correct.
  12. Answers
    7
    Views
    91

    Then you report nothing on your 2020 return and...

    Then you report nothing on your 2020 return and address it on the 2021 return.
  13. Answers
    7
    Views
    91

    Was the withdrawal physically done in 2020 or...

    Was the withdrawal physically done in 2020 or 2021?
  14. Answers
    3
    Views
    63

    Glad to help!

    Glad to help!
  15. Answers
    3
    Views
    63

    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...
  16. 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...
  17. 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...
  18. 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...
  19. 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...
  20. Answers
    3
    Views
    179

    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.
  21. Answers
    3
    Views
    191

    Yes, that is correct

    Yes, that is correct
  22. Answers
    3
    Views
    191

    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.
  23. Answers
    3
    Views
    179

    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,...
  24. Answers
    3
    Views
    228

    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...
  25. Answers
    3
    Views
    228

    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...
  26. 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...
  27. Glad to help!

    Glad to help!
  28. 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...
  29. 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...
  30. 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...
  31. 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.
    ...
  32. Answers
    3
    Views
    3,049

    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...
  33. Answers
    1
    Views
    2,296

    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.
  34. Answers
    5
    Views
    2,415

    Glad to help!

    Glad to help!
  35. Answers
    5
    Views
    2,415

    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...
  36. Answers
    5
    Views
    2,415

    In order: 1) Yes. A resident of the United...

    In order:

    1) Yes. A resident of the United States is REQUIRED to report ALL world-wide income for the entire calendar year. If he/she paid taxes to another country on some of that income,...
  37. Answers
    3
    Views
    3,049

    Yes, she DOES have to file a tax return. Under...

    Yes, she DOES have to file a tax return. Under the "green card test", she must file as a resident alien (Form 1040 or Form 1040-SR) and report ALL world-wide income on her return.

    Yes, she DOES...
  38. Answers
    5
    Views
    3,400

    Glad to help!

    Glad to help!
  39. Benno, The graduated rates apply; I do these...

    Benno,

    The graduated rates apply; I do these type of returns all of the time, and I know when the 30% flat rate applies and when the graduated rates apply.

    For you, the graduated rates apply...
  40. Answers
    5
    Views
    3,400

    Use the 21 October 2019 date

    Use the 21 October 2019 date
  41. Answers
    1
    Views
    2,423

    A legal marriage ANYWHERE in the world is...

    A legal marriage ANYWHERE in the world is recognized by the IRS.

    Now, to file jointly, your husband has to get an Individual Tax Identification Number (ITIN), and that can be tricky from Costa...
  42. Answers
    5
    Views
    3,400

    If I were preparing the Form 8854, I would hold...

    If I were preparing the Form 8854, I would hold that the green card was abandoned for processing upon receipt by the USCIS. If have definite proof of this fact.
  43. Answers
    1
    Views
    3,314

    You can file jointly with your wife, because her...

    You can file jointly with your wife, because her physical presence is NOT required to file a joint return. She just has to SIGN the actual return.

    Unfortunately, you CANNOT claim any of the...
  44. Answers
    13
    Views
    8,971

    Probably 15%

    Probably 15%
  45. Answers
    13
    Views
    8,971

    Dependent on your overall income profile.

    Dependent on your overall income profile.
  46. Answers
    13
    Views
    8,971

    Not unless you received the interest over a...

    Not unless you received the interest over a three-year period.
  47. Answers
    13
    Views
    8,971

    Then, without a doubt, long-term capital gains is...

    Then, without a doubt, long-term capital gains is the best tax option.
  48. Answers
    13
    Views
    8,971

    Form W-9 to send him the demographics. Form...

    Form W-9 to send him the demographics.

    Form 1099-INT to report the interest

    Form 1099-B to report the capital gains
  49. Answers
    13
    Views
    8,971

    You can only spread out the interest income over...

    You can only spread out the interest income over five years if you receive it over five years.

    Taxes are due in the year of the receipt of the income.
  50. Answers
    13
    Views
    8,971

    This LOOKS like a homework assignment, but I am...

    This LOOKS like a homework assignment, but I am going to give you the benefit of the doubt and answer it anyway.

    Unless Person A actively participated in the business operations of the...
Results 1 to 50 of 500