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Tax question - NRI account

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Hail_the_labour
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Posted on Wednesday, April 14, 2010 - 02:37 pm:       


Mrhyderabad:




http://www.chalanachithram.com/discus/messages/125/79580.htm l

ikkada pisstburg residents ani thread vuntundi. andulo unnai details
 

Hail_the_labour
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Posted on Wednesday, April 14, 2010 - 02:33 pm:       


Guttonkay:


yes, i clearly stated my strong opinion in that thread starting itself..

nijam cheppalsothe, ala cheyyakoodadu ani silent aipovali.

but i wanted to rock-that-thread so konchem extremiti choopisthu unta, asale

haillabour ante 2008 lo registered id, konchem violent gane post chesthu unta ee id tho earlier kooda ..

anyway it was slightly legpulling , antha kante emi ledhu... deeply hurt ayyi unte,

naanu kshaminchandi.. anyway, I am a bigg fan of yours posts
 

Mrhyderabad
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Posted on Wednesday, April 14, 2010 - 02:32 pm:       


Guttonkay:

pittsburg was one of the places vellina vatillo.


Cool. Recent thread kanipinchadam ledu search chesina kuda... Temple ki daggarlo manchi desi restaurant cheppandi if possible... Temple lo lunch ayina, evening malli akkadike velthe bagodu kadaa :-) ee weekend pittsburgh ki velthunnam... anduke asking
If god doesn't like the way I live, let him tell me, not you
 

Guttonkay
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Posted on Wednesday, April 14, 2010 - 02:26 pm:       

ledandi. bhakti ekkuva kada gudiki frequent ga veltuntam :-D

j/k I used to travel a lot. pittsburg was one of the places vellina vatillo.
 

Mrhyderabad
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Posted on Wednesday, April 14, 2010 - 01:57 pm:       


Guttonkay:


I was just kidding..
btw, meeru Pittsburgh area lo vuntaaraa? (recent gaa Pittsburgh thread lo edo info ichaaru kadaa ani asking)
If god doesn't like the way I live, let him tell me, not you
 

Guttonkay
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Posted on Wednesday, April 14, 2010 - 01:53 pm:       

chuss naaku thanks cheppaledu.. i hurt
----------------------------------------
miss ayipoyindi, swari :-D

valid questions adigi inka konni informative posts veyyinchinanduku meeku pade pade thyanksu :-)
 

Mrhyderabad
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Posted on Wednesday, April 14, 2010 - 01:51 pm:       


Guttonkay:

thanks all


chuss naaku thanks cheppaledu.. i hurt
If god doesn't like the way I live, let him tell me, not you
 

Guttonkay
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Posted on Wednesday, April 14, 2010 - 01:47 pm:       

basky bro,

mee cheppina paddathi naku nachaledu. meeru db member ni ani law point lagutunnaru. nenu kooda db member ne kada? when I was making a valid point on honesty in a relationship meeru bajjilu tinadam ani vedhava jokes veste naku nachala nenu cheppalsindi cheppa and I didn't want to prolong the thread.

mee blog ki, meeru hinduism gurinchi cheppe matalaki, ninna meeru vesina commens ki emanna pontana vundemo alochinchandi. NO offense, just an observation.

We can agree to disagree. It's not the end of the world.
 

Hail_the_labour
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Posted on Wednesday, April 14, 2010 - 01:44 pm:       


Guttonkay:


I faced this dlimena this year... chinna pitta katha.

i have bofa since 2007 and on january 2009 i receibed 1099(2008 year ki) with $51.00 as taxable income ani choopinchindi.

I was in texas and kansas at that time and it was calculated accordingly.

later i moved to OHIO, and officially there is no BOFA in ohio.

but ee year 1099 nenu expect chesina, adhi raledhu,, customercare ki call chesthe , u dont worry sir, if its less than $10 , we wont send and you need not report ani annadu.

but going thru my balances (progressive) 2008 lo kante, 2009 lo ekkuva balance undedi accounts lo anytime.. but even then 1099 generate kaledu ee sari.

nenu anukotam either the interest rates are toooo less like 0.5% or 1% to generate that less amuunt OR could be due to BOFA not present in that state,
and hence CHECKIG account money is not calculated. vaddini aidigithe checking account is never taxed , its free antad... mothaniki edo jaruguthondi
 

Hail_the_labour
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Posted on Wednesday, April 14, 2010 - 01:39 pm:       


Guttonkay:

evvaru tittakandi


inthakii nannu enduku tittesaru ninna.. atla individual morality gurinchi commeny cheyoccha... db member ni..

cheppalanukunte cheppandi, avoid cheyyalanukunte mee istam.
 

Guttonkay
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Posted on Wednesday, April 14, 2010 - 01:37 pm:       

annavaram
mallik
moviefan84
hailthelabor
twitter
--------------
thanks all
 

Guttonkay
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Posted on Wednesday, April 14, 2010 - 01:36 pm:       

Anthaa baane vundi gaani.. last lo ee tag enti?
--------------------------------------------
moviefan garu,

it's not a dig at anyone. andariki pelli enduku ane question ki edo oka answer vuntundi kada. mine is this annamata. all this is just for fun. evvaru tittakandi.
 

Venkateswarlu
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Posted on Wednesday, April 14, 2010 - 01:14 pm:       


Hail_the_labour:

aslong as banks wont report issue any 1099


Document mottam chaduvu.. You dont have to report in the tax filing. Foreign banks 1099 ivvavu ani fed ki telavadaa? Ikkada onkai gari transfers exceeded 10K limit..

Foreign accounts disclosure might be voluntary but dont push ignore button. Nenu ee lolli untadi ane, my dad account ki transfer kodathaa untaa.. I dont use my account at all..
In this db, there's always someone watching you!!
 

Hail_the_labour
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Posted on Wednesday, April 14, 2010 - 01:11 pm:       


Venkateswarlu:


10,000$ ani limit vundhi. petty amounts ki akkarledhu . aslong as banks wont report issue any 1099
 

Venkateswarlu
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Posted on Wednesday, April 14, 2010 - 12:58 pm:       

I think fed came up with a rule that we need to disclose all accounts to which we transfer to abroad [ie, india].

Below link lo instructions lo undi:

Who Must File this Report. Each United States person who
has a financial interest in or signature or other authority over
any foreign financial accounts, including bank, securities, or
other types of financial accounts, in a foreign country, if the
aggregate value of these financial accounts exceeds $10,000
at any time during the calendar year, must report that
relationship each calendar year by filing this report with the
Department of the Treasury on or before June 30, of the
succeeding year.


http://www.irs.gov/pub/irs-pdf/f90221.pdf
In this db, there's always someone watching you!!
 

Moviefan84
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Posted on Wednesday, April 14, 2010 - 12:40 pm:       


Vakkapodi:

Isn't it true that you dont have to pay taxes on NRE account ?




Ante.. nee NRE account lo oka koti rupayalu vesavanuko.. daani meeda oka ten lakhs interest vachchindanuko.. appudu kattali.
 

Moviefan84
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Posted on Wednesday, April 14, 2010 - 12:33 pm:       


Guttonkay:

3500 rupees interest vaste line 7a ki yes pettala? do I need to do anything else.




Meeku aa bank vaadu 3500 rupees kosam 1099 statement lanti tax document meeku emi pampinchaledu kada? ledane anukuntunnanu. so, lite teesukondi.


Guttonkay:

taxes kosam anna oka mogudni vetukkovali




Anthaa baane vundi gaani.. last lo ee tag enti?
 

Vakkapodi
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Posted on Wednesday, April 14, 2010 - 12:07 pm:       

Isn't it true that you dont have to pay taxes on NRE account ?
 

Guttonkay
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Posted on Wednesday, April 14, 2010 - 12:06 pm:       

moviefan garu,

3500 rupees interest ichadu between 8/31/08 to now. mushti vedhava calendar year prakaram ivvachu kada. how am I supposed to figure out the interest from jan, 2009 to dec, 2009.

3500 rupees interest vaste line 7a ki yes pettala? do I need to do anything else.


yes, same problem every year. every year money return vastundi kada ani last minute varaku choodanu, but this year I didn't even realize april 14th is already here :-\

ee year nri account and dividend income valana taxes complicated ayyayi konchem, lekunte antha straight forward. taxes kosam anna oka mogudni vetukkovali
 

Hail_the_labour
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Posted on Wednesday, April 14, 2010 - 12:04 pm:       

guttonkay: if you have report anyhting for taxes, then automatically banks sends you a 1099 or something document .

if u dont receive such things, you need not report for this year.

next year sagtathi appudu choodocchu
 

Annavaram
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Posted on Wednesday, April 14, 2010 - 11:59 am:       


Guttonkay:




you dont have to ignore cheyandi
 

Twitter
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Posted on Wednesday, April 14, 2010 - 11:57 am:       


Mrhyderabad:

Her question might be about the income that she might have earned on the money in NRE account.



Guttonkay:

schedule B lo question 7a ki NO answer pettachha?



Guttonkay are you keeping money in that account and earning interest or just using for expenses ? if you are earning on that then you have to say yes otherwise NO
 

Moviefan84
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Posted on Wednesday, April 14, 2010 - 11:57 am:       


Guttonkay:

IRS
tho emanna form file cheyyala?




As long as you didn't receive any interests on any fixed deposits etc in the indian banks, you dont have to declare. I think, nowadays, indian banks are also sending 1099 kind of interest statements for tax purposes.

So, mothaaniki last day file chestunnarugaa?
 

Guttonkay
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Posted on Wednesday, April 14, 2010 - 11:52 am:       

thank you Twitter. In that case schedule B lo question 7a ki NO answer pettachha? whole year lo total amount less than 10k kanuka no pettachu anukuntunna.
 

Mrhyderabad
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Posted on Wednesday, April 14, 2010 - 11:50 am:       


Twitter:

no need caz you have already paid the tax for what you are sending to India.


Her question might be about the income that she might have earned on the money in NRE account.
If god doesn't like the way I live, let him tell me, not you
 

Twitter
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Posted on Wednesday, April 14, 2010 - 11:47 am:       


Guttonkay:



no need caz you have already paid the tax for what you are sending to India.
 

Guttonkay
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Posted on Wednesday, April 14, 2010 - 11:41 am:       

nako NRE account vundi. basic ga india ki vellinappudu expenses ki use chestanu. or for my parents to take when they need money.

IRS tho emanna form file cheyyala? Last year 15k daka transfer chesanu. Spent almost all of it also. aa taruvata naa account lo maa cousin 1 or 2 lakhs vesindi. idanta taxes lo chooyinchala? TIA

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