vania-janet/multiturn-rag-retrieval-data huggingface dataset:
1.What are the tax implications - income tax, gift tax, wealth tax etc. for the money credited in the NRO Account? As the funds are transferred by your wife to you, there is NO Income. Hence Income Tax rules don't apply. It would be treated as GIFT and come uder Gift Act. As per gift Act, one can transfer unlimited amount between close releatives. The defination of close relative as per Income Tax includes parents, spouse, siblings etc. The interest you earn in NRO account is taxable in India. 2.Can I transfer this money to my parents and would that attract any tax?. I understand my parents will have bear any tax based on income they earn on my transfer... Are there any tax implications for me? You can transfer this money to your parents. This will not be taxable to you. It will not be taxable to your parents as its Gift. Any income earned by your parents on this will ofcourse be taxable. 3.Can I move this money to NRE account and what is the process for that and how easy it is? Its best if you had your wife send funds into NRE account. Direct transfer as much as know is not allowed. Having said that, it is possible to transfer funds out of India via proper paperwork, there is also a limit [quite large] on the amount that can be transferred a year. Get a CA to help you with the paperwork.
You continue with this form. The fact that the trade in value is less than market value doesn't mean that you don't have taxable income from the sale. Since you depreciated the car before selling it, you need to compare the trade in value not to the market value, but to your cost basis, which may be lower.
As an NRI, you can't hold a regular savings account. It should have been converted to NRO. Option 1: Open NRE account : Since I am relocating permanently this might not be good option for me as converting  This is the best Option as funds into NRE are not taxable in India. The provides a clean paper trail so that if there are any tax queries, you can answer them easily. You can open a Rupee NRE account, move the funds. On return move the funds into Normal Savings account and close the NRE account. This is not much of hassle. Option 2: Create NRO account: There would be taxes on the interest earned of the funds. But I am not sure of this, since I will have been moved to India permanently would I need to still pay taxes on the interest earned while I am in India? Any interest in NRO or normal savings account is taxable in India. There is no exemption.  Option 3: I can transfer my funds directly to my account in India but I believe I would have to pay tax on the the funds that I transfer and that would be double taxation. Which I think would be the worst option for me. Please correct me if I am wrong. This is incorrect. Any earnings outside of India when your status is NRI, is not taxable in India. Opening an NRE account provides proper paper trail of funds. As an NRI one cannot hold normal savings account. This should have been converted into an NRO account. Although there is no penalty prescribed, its violation of FEMA regulation. I also hope you were declaring any income in India, i.e. interest etc on savings and filing returns accordingly. Option 4: I can transfer the funds to my direct relatives account. I still believe there would be tax to be paid on the interest earned of the amount. You can transfer it to your parents / siblings / etc. This would come under gift tax purview and would not be taxable. They can then gift this back to you. However such transactions would appear to be evading regulations and may come under scrutiny. Interest on Savings account is taxable. So best is go with Option 1. No hassle. Else go with Option 3, but ensure that you have all the paperwork kept handy for next 7 years.
"Political instability and general inability of the government to control crime, economomy, or even remain in existence, would be my greatest worry.  I wouldn't want my bank account to randomly disappear, criminals to come take my stuff and/or life by force because nobody is going to stop them, or a hoarde of revolutionaries appearing at my door telling me ""get lost, the times they are a-changin"". On a whim, I tried to compare instability to cost of living.  I used lowest monthly disposable income as my correlation to cost of living and the Fragile State index to measure instability.  I picked the 55 lowest to get the countries with $500.00 (usd) and lower in monthly income.   Those countries average out to 83.42 on the Fragile State index, which would be in the ""Very High Warning"" range and includes 18 countries in the ""Alert"", ""High Alert"", or ""Very High Alert"" status. Obviously, there is some subjectivity in an attempt to measure something in as broad a term as ""fragile state"", but it illustrates it's point well enough.  Sources: http://en.wikipedia.org/wiki/List_of_countries_by_Fragile_States_Index http://www.nationmaster.com/country-info/stats/Cost-of-living/Average-monthly-disposable-salary/After-tax"
You have a standard deduction of $12,600 (Married filing joint, MFJ) plus $8000 in exemptions. A total of $20,600 off the top. In other words, just under $10,000 taxable unless you have other income you haven't disclosed. For MFJ, you are at the 10% bracket up to $18,450 in taxable income.  I would withdraw just enough to 'top off' the 10% bracket each year, whether or not you send it to pay down the card. You don't disclose the rate, but if you are able take a low interest loan to get to a sub 5% interest rate, I'd do that.
I am not an accountant and this is not tax or other legal advice! :-) Provided you were tax-compliant in Ireland for the tax years that the US money was earned I believe you are OK. This page makes the statements: Income earned prior to moving to Ireland If you are moving to Ireland for the first time or you are an Irish citizen returning to live in Ireland and you were not resident or ordinarily resident when the income was earned, the position will be as follows: Funds accumulated from income earned prior to the beginning of the tax year in the year that you become resident in Ireland will not be liable to income tax.   However, income other than employment income arising between the beginning of the tax year and the date of your arrival will be taxable if brought into Ireland, unless a double taxation agreement provides for a different treatment. which seems to back this up.
foreign income, transfer it to my savings account in India  Yes you can transfer to India. The right account would be NRO/NRE. As an NRI one should not hold a regular savings account. forum that foreign income is not taxable unless used to buy stocks, fds etc If you are an NRI, income earned outside of India is not taxable in India. However any income you generate in India is taxable, i.e. interest income, gains from shares etc. Do we need to pay taxes for the money transferred No tax if you are an NRI even if you transfer funds to India. Taxation does not depend on whether or not you transfer the money, it depends on your status used to pay home EMIs or principle amount? You can use the money for what ever you like.
"I am forgetful and a parent of 2 young boys.  It's way easier to order something walking through the house while it's fresh in my mind than trying to remember to go online and order stuff once they're in bed.  * I clean litter boxes, realize were low, on my way out the door with old litter in garbage bag I yell ""Alexa, order more of our cat litter"".  * Doing dishes and grab the one of the last pods for the dishwasher ""alexa order more dish washer detergent"".  In the world of being a parent, I go from one task to the next when not playing with my kids, and i get distracted very easily. My wife and I make it a point to not be on our phones when with our kids, so I can't just open my amazon app and order from there since it's usually on the charger when I'm home."
There is a positive not being mentioned above: the depreciation vs your regular earned income. Disclaimer: I am not a tax attorney or an accountant, nor do I play one on the internet. I am however a landlord. With that important caveat out of the way: Rental properties (and improvements to them) depreciate in value on a well-defined schedule. You can claim that depreciation as a phantom loss to lower the amount of your taxable regular income. If you make a substantial amount of the latter, it can be a huge boon in the first few years you own the property. You can claim the depreciation as if the property were new. So take the advice of a random stranger on the internet to your accountant/attorney and see how much it helps you.
After that I moved to the Middle East on March 23rd, 2015 As an NRI, one should not hold any Savings account. Please have this converted to NRO Account. Additionally it is advised that you open an NRE account. Both these can be done remotely. If I transfer money from here to a non NRE/NRO account then is it taxable? Assuming its income earned when you are NRI, it is not taxable. However if there is audit enquiry you would need to have sufficient proof to back that this income is earned during your period as NRI and hence not taxable. As indicate above, holding a savings account when you are NRI is a breach of FEMA regulation.  I have been getting mail from myITreturns.com to file income tax returns. Since I am considered as NRI, do I have to fill any non return form online? If there is a source of income in India, interest on savings account etc, it is taxable and you would need to file appropriate returns. Even if you have zero income, it is safe to file a NIL return. For the year 2014 do I have to file income tax returns? For the financial year 1st April 2014 to 31st March 2015, you are still a resident Indian for tax purposes. You should have filed the return by June 2015 if there was tax due, else by March 2016. If you have not done so, please do this ASAP and regularise it.
I'm telling you *my* experience,  which I know well.   I say I drive through occasionally,  meaning 2 to 3 times a week depending on traffic on my commute to work.   In no way did I attempt to explain *your* experience.     The sidewalks are great were I live.  The city I live in has a great public transportation system and goes to great lengths to provide and encourage the public to use it.   This means that cross walks are abundant,  sidewalks are clean (on the specific area I am talking about), and it isn't littered with garbage or broken glass.    The way in which the public chooses to ignore this luxury is insane and risky.   In order to shave a few minutes off of their walk they choose to risk their life and put their own bodies health in the hands of the several drivers around them.   Their kids also do this, although kids aren't the best at personal awareness,  which is why adult supervision is necessary and lacking in this area.    I am speaking about my personal experience with this issue.   I should have clarified that I don't mean to generalize for all areas in the US,  however,  I am sure my experience is not necessarily unique.
"Can I claim a 20% of the interest paid over the period of Oct/2015 through Mar/2017 (18 months) when I file for IT returns this year in Mar/2017? Yes you can. Does my name not being the first name affect my eligibility of claiming the relief? No you can claim relief. Joint owners need to file a declaration on the quantum of relief claimed. Both can't claim 100%. Does that mean I my claiming the 20% relief on interest (and the remaining 80% over subsequent years) is in effect moot as my ""taxable"" income cannot go negative (meaning the govt cannot/will not return some money I have paid as IT in prior years)? If you have no other income on which tax is payable; then Yes it is irrelevant. Does that mean as long as I continue to work in the US (already having become a NRI), have little or no income in India, I cannot claim any future relief regarding the principal or interest? Yes that is right."
Reflecting back on my many interactions with the people that make up these organizations it has become very evident to me that a collaborative corporate culture is a huge discriminator in determining the success of any project. Although it is a macro factor, the collaborative spirit of an organization transcends everything that the company does and/or attempts to do. Here is an example to give context of the premise I am talking about. At client A, the project team I worked with was designing an extremely innovative, complex, and challenging system that has the potential to alter the way they do business. Without going into too much detail, it was a massive undertaking with relatively limited resourcing. At client B, the scope of work I was involved in was relatively straightforward and mirrored business practices at other organizations. The bulk of the effort on my part was driving the creation and adoption of a framework to promote cross functional interaction amongst project teams. A very realistic undertaking with appropriate resourcing. Below are vignettes that illustrate typical exchanges in both organizations. In both organizations I have been directed to connect with a particular individual or group of individuals as it was thought that our respective works may be related in some fashion. Client A: Me - ""Let me give you a brief overview of the project I am working on. John Doe recommended I connect with you as your project may intersect with mine in some manner. We may be able to help each other."" (Continue with my overview) Other Party - ""Wow, this is great. I actually have really in depth knowledge of X and would love to get involved in the work you are doing. I am actually simultaneously driving Y effort and it would be great if we were aligned. At a high level we are both supporting strategy A so connecting now would really set us up for success. Feel free to include me on your future meetings and I will pass along our high level overview. Also, have you thought about connecting with So and So? They are working in the Z space on a project and it may help to drive your project forward as well."" Client B: Me - ""Let me give you a brief overview of the project I am working on. John Doe recommended I connect with you as your project may intersect......."
There's nothing much you can do here, and I don't think you'll succeed in placing blame on the lawyers. In order for SSA to have the tax withheld from your benefits, you need to submit form W-4V. Here are the details on how to get it and what to do with it. This form is voluntarily submitted, i.e.: no-one will ask for it, you have to actively send it out on your own. As to repayment of the LTD benefits - since they were not taxable, there's no change in the taxable income on your behalf. What you got wasn't taxed, so what you gave back - doesn't provide any tax benefit. As to why SSA benefits are taxable and LTD benefits are not - this is because SSA is pre-tax, and LTD premiums were (in your case, apparently) post-tax. However, the LTD benefits management company doesn't care or may be even know about this, and they do everything they can to reduce their own liability to you. If you're entitled to SSA benefits, it reduces their liability, that's why they insisted on your claim with SSA. As to the SSA dragging their feet - they want to reduce their (taxpayers', essentially) liability as well. However, once they decided in your favor, you received what was rightfully yours, including back-pay. SSA benefits are taxable, in the year received. So you got a lump sum - taxable as a lump sum. Sorry, but that's the way it is. This is an example where post-tax LTD premiums don't actually pay off...
Hello, My names Michael and I'm a 19 year old college student. I have recently decided to begin a music production career from scratch. Music is my favorite and only outlet that lets me unwind and truly feel at peace. I dont do drugs or alcohol and my favorite pass times are listening to music and creating beats on my laptop. I come from a relatively lower middle-class family so my parent's arent financially able to help me acquire some of the tools i need to advance myself musically. The funds that i receive if any will be used towards a mini player and better music production software whatever it may be and also some speakers. I would honestly be forever grateful to anyone that decides to donate and help me out. ANY amount would be deeply appreciated. Thank you for taking the time to read my story and i hope you have a blessed day. All Love.
"I think Congress needs to spend less, there's likely billions of dollars in the budget that are unnecessary/could be used better. Second, my comment was to simplify the corporate tax code and make more income taxable (thus removing the ""tax cuts"" you mentioned)."
"I would say it actually applies to more readily to things like eating dinner than moral acts. The rationalization part need not be a justification, it may simply be the narrative your mind creates to give the illusion of agency to the actions you perform.  What I was getting at originally though is that most people rationalize emotional decisions after the fact. The mark of a higher moral being is one whose rational morals are informed by but ultimately supersede its  emotional instincts.   Your counterexample of ""Deserved"" is telling. There are two distinct lines of thought in justice: punitive and preventative. Punitive focuses on retribution, while preventative focuses on isolation or elimination of an individual from a situation where it can do further harm.   I think most punitive measures are at heart an emotional response to a situation or an entity, while preventative (usually) is informed by emotion but ultimately rational. This is another division in the potential reasons why someone might cheat a large faceless organization: on the emotional side one might live in a dramatically unequal society in which such organizations often blatantly act in a manner which is contrary to all social conditioning we receive from a very young age. Despite this, they thrive. This observation might lead to resentment and a sensation that such organizations deserve to be punished for their deeds, and a persons deeds might be justified because of this, at least in their heads.  Alternatively, one might think that the continued existence of such organizations and the systems which make them successful is a force for human misery, and therefore work to lessen their impact and/or ultimately destroy them.   I think it is interesting that most people would find the punitive/retributive motive for behavior to be childish, destructive, and immoral in these terms. Despite this they will happily apply it to individual humans who misbehave. It is puzzling and frustrating to me that people, in moments of anger and grief when these observations are MOST important, will not see this even when it is presented to them plainly. I chalk it up to the dominance of emotion over reason."
I didn't say she was qualified for the job; merely that her undergraduate degree doesn't determine her qualification. Again, reading comprehension, please.  If you don't see the value in HR, this merely demonstrates that you haven't worked in effective organizations and/or are too inexperienced to understand what they do and how to work with them to benefit from their value.  And to your deleted comment, again, I'm not myself in HR and you would know that if you were reading and understanding my comments.
Private companies can serve the campaign donation needs of Congress, the USPS can't.  That's the driving force behind privatization in the US. Raising campaign funds is the one thing Congress is good at. Government agencies aren't allowed to make political donations, but they can be replaced with private companies that can. Replace well paid workers (who might donate to Democrats) with corporate executives who donate to Republicans. And minimum wage workers who can't afford to donate to anyone. Taxpayers get to pay even more, because competition only lowers prices in profitable markets, while government provides unprofitable but necessary services.  For example, the USPS is required to provide universal service, which is costly but contributes to a better society and a more robust economy. FedEx and UPS don't want to service rural locations; cities and suburbs are more profitable.
That is to respect others inalienable rights such as the right to life, liberty, property, and the pursuit of happiness. As long as I do not harm someone in an immoral way (e.g. steal, kill, physical harm, property damage, disclose personally identifiable information, etc), I should be free to live my life without government interference. I am fine with paying into a system for true welfare cases. Some people fall into bad situations that they could not help. Some people are born into a terrible situation. Those people need help. But I don't want to pay for stupid ass things like Chuck Schumer's idiotic idea of Medicare for people over 55. He wants to lower the medicare age by 10 years. This is the insane progressive ideas that literally just worsen societies. [""In 2016, Medicare benefit payments totaled $675 billion, up from $375 billion in 2006.](http://www.kff.org/medicare/issue-brief/the-facts-on-medicare-spending-and-financing/) A $300 billion increase in just 10 years and that schmuck wants to lower eligibility by 10 years. If this were ever signed into law, I am (plus other American workers) going to be forced to pay into this. That means less money for me to save and invest for retire or an emergency. Less for my daughter. Less for my mortgage. Less for me to continue my education. Less on whatever I choose to do with my money that I spend 40 hours/week in an office for. My time is spent doing something asked of me by a corporation. That corporation pays me for my time. It's a mutual agreement resulting in a trade of money for my services. I do it because I want to do things and provide for my family. I don't do it because someone decided to spend 4 years for a degree in graphic design and can't get a job. I also don't do it for people that have a cash only income (both illegal immigrants and legal citizens do this) and don't declare all of their income making them eligible for Obamacare.
First, I believe that you can't just divide the losses over a number of years. I know that would be ideal as it might let you use the losses to only offset 25% income. A loss that gets you below zero taxable income would carry forward to the next year.  That said, I think it would be a great strategy to use the loss to offset a Roth conversion, in your case, from the traditional 401(k) to Roth 401(k). Keep in mind, as you've seen from using the 2016 tax year TurboTax, you should be able to make a fairly good estimate for your 2017 return. This could effectively use all of the loss to offset 25% income.  I'd look at the current projection and convert say 75-80% of the target amount immediately, then in November when the 2017 software comes out, convert the rest to get as close to your goal as you can.