401k kakunda pre tax contributions em unnay tax ssve kosam

[mastercheif]

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.

[Shakthi_Man]

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.

[Picha lite]

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

[Picha lite]

31 minutes ago, mastercheif said:

naaku ivvi man vaddi ki tippukoni neeku 401k kante manchi interest istha.

Interest istavu sare mari asalu denkeltavaa

[k2s]

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 

[phatposts]

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. 

 

 

[mastercheif]

37 minutes ago, Picha lite said:

Interest istavu sare mari asalu denkeltavaa

asalu kuda puvvulo petti istha

[k2s]

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 

 

[k2s]

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. 

 

 

[Spartan]

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.

[Spartan]

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..

[Bambam_Bholey]

[k2s]

2 hours ago, Spartan said:

mari inkenduku bokka..

ardam kaledu

[Picha lite]

3 hours ago, Spartan said:

mari inkenduku bokka..

Flexible saving account- FSA idi carry avvadu. but HSA will carry.

[Spartan]

2 hours ago, Picha lite said:

Flexible saving account- FSA idi carry avvadu. but HSA will carry.

only 500$ ye...u loose rest of it.