k2s Posted February 8, 2017 Report Share Posted February 8, 2017 3 hours ago, mettastar said: Vuncle can you elaborate this one.. 401k limit 18k ne anukunna adi kakunda 20k antunnava? 20k kadu ley ..wrong info.. my bad.. but upto $6k you can contribute as catch up contribution https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits Quote Link to comment Share on other sites More sharing options...
Spartan Posted February 8, 2017 Report Share Posted February 8, 2017 5 hours ago, Vaampire said: Health saving account lo u can save up to 6700 if married avi use cheyakapote poinatte kada. Quote Link to comment Share on other sites More sharing options...
mastercheif Posted February 8, 2017 Report Share Posted February 8, 2017 6 hours ago, Merabharathmahan said: tax saving kosam 401k kakunda inka em unnay. should be easy to withdraw any time without much hassles. naaku ivvi man vaddi ki tippukoni neeku 401k kante manchi interest istha. Quote Link to comment Share on other sites More sharing options...
Shakthi_Man Posted February 8, 2017 Report Share Posted February 8, 2017 30 minutes ago, k2s said: 20k kadu ley ..wrong info.. my bad.. but upto $6k you can contribute as catch up contribution https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits Catch contribution is only for >50 age group. Quote Link to comment Share on other sites More sharing options...
Picha lite Posted February 8, 2017 Report Share Posted February 8, 2017 40 minutes ago, Spartan said: avi use cheyakapote poinatte kada. If married baga use avthayi baby apudu... and that money never expires (HSA) . FSA ki 1yr ankunta Quote Link to comment Share on other sites More sharing options...
Picha lite Posted February 8, 2017 Report Share Posted February 8, 2017 31 minutes ago, mastercheif said: naaku ivvi man vaddi ki tippukoni neeku 401k kante manchi interest istha. Interest istavu sare mari asalu denkeltavaa Quote Link to comment Share on other sites More sharing options...
k2s Posted February 8, 2017 Report Share Posted February 8, 2017 40 minutes ago, Shakthi_Man said: Catch contribution is only for >50 age group. paina link lo example chudu man.. less than 50 age vallu with independent business vallu kuda can contribute ani undi Quote Link to comment Share on other sites More sharing options...
phatposts Posted February 8, 2017 Report Share Posted February 8, 2017 Nenu tax expert kaadu. Take my words with a bit of caution. India lo house ki katte interest and maintenance are tax deductible. IRS gives a dollar conversion for yearly avg and you use that. IRS site lo chaduvu deeni gurunchi. I have done amendments to my past 2 year returns as I did not know about this that time. DO NOT deduct rent or a portion of the rent from your income. That is a huge redflag for audits. Placement costs/job search costs/home office expenses are deductible. Phone bills and new phone can be deducted if you can show that you use the device for work and do not get reimbursed. Temple donations are all 100% deductible. If you make a larger donation, get a receipt from the temple. Expenses for charity work are deductible. Like if you are driving to a place to do non profit work (like soup kitchen etc) you can account those. There are many items people (including me) deduct even though they should not have deducted. Do your due diligence on the following: What all you want to deduct How can you support perfectly with evidence in case of an audit Also, update your W4 with the max deductions. It lowers your take home but helps avoiding surprises at the end of the year. Most of these apply to people with high family income (at least above 150K). Mostly may not apply to single folks. Kaani H1b lo untoo bench lo unte employer ki tax katti, malli W2 lo income undi ani IRS ki katti chachipovali man. Quote Link to comment Share on other sites More sharing options...
mastercheif Posted February 8, 2017 Report Share Posted February 8, 2017 37 minutes ago, Picha lite said: Interest istavu sare mari asalu denkeltavaa asalu kuda puvvulo petti istha Quote Link to comment Share on other sites More sharing options...
k2s Posted February 8, 2017 Report Share Posted February 8, 2017 1 hour ago, Spartan said: avi use cheyakapote poinatte kada. nope.. HSA amount next year ki carry forward authayi with some less % interest rate Flexible saving account vi use it or lose it.. but last year nunchi you can carry forward upto $500 ani rule passed Quote Link to comment Share on other sites More sharing options...
k2s Posted February 8, 2017 Report Share Posted February 8, 2017 5 minutes ago, phatposts said: Nenu tax expert kaadu. Take my words with a bit of caution. India lo house ki katte interest and maintenance are tax deductible. IRS gives a dollar conversion for yearly avg and you use that. IRS site lo chaduvu deeni gurunchi. I have done amendments to my past 2 year returns as I did not know about this that time. DO NOT deduct rent or a portion of the rent from your income. That is a huge redflag for audits. Placement costs/job search costs/home office expenses are deductible. Phone bills and new phone can be deducted if you can show that you use the device for work and do not get reimbursed. Temple donations are all 100% deductible. If you make a larger donation, get a receipt from the temple. Expenses for charity work are deductible. Like if you are driving to a place to do non profit work (like soup kitchen etc) you can account those. There are many items people (including me) deduct even though they should not have deducted. Do your due diligence on the following: What all you want to deduct How can you support perfectly with evidence in case of an audit Also, update your W4 with the max deductions. It lowers your take home but helps avoiding surprises at the end of the year. Most of these apply to people with high family income (at least above 150K). Mostly may not apply to single folks. Kaani H1b lo untoo bench lo unte employer ki tax katti, malli W2 lo income undi ani IRS ki katti chachipovali man. Quote Link to comment Share on other sites More sharing options...
Spartan Posted February 8, 2017 Report Share Posted February 8, 2017 1 hour ago, Picha lite said: If married baga use avthayi baby apudu... and that money never expires (HSA) . FSA ki 1yr ankunta inta varaku pettale use avvale..by gods grace. Quote Link to comment Share on other sites More sharing options...
Spartan Posted February 8, 2017 Report Share Posted February 8, 2017 1 hour ago, k2s said: nope.. HSA amount next year ki carry forward authayi with some less % interest rate Flexible saving account vi use it or lose it.. but last year nunchi you can carry forward upto $500 ani rule passed mari inkenduku bokka.. Quote Link to comment Share on other sites More sharing options...
Bambam_Bholey Posted February 8, 2017 Report Share Posted February 8, 2017 Quote Link to comment Share on other sites More sharing options...
k2s Posted February 9, 2017 Report Share Posted February 9, 2017 2 hours ago, Spartan said: mari inkenduku bokka.. ardam kaledu Quote Link to comment Share on other sites More sharing options...
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