Guides on U.S Tax Filing

Consequences of Early Encashment of 401(K) or Traditional IRA

Sound financial planning is saving for your retirement so that you can continue to enjoy the same lifestyle. However, sometimes we need to withdraw the funds from our 401k or IRA due to life circumstances. Read this guide by H&R Block to know the consequences of early encashment of 401k or traditional IRA.

Applying U.S. Gift Tax Laws on Gifts

Gifting your family comes with tax benefits. There are annual and lifetime exemption limits that can be availed so that the gifts given are not liable to tax. Read this guide by H&R Block India to know more about the applicability of U.S. gift tax laws.

Renouncing US Citizenship or Surrender of Green Card

To escape the burden of complying to tax laws of two countries, many US citizens and green holders residing in foreign countries, renounce their citizenship and surrender their green cards. However, this is a complicated process, which requires careful planning, which will be discussed in this guide.

IRS Foreign Tax Credit for Individuals

Foreign Tax Credit is a provision made available to ensure there is no double taxation. US expats and American Indians who are liable to pay US taxes on their foreign earned income can avail this provision. Read this guide by H&R Block India for further explanation.

Comparison of Form 8938 and FBAR

For U.S. taxpayers having assets and bank accounts in foreign countries, form 8938 and FBAR need to be filed with his/her annual tax return. Read this guide by H&R Block India to know about the key differences between these two forms.

Foreign Earned Income Exclusion (FEIE)

For US citizens and green holders living and working abroad, different tax laws are applicable, which must be followed to avoid penalties. Read this guide on FEIE to know about the deductions available under this provision.

Why Should I File Form 8938?

For US residents or citizens who hold financial assets abroad, they must ensure it is reported along with their annual US tax return. Read this guide on the filing of form 8938 by H&R Block India.

Tax Provisions for NRIs under section 115H

Non-Resident Indian (NRI) earns income in India will be taxable where the tax rates are different from that of regular residents. Read this guide by H&R Block to learn more about the provisions under section 115H.

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