He works in the oil field in India. Last year the company paid in $45000.00 in taxes on his behalf to the India government. The ship is moving to another place where they will not get this benefit, however someone told him that you can carry the credit over to the next tax year. What form do we need to use next year. I told my accountant that I'd research this topic as well.
203064
The form is Form 1116, Foreign Tax Credit.  You appear to be saying that you were not able to use the full credit last year, probably because the Indian tax rate was higher than the  US rate.  Excess credits can be carried back one year and forward 10.  If you have the same kind of foreign income in a later year, then you should be able to carry the excess forward and use it to offset US tax in the later year.  This is a complex subject and you must be sure your accountant knows what he or she is doing.\n\nIf your husband claimed the sec. 911 foreign earned income exclusion, then the Indian taxes allocable to the income that he excluded cannot be credited or carried over.
363217
SECOND ANSWER (per your additional info added later):\nThe set amount IS 20% or WAS 20%? Meaning, does it adjust with any increase in pay he gets or if the 20% was (example) $100 at the time, does it stay at $100? Was the 20% pre tax (gross) or after tax (net)?\n\nIf it is a before tax %, no money is owed.\n\nIf it is a % after tax and remains a % after tax, she is entitled to a % of the return because that is money that should not have gone to the IRS and should have been used in calculating the amount owed her.\n\n\nFIRST ANSWER\nYES. Since it appears to be a percentage rather than a set amount, he could "hide" money by overpaying his taxes and then get it back at the end of the year, a nice return on his investment. the IRS may not have a written mandate on file to withhold any amounts, but she is clearly within her rights to pursue the amount that should have gone to her but was sent to the IRS as tax payment.\n\nUsing any of the answers telling you "no". Let's say he makes 100 a week and sends it all to the IRS and lives off of your income. At the end of the year there is a huge refund but he never paid a penny to her, she is owed money and she can go after it.
475847
To roll it over into your name makes it a taxable event unless you are the spouse.  Once the taxable event has happened and you claim this on your income taxes, the money becomes "Non Qualified" money, and you do not have to continue taking the distributions.  Really bad advice from this bank.  They want you to roll it over with them so they can make the commission again!  I'd contact a reputable insurance company, and have them roll it over into an annuity, and let this money sit and grow tax deferred for years.  This could be quite a nest egg when you get ready to retire.  Don't do the annuity with the bank, or broker the interest tends to be lower because you have a middle man.  Let me know if I can put you in touch with someone that can make this simple and right.
623117
If using hardship withdrawals for other non-house purposes is not allowed by your plan, your action is a violation of IRS regulations.  Here are the possibilities.\n\n1)  You could be asked to immediately repay the $8,000, or possibly just the $4,000.  If you are unable to repay, it can be deducted from your wages.\n\n2)  It could be reported to the IRS as additional untaxed income, causing your taxes to go sky high.\n\n3)  If you are in a position of authority, and you refuse to correct the problem, the plan could be "disqualified", causing taxes on all the plan money for the whole company to become due.  As an alternate, the company may be liable for an initial excise tax of 15% of 4,000, and 100% of 4,000 for every following year unless it's corrected.\n\nDon't mess with your retirement plan.  It's REALLY bad news.
47048
Call the IRS and ask.  They'll help ya through it all the way.  I was also told that my foreign earned income wasn't taxable becuz my job's church-related...come to find out, that's THEIR country's law, not the US's.  I was lucky enough to find the error and get filed...don't waiste time listening to people who don't really know.
489925
Are you incorporating for privacy or tax benefits?  You are unlikely to realize significant US tax benefits from incorporating in Nevis, for a variety of reasons.  Sit down with a qualified international tax advisor -- not the one who persuaded you that Nevis was a good idea -- and have a serious discussion about the ramifications of your decision.\n\nOf course, you will have to report all the activities of your corporation to the IRS on Form 5471, attached to your own 1040.  You can be sure that the use of a Nevis company will attract lots of attention!
25474
this is a new ?? to me.  go visit the irs website and see if they can help.\ngood luck
409739
I think we'll need a lot more information than that. If they have underpaid you and it is their fault then they must cough it up. If it is due to an error that you put on the form then they will not pay up. \n\nUnfortunately, the tax credit system is appalling and nearly everyone I know has been búggered by it. We filled our form in merticulously and the mistakes they made beggared belief.
121835
Be sure to follow the proper procedure, which is described at http://www.irs.gov/businesses/small/international/article/0,,id=96734,00.html.  You also should understand the consequences of your choice, which include having to report her income for the full year on your joint return.  If she had income on which she paid tax in a foreign country, then you may be entitled to a credit for that tax; there may be other provisions which mitigate the tax burden as well.  Consult a knowledgable tax preparer who has handled similar situations in the past.
45679
Hey, Fireguy,\n\nInteresting question, thanks for holding it open for me.  I hope you post your results when you resolve this.\n\nI called a friend who is a city councilmember in the San Diego area.\n\nHe said to document your problem and submit a request, in person, for a corrected W-2 to your payroll department.\n\nHe said that in his city, El Cajon, that if you do not recieve COMPLETE cooperation, he would welcome your call and help you solve your problem.  He is certain your city council will feel the same.\n\nIt is possible his concern is rooted in a deep concern for your overall welfare and well being.  But, if not, it is likely his reason that under this fact pattern the city paid too much employer taxes!\n\nFor example, if your four months were about 12,000, his city paid about $918 too much!  \n\nDuring the 4 months you did not work, the city does not owe the tax.  If you do not correct the situation, they can not recover their overpayment.\n\nI hope this sounds clear from the city council point of view.\n\nOf course, without a corrected W-2, a tax professional can determine, as you likely could, the correct amounts of other taxes and withholdings, with the understanding that your gross pay is overstated by the 4 months of Workers Comp.\n\nBut, those amounts will all be different than what is on your W-2 now.  The FICA, and other taxes you already paid, are overstated on your current W-2.\n\nYou can always call a professional and ask their opinion before committing them to your return.  Obviously, with a corrected W-2, you can easily handle your own and save paying anyone else a fee.\n\nPlease let me know if I can help further.  I would like to know that you continued to handle your tax forms and paid the lowest possible tax.\n\nGood Luck.\n\nPS I am a volunteer for my local fire department north of San Vicente, Baja, Mexico.  Our ´new´ engine is a 1961 model that we are very grateful for the donation from the states.  500 gallons!!  Have you ever ridden on the ´hang onto the back´ type? LOL You should see us!!
671991
If there is a Tax deducted at Source., its in your own interest to attach the form 16 or else you will be denied the tax credit and a demand will be raised; now a days IT dept is not taking ROI if no tds is attached and a tds is claimed in the ROI
336818
The office(garage), if you use a computer for the bills of the company-the cost of the computer plus any programs that you buy for the business use. Clothes, that you buy to wear while you travel (obviously you can't write off any designer clothes :) )\nGas, meals, lodging, any navigation system that you use when you travel with the trucks... the list can go on and on.  I am myself an accountant and I am familiar with this but you really have to contact a local accountant.  Have him/her help you with the set-up of your business and to explain to you in more detail what is a write-off.  Another suggestion-have you thought about incorporating?  An S-copr can give you a OT of benefits, of which the biggest one is separate legal entity (if your business goes down or someone is suing you they can not go after your personal assets, such as your house, personal car, etc.)  Talk to your accountant for that.
515824
You need to handover this to a local company where you are based.Further, you can also check up with www.allindinataxes.com which is the best tax site of India for tax info and the whole Industry and Consultants rely on it.
215792
Hey, if he deposit in his name, tax burden can not come on you.Then if your father is retired and depending on his age, he may also be out of tax burden , provided he has no  other income.\n   You have given very few details. Anyway, tax burden can not come on you, because, the amount of interest on RS  lacs is not huge.
171974
Go to in.gov/dor/ you should find out all you need there. If he has filed they might charge him interest, but they should not charge penalties. Good luck and I hope this helps. Have him send some money by the 17th. See if they can set up payments. If they do make sure he pays them on time and the correct amount.
666782
My first answer was totally incorrect. Here is the correct answer:\n\nYou should require him to produce the signed contract for which he is claiming payment, but it appears he has 10 years to file a claim:\n\n (735 ILCS 5/13‑206) (from Ch. 110, par. 13‑206) \n\n "Sec. 13‑206. Ten year limitation. Except as provided in Section 2‑725 of the "Uniform Commercial Code", actions on bonds, promissory notes, bills of exchange, written leases, written contracts, or other evidences of indebtedness in writing, shall be commenced within 10 years next after the cause of action accrued;. .. "\n\nSource: http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=073500050HArt%2E+XIII+Pt%2E+2&ActID=2017&ChapAct=735%26nbsp%3BILCS%26nbsp%3B5%2F&ChapterID=56&ChapterName=CIVIL+PROCEDURE&SectionID=62511&SeqStart=98700&SeqEnd=101900&ActName=Code+of+Civil+Procedure%2E\n\n\nResponse:\n\nThe statute requires a "written contract" and if he cannot produce one, tell him to buzz off.\n\nTen years is far too long to allow someone before claiming he is owed money. The maximum should be no more than two years, but my personal opinion is irrelevant.\n\nIf he does not have the written contract, he only had 5 years to make a claim, and according to your statement, it has been more than five years.\n\nSame link as above:\n\nSection:\n\n(735 ILCS 5/13‑205) (from Ch. 110, par. 13‑205) \n\n    Sec. 13‑205. Five year limitation.
160962
buy it, the keep it out of the country for 3 months to avoid sales tax.  im not sure if they have banned that or what, but thats what i did, and i got away with tax.  my yacht was like 1.3 million, so that would have a been a lot of tax.