Personal Financial Strategy for NRIs in the USA!
Bringing money from other countries into the U.S. is legal, but there are certain regulations and reporting requirements that must be followed. Here are a few steps to follow when bringing money from other countries into the U.S: It is important to note that laws and regulations regarding the import and export of currency can […]
529 plans are a popular way to save for college expenses, however, they do have some disadvantages to consider: Another major disadvantage of 529 plan is that it is considered as an asset in FAFSA application which increases the Epected Family contribution (EFC) thus reducing the financial aid. It’s important to research different college savings […]
Claiming a life insurance death benefit from outside the country can be more complex than claiming within the country. However, the basic process is similar. Here are some additional steps to keep in mind when claiming a life insurance death benefit from outside the country: It’s important to keep in mind that each insurance company […]
Claiming a life insurance death benefit can be a difficult process, especially during a time of grief. However, it is important to know the steps to take in order to claim the death benefit and ensure that the process goes as smoothly as possible. Here are the general steps to follow when claiming a life […]
End of the Tax Year and it is important to initiate the process of issuing 1099s by accounting for all non-employee compensation and misc. expenses paid. If you are paying any individual more than $600 , you would need to issue a 1099 by end of January 31st. What are the most common payments that require a 1099 to […]
First, many NRIs do taxes on their own using tools available like Turbo Tax for filing tax. If the income is straightforward like W2, easy-to-use tools like Turbo Tax can help file the taxes. If you have a home mortgage, capital gains, business, special needs, other 1099 income, etc., then, we recommend hiring a professional […]
2022 Federal Income Tax Brackets and Rates In 2022, the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows (Table 1). There are seven federal income tax rates in 2022: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent. The top marginal income tax rate of 37 […]
The Social Security Administration (SSA) allows U.S. citizens to receive benefits even if they live in certain countries. You have the right to continue receiving your Social Security benefits in India for as long as you are eligible under your own earnings or are a dependent/survivor. Who is eligible to get Social Security Benefits: You […]
Long-term care (LTC) is a range of services and supports you may need to meet your personal care needs. At some point in our lives, about 60 percent of us will need assistance with things like getting dressed, driving to appointments, or making meals. Planning is critical, but many people are not sure what is […]
If the kids are born here in the USA, they are citizens of the USA. Thus, they are eligible for submitting a FAFSA application and they may potentially eligible for College Financial Aid based on the FAFSA calculations for Expected Family Contribution. If the kids are dependents of H1 visa holders, they will have H4 […]