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 :
Deduction Irs Tax tip 2006-53
I have a business in my home I started since 2006 . I had my taxes done quickly this year and had to pay nothing. This year I will owe and I've been told by 2 accountants I can deduct part of my home which is paid off and then pay taxes on wh...
I'm looking for a high standard irs tax debt settlement help site
I'm looking for a high standard irs tax debt settlement help site Does anyone can give me some Websites ?Here is some site : http://vimamapinapewuqo.cn/fuhglw_fdug_ghew_vhwwohphqw_rqolqh_rqolqh.htm : Credit card debt settlement online online ...
Could someone recommend a good IRS tax attorney, preferably located in Louisville
Could someone recommend a good IRS tax attorney, preferably located in Louisville KY. A good national chain, if there are any, would be my second choice.You are not going to find a tax attorney at a national chailn. Perhaps if you gave us an ide...
Irs Tax Table For 2006_Need for help
According to the Quickbooks PRO 2006 FAQ, it is acceptable to install the single user version on up to 20 machines, as long as only copy is used at a time. My question has to do with the one time free Irs tax table download. If the quickbo...
If the IRS has until 2006 to review the tax return
What is the time limit for cashing an IRS refund check? My son received a refund check last May for the 2002 tax year. He neglected to cash it. He believes that he had only 90 days to cash an IRS refund check. So he believes the refund c...