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Tester
Pilla Bewarse
Username: Tester
Post Number: 155
Registered: 03-2004
Posted From: 68.82.139.193
Rating: N/A
Votes: 0 (Vote!) | | Posted on Saturday, April 02, 2005 - 8:55 am: |    |
Agreed. |
Manchodu
Bewarse
Username: Manchodu
Post Number: 1381
Registered: 03-2005
Posted From: 70.176.67.123
Rating: N/A
Votes: 0 (Vote!) | | Posted on Saturday, April 02, 2005 - 8:48 am: | |
tester mama, what you said is true..
what I was trying to say, is its very much possible to incurr expenses. I am not for falsifying deducions, but ikkada yekkuva karchu ayye chance vunnayi. meeru seppinattu, it need not be surgery/pergnancy, ikkada dentis ki velthe a matram minimum avuddi.. |
Tester
Pilla Bewarse
Username: Tester
Post Number: 154
Registered: 03-2004
Posted From: 68.82.139.193
Rating: N/A
Votes: 0 (Vote!) | | Posted on Saturday, April 02, 2005 - 8:41 am: | |
Manchodu:
Yes, Let us say you have incurred 2,000 in medical expenses. you can claim only $800 under itemized expenses. Unless your spouse go through pregnancy process or you have major surgery you expense won't be that much. If your medical expenses are more, abviously you itemization may help you. But, remember soon you will get hit with Alternative Minimum Tax.
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Manchodu
Bewarse
Username: Manchodu
Post Number: 1377
Registered: 03-2005
Posted From: 70.176.67.123
Rating: N/A
Votes: 0 (Vote!) | | Posted on Saturday, April 02, 2005 - 8:12 am: | |
Incorder to claim medical expenses they need to be more than 2% of your annual income.
ante 60k salary vatte $1200 kinde lekka kadaa. most health plans are designed to spend atleast that amount as max out of poket expense.. |
Tester
Pilla Bewarse
Username: Tester
Post Number: 153
Registered: 03-2004
Posted From: 68.82.139.193
Rating: N/A
Votes: 0 (Vote!) | | Posted on Saturday, April 02, 2005 - 7:53 am: | |
Manchodu
Incorder to claim medical expenses they need to be more than 2% of your annual income. |
Manchodu
Bewarse
Username: Manchodu
Post Number: 1338
Registered: 03-2005
Posted From: 70.176.67.123
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 9:33 pm: | |
I don't think any ones legitimate itemized expenses will be more than $5,000 unless have a house.
about students ayithe correct ye, in case of working then its a BS. if you consider a family, max out of pocket expence for annual medical can run upto $3000( as per many health plans) hence that could be easily incurred/claimed. dental ayithe pannu neppi ante $1500 bill kooda icheti ghanatha vunna desam idi... so every case depends... nindaa muniginodiki chali takkuva..
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Manchodu
Bewarse
Username: Manchodu
Post Number: 1337
Registered: 03-2005
Posted From: 70.176.67.123
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 9:29 pm: | |
IRS hefty penalties antha scene vundadu, if they raise a question, if you cannot support it, just pay 2%-5% penalty on the tax. anthe.
best option is to go thru a CPA and it will be much easier. have been doing itemised since 98'returns. once you go thru a CPA most of it will be taken good care off..
ML mama, as all others explained it is possible to get 8k returns, based on percentage of tax one chooses to withhold every month with the employer.. |
Tester
Pilla Bewarse
Username: Tester
Post Number: 152
Registered: 03-2004
Posted From: 68.82.139.193
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 5:23 pm: | |
Avinash:
I know by experience. But IRS site gives you infomation under Itemized deductions.
If you are moving from one place to other place. Safest thing is you can claim moving expenses. Good thing is you can do with Standard deductions. If you are staying in one place for more than a year you can't claim even the secondary residence expenses.
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Avinash
Pilla Bewarse
Username: Avinash
Post Number: 8
Registered: 03-2005
Posted From: 209.234.142.80
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 5:15 pm: | |
Tester, do you do your taxes or through a Tax Agent??
Is there any link online which has clarity on these issues of what can be claimed or not claimed for a Software Consultant?? Incase please give it!! |
Tester
Pilla Bewarse
Username: Tester
Post Number: 151
Registered: 03-2004
Posted From: 68.82.139.193
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 5:12 pm: | |
Avinash:
You can cliam only if you are maintaining primary residence at least 50 miles away from your temparory work place. Inotherwords you must be maintaining two residences. You can't claim if you have just one residence.
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Avinash
Pilla Bewarse
Username: Avinash
Post Number: 7
Registered: 03-2005
Posted From: 209.234.142.80
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 5:11 pm: | |
Tester , question for you
Did the M.S student file by himself or some agency?.
If it is by a Agent/Agency is it not the agency which wud be fined for false info???
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Avinash
Pilla Bewarse
Username: Avinash
Post Number: 6
Registered: 03-2005
Posted From: 209.234.142.80
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 5:08 pm: | |
Eeidlagolayenti and Tester:
You are absolutely correct for the Masters Tution fee thing.
Other thing is when you are working as a consultant at clients place then you claim all the expenses if your Employer does not pay for it
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Sollu
Desanike Pedda Bewarse
Username: Sollu
Post Number: 6571
Registered: 03-2004
Posted From: 144.160.130.16
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 5:06 pm: | |
babai tution nunchi we can have only 4k at max |
Tester
Pilla Bewarse
Username: Tester
Post Number: 148
Registered: 03-2004
Posted From: 68.82.139.193
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 4:56 pm: | |
Eeidlagolayenti is correct.
I don't think any ones legitimate itemized expenses will be more than $5,000 unless have a house. Go for standard deductions. I know lot of people now a days doing itemized deduction claiming false expenses. If IRS catahes they would be fined hefty penalties and interest. It usally happends three years after you file your initial returns.
Two M.S fellow claimed entired Income as exempt. Showing tutioin as expenses. One got $12,000 back and the other was fined with interest. So dorakithe Donga.
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Eeidlagolayenti
Pilla Bewarse
Username: Eeidlagolayenti
Post Number: 47
Registered: 03-2005
Posted From: 65.115.93.118
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 4:46 pm: | |
Itemized deductions is useful only if you can show non taxable expenses of more than standard deductions(5600$). if i am right, even if you buy a laptop and went to india and assuming your company supports your business trip to india, i would not believe your expenses would be more than 6000. not worth doing itemized deductions for single who is working at one company Citizen or not.
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Ramu
Vooriki Bewarse
Username: Ramu
Post Number: 3498
Registered: 03-2004
Posted From: 199.244.214.30
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 4:28 pm: | |
vENu sOdarA,
Oops RAMU SODARA,
Ye info 2 days back telsi unt ebagundedi!! Nenu STANDARD DEDUCTIONS lo chesesa!! I was thinking that myself not a Permanant Resident or Citizen, or am not payng any Mortage etc, and did it in that way!!
Hathavidi!!!
since you already filed, there is nothing you could do now. |
Krishna9
Vooriki Bewarse
Username: Krishna9
Post Number: 3075
Registered: 04-2004
Posted From: 199.29.247.140
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 3:43 pm: | |
//Ye info 2 days back telsi unt ebagundedi!! Nenu STANDARD DEDUCTIONS lo chesesa!!//
Venu babai, itemised deductions gurinchi info kaavalante taruvatha oka saari call cheyyi. Chaalaa items pettocchu. Min 4k, 5k Tax returns vasthadi. |
Krishna9
Vooriki Bewarse
Username: Krishna9
Post Number: 3074
Registered: 04-2004
Posted From: 199.29.247.140
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 3:41 pm: | |
ML babai, it's no big deal. Naa close friend ki last year $13k tax returns vacchaayi. As Ramu gaaru said it all depends on his income and the deductions he will be claiming. |
Bhrigu
Vooriki Bewarse
Username: Bhrigu
Post Number: 5176
Registered: 11-2004
Posted From: 69.228.253.113
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 3:27 pm: | |
>> if you are not a permanent resident or a citizen, you can claim your rental, phone bill etc. in itemized deductions
Is this a valid thing ? what happens when one applies for a GC ? |
Venu
Desanike Pedda Bewarse
Username: Venu
Post Number: 5116
Registered: 03-2004
Posted From: 64.105.207.250
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 3:25 pm: | |
Oops RAMU SODARA,
Ye info 2 days back telsi unt ebagundedi!! Nenu STANDARD DEDUCTIONS lo chesesa!! I was thinking that myself not a Permanant Resident or Citizen, or am not payng any Mortage etc, and did it in that way!!
Hathavidi!!! |
Avinash
Pilla Bewarse
Username: Avinash
Post Number: 5
Registered: 03-2005
Posted From: 209.234.142.80
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 3:17 pm: | |
ITEMIZED DEDUCTIONS play a important role. If you are working as a consultant you can claim your expenses as itemized deductions.
Even trip to India if you have ur company in India can be claimed as Itemized deduction
Even Laptop purchased can be claimed as Itemized deduction
So finally you get 30% of what ever you claimed as Itemized deductions
All of my friends get atleast 3k or 4k min
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Mapleleafs
Bewarse
Username: Mapleleafs
Post Number: 2187
Registered: 05-2004
Posted From: 207.245.233.69
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 3:14 pm: | |
Ramu garu & All others
Thanks very much. I envy you guys. |
Ramu
Vooriki Bewarse
Username: Ramu
Post Number: 3489
Registered: 03-2004
Posted From: 199.244.214.30
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 3:11 pm: | |
ML sOdarA,
He makes 80k I guess. Doesn't own a house yet? Neither does his wife work? I felt it was un real when he gave me his tax return figures.
Holy Molly...Canada is worse both in taking and giving.
as some others mentioned alread in the thread, if the number of withholdings were given is less than the actual number of dependents claimed on the txt returns, obviously he gets some returns. if he itemizes his deductions (per some tax accountants, if you are not a permanent resident or a citizen, you can claim your rental, phone bill etc. in itemized deductions) and shows that his taxable income is less than that is shown on the W2 (after subtracting the amount shown in itemized deductions) and the tax owed for that amount (from the tax table) is way less than the tax with held, obviously he will get more amount back. |
Mapleleafs
Bewarse
Username: Mapleleafs
Post Number: 2185
Registered: 05-2004
Posted From: 207.245.233.69
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 3:05 pm: | |
Venu & AW
I don't really understand what you guys are saying? |
Ramu
Vooriki Bewarse
Username: Ramu
Post Number: 3488
Registered: 03-2004
Posted From: 199.244.214.30
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 3:05 pm: | |
AW sOdarA,
giving tax free loan to IRS.
shouldn't it be interest free loan to IRS? |
Mapleleafs
Bewarse
Username: Mapleleafs
Post Number: 2184
Registered: 05-2004
Posted From: 207.245.233.69
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 3:03 pm: | |
Ramu garu
He makes 80k I guess. Doesn't own a house yet? Neither does his wife work? I felt it was un real when he gave me his tax return figures.
Holy Molly...Canada is worse both in taking and giving. |
Gula
Vooriki Bewarse
Username: Gula
Post Number: 2614
Registered: 06-2004
Posted From: 144.160.130.16
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 3:03 pm: | |
also the range he falls in kuda untundi
naa earning last year kanna ma dost di 2-3 times untundi kani thanakanna naake ekkuva vachindi ~1k more......so sana factors edusthayi
is his wife studying? that really gets u more |
Venu
Desanike Pedda Bewarse
Username: Venu
Post Number: 5111
Registered: 03-2004
Posted From: 64.105.207.250
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 2:59 pm: | |
CC mama
Let us say mee vaadi employer telso teliko no of with holdings lo 1 ani petti unnadanuko. Than all the while mee vaadu as a single taxes pay chesthuntadu and returns submit seseppudu babu memu mugguram ani WIFE and KID ITIN lu 1040A lo pedithe automatic gaa paisal osthay!! |
Manishi
Vooriki Bewarse
Username: Manishi
Post Number: 3111
Registered: 06-2004
Posted From: 129.9.163.106
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 2:58 pm: | |
what are the options on his W4 form? |
Andhrawala
Vooriki Bewarse
Username: Andhrawala
Post Number: 5720
Registered: 03-2004
Posted From: 192.58.204.226
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 2:57 pm: | |
Probably he is giving tax free loan to IRS. If he can get this much amount he can submit W7 and make tax payments accordingly so that he can get around 600 more every month |
Ramu
Vooriki Bewarse
Username: Ramu
Post Number: 3484
Registered: 03-2004
Posted From: 199.244.214.30
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 2:57 pm: | |
depends on how much you earn and how much you claim in deductions. if you own a house and if your combined taxable income is around 90K (after deductions) and if the amount of tax deducted per paycheck is more, then defenitely you can get 8K in teturns |
Mapleleafs
Bewarse
Username: Mapleleafs
Post Number: 2183
Registered: 05-2004
Posted From: 207.245.233.69
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, April 01, 2005 - 2:55 pm: | |
I just talked with one of my friends in US after a long while who told me that he got a $8k Tax returns this year. His is a family of 3 including himself his wife and a daughter.
Can someone for real get this amount of money as Tax returns? I just cannot believe it. |
