Ask Experts Questions for FREE Help !
Ask
    blovx5's Avatar
    blovx5 Posts: 1, Reputation: 1
    New Member
     
    #1

    Dec 29, 2009, 03:17 AM
    Tax paid in US on 401k cash out - will this also be counted as taxable income in AUS?
    We have been in Australia for a few years but last year we cashed in our 401k, filed US taxes and paid all applicable taxes (around 30%)
    We are now needing to file AUS taxes (since the tax year is July-Jun) albeit a little late, but it appears that this will be treated as taxable income in AUS also. I have come across conflicting information, can anyone help? Thanks.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #2

    Dec 29, 2009, 12:43 PM

    This forum is about the U.S. taxes.

    Even if it is taxable in Aus, you may also be able to claim credit for taxes paid in the U.S.

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!

Computing Taxable Income and Cash Coverage Ratio [ 1 Answers ]

A firm has net income of $390, interest expense of $40 and depreciation of $50. The corporate tax rate is 35 percent. What is the Cash Coverage Ratio? a)9.75 b)10.67 c)11.00 d)14.41 e)17.25 My Attempt to the Question Cash Coverage Ratio = (EBIT + Depreciation)/ Interest

What Income is taxable for social security tax [ 1 Answers ]

I worked as a consultant for a short period and was paid a lump sum that covered. My wages, per diem, and air fare. There were no taxes taken out, as I am responsible to file Estimated Taxes. Is Per Diem and my air fare subject to Social Security Taxes. I was under the impression that only...

401k taxable income [ 2 Answers ]

I am 3o years of age; and I am about to leave my current employment of 8 years. I have in my 401k plan about $50k and I have an outstanding loan in the amount of $11k. I would like to withdraw the entire amount because I will be going back to school and will not be employed. How long will the...

On NJ Tax form, for income taxed by NY, do I use the NY AGI or NY Taxable Income amt? [ 1 Answers ]

When filling out the NJ Income Tax form, I have to identify the amount of income taxed by NY State. Do I use the Adjusted Gross Income value (NY form IT-203) line 31, or the NY Taxable Income value from line 37?

Tax from taxable income [ 1 Answers ]

Hi, I am on F1 visa. Can anyone tell me what's the tax (line 15 in the 1040NR-EZ form) is my taxable income is $12875 (on line 14 in the 1040NR-EZ form). Second question is where do I need to file (i.e. send) the 1040NR-EZ form. Thanks a lot.


View more questions Search