A foreign investor need to help with Irs problem
Q.I have an problem with Irs and need to help I have an account in miami where i never paid taxes since i am not a us citizen and are living in southamerica. in 1998 i started to buy stocks with my bank and in dic.1998 they charged me a heavy amount of a 31% backup withholding. i was out of the country and realized it only now. when i claimed the bank, they told me that this money went to the IRS and that i should have claimed refund within 1 month and that i lost the money. what can i do?? i have bought stocks with other banks and they never charged me with 31% backup witholding. is it the fault of the bank? i certified them that i am a foreigner and not living in the states. what should i do? i fear that for 1999 i shall get the same charge, but mail arrives always 6 weeks later. any help appreciated
A.What you are talking about (the 31%) is called "back-up withholding" and it's because you don't have a proper TIN (Taxpayer Identification Number). What you're going to have to do is, to look at the filing requirements for non-residents. If you have income from US sources, and a US stock account fits that, then you must file a US return and pay taxes on that income. Find a CPA or EA in Miami (or where ever) to help you file the returns. You may be able to get some of your money back if the statute of limitations has not lapsed. You apparently do owe taxes here in the U.S. for the income that you made here. You also have 3 years from the normal due date (April 15th) to file and potentially get a refund of that tax withheld. Use IRS Form 1040NR.
Other Questions :
IRS problem? Sometimes TAS can help
I don't know to do when I have an IRS problem? Does anyone give me some advices ? thank for your timeMy answer :Sometimes TAS can help. The Taxpayer Advocate Service (TAS), a quasi-independent organization within IRS, can sometimes help individu...
The Irs Audit question_who can answer
Does Paypal report customers 'revenue to the IRS audit ? Paypal never asked for my SSN or identification number. So how does the IRS know how much you're getting at Paypal?Who or can answer these questions please contact to meThey don't necessari...
IRS Income Tax Question - HELP
My wife and I both claim "1" exemption on our respective W-4's. We file our return jointly. This year the % of salary which was withheld for IRS income taxes was to approx. 13%. We both are in the 50-60K salary range. Last year, with sim...
Anyone know of a (preferably spreadsheet based) simple IRS tax calculator that would give me a rough feel for tax liability?
Anyone know of a (preferably spreadsheet based) simple IRS tax calculator that would give me a rough feel for tax liability? I've had a look through this group's archives and on Google but, surprisingly, couldn't find anything current.Tax calcu...
IRS form 1040A--one page or two?
I have downloaded IRS Form 1040A for a friend. It printed out as two separate pages. I would like to know if the official IRS Form 1040A is also 2 pages or is it printed front and back on one page. I can reload and reverse the form in my p...