Ask Experts Questions for FREE Help !
Ask
    newTaxmaster's Avatar
    newTaxmaster Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 3, 2007, 08:35 AM
    H1B Tax. Useful websites. Tax Rebates.
    Hello

    I am a H1B holder from India and have been working in the US for some time.
    I would like to know the following:

    1. In India , you get a tax rebate if you invest in govt. bonds , pension policies, ELSS or donate to charitable institutions etc.
    Is there any such thing in the US?

    2. Can you recommend web sites on US Income Tax laws that have info. On H1B ?

    Thanks,
    NewTaxMaster
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jul 5, 2007, 06:26 AM
    NewTaxMaster:

    1) If you invest in U.S. Treasury notes/bonds/Savings Bonds, the interest is still taxable on the federal level, but is tax-free on the state level.

    If you invest on your company's 401K, your contribution and the company's matching contribution is NOT TAXED by either the IRS or the state, and the account grows tax-deferred.

    Not sure what ELSS is, so I cannot say if there is a U.S. equivalent.

    Charitable donations are itemized donations. In order to itemize, most taxpayers must be paying on a home mortgage.

    2. The website for which I prepare taxes, Visa Taxes - File H1B Tax OPT Tax F1 Tax OPT to H1 Tax J1 Tax H4 Tax ITIN Form 1040 NR, 843, W7 , IRS 519, already does tax work for H-1B visaholders and is expanding its services to include legal and visa work for foreign nationals.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

OPT to H1B Tax filing-SS tax refund? [ 10 Answers ]

Hi, I am an Indian citizen. Arrived in US in Aug 2003, on OPT from Jan 2006 and on H1B from October 1st 2006. I started working in Feb 2006 in California. Throughout the year in 2006 Social security , medicare and disability taxes were deducted from my paycheck. Will I get a refund for these...

Form 1116, foreign tax credit: Tax paid vs tax accrued, exchange rates and dates [ 2 Answers ]

Hi, I'm applying for foreign tax credit on taxes I've paid / accrued on interest earned in savings accounts and certificate deposits in New Zealand. For cds, the bank statements don't give precise dates for when taxes were withheld. And so I have several questions relating to form 1116, Part II: ...

Tax Return form and Tax Status-F1 to H1B [ 1 Answers ]

Hi Dear, I am Korean who grew up in Santa Cruz, Bolivia. I am Korean citizen, but I hold Bolivia residency. I came to California on February 16, 2001 under B-1 visa. After 5 weeks, I went back to Santa Cruz, Bolivia in order to get F-1 visa. Then, in June 02, 2001 I came back to California...

F1-H1B tax question [ 1 Answers ]

Hi, I have been in the US since August 2002. I changed from F1 to H1 on Sept 1st in 2005. Which form should I use to fill my taxes? Also what how much would the standard deductions be? Does the US-India Treaty deduction come into play? If yes, how much is it this year? And what section should...

H4 To H1b Tax [ 3 Answers ]

I came to USA on H4 visa from P.R. China on October in 2005. Now I have change my status from H4 to H1b on January in 2006, Can I benefit from exemption of tax based on tax treaty between China and US in 2006? Thanks a lot!

View more questions Search