All Forum Posts by: Martingale Kim
Martingale Kim has started 13 posts and replied 28 times.
Post: NY state tax for nonresident
- Posts 28
- Votes 3
Quote from @Account Closed:
Yeah, unfortunately, it looks like you might have to pay taxes to both New York and Maryland. Since there's no tax treaty between New York and Maryland, you might not be able to get a refund for the taxes withheld for New York state. It's a bit of a bummer, but it's worth double-checking with a tax professional to see if there are any exceptions or credits you might be eligible for.
Post: NY state tax for nonresident
- Posts 28
- Votes 3
Quote from @David M.:
With so much work from home, there is a lot more people running into this complication.
However, you should always be able to claim a credit on the other state's tax return. So, you don't pay anymore than just the higher of the two. Does that make sense?
Consult a qualified professional.
I'm doing it in TurboTax, shouldn't TurboTax be able to figure that out ?
thanks
Post: NY state tax for nonresident
- Posts 28
- Votes 3
I'm a MD resident work remotely for a company in New York city. part of my tax is witheld for NY state.
i did a research and seems that I can't get these refund because there's no treaty between NY and MD, treaty exist between NY and NJ,PA, not MD.
is this really the case and I have to pay tax to both NY and MD state?
thanks
Post: Roll money from foreign retirement account into 401k rollover
- Posts 28
- Votes 3
Quote from @Christian Block:
Short answer, no. I'd suspect that will be taxable in the country were the retirement account is located. As for US income tax, there may be tax treaty benefits and/or the application of the foreign tax credit.
no, that won't be taxed in the foreign country
Post: Roll money from foreign retirement account into 401k rollover
- Posts 28
- Votes 3
I need to close my retirement account ( similar to 401k here ) in a foreign country. can I roll them into a 401k rollover account to postpone income tax?
Post: Necessary Agreement for running a bar
- Posts 28
- Votes 3
Not sure if this is the nest place to post, but I'm about to take a partnership with a friend who has an established restaurant business , he has a bar on premise but the bar has been obsolete and does not generate enough income from the bar, the dinning portion is fine.
For the partnership , I don't need to contribute any capital but will take a share of net profit from the bar only, in return for my marketing and management of the bar.Since no capital or expenditure is needed from me, what kind of document is needed to safe guard my interest here.
Can someone give me a brief about pros and cons of putting properties into a trust.
I heard it can save your property when someone is trying to sue you , and save the hassle of probate when both couple passed away so that kids can inherit them quickly .
whats the process of doing this if we decide this path.
setting up trust first then transfer each house into it by filing a deed at each state , county?
anything special about mortgage or tax?
TIA
Post: Can I deduct trip cost when distribute retirement plan from foreign country
- Posts 28
- Votes 3
I have some retirement account balance that I need to take out via early distribution if I choose to get us citizenship through nutralization .
in order to get the money I have to fly to the foreign country, can I deduct this trip cost when filing tax? What form shall I use?
Thanks
Post: Over Contribution to 401k in previous year
- Posts 28
- Votes 3
Quote from @Chris Seveney:
@Martingale Kim
Your accountant should know this amount or wait for you to get your 1099 in order to file taxes
i don't have an accountant because i don't make a lot of money. could you give me some tips on how to file it in a special way or just file normally based on what i received?
Post: Over Contribution to 401k in previous year
- Posts 28
- Votes 3
I over contributed towards my 401k last year and I contacted my employer in December 2022, notifying them the fact.
They said they will give me the over contributed amount back and issued me a 1099-R for year 2023. but nothing on my 2022 tax reporting will change, including 401k statement or W2.
So will i get a penalty if I filed my 2022 tax based on the W2 which has over contributed 401k?
thanks