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Don't forget that Section 965(a) inclusion applies differently depending on whether your client is a U.S. shareholder of a deferred foreign income corporation (DFIC) or an E&P deficit foreign corporation. The inclusion amount would be the greater E&P as of November 2, 2017, or December 31, 2017. If you're missing historical data, focus on reconstructing those specific dates.
Thanks for this! The corporation is definitely a DFIC in our case. The problem I'm having is that the client acquired the SFC in 2016, so we do have that year's info, but I wasn't sure if we needed to somehow account for pre-acquisition E&P for the Section 965 calculation or if we could just start with the E&P as of the acquisition date.
You should use the acquisition date as your starting point. The Section 965 inclusion applies to the shareholder's pro rata share of accumulated post-1986 E&P, but only for the period during which the foreign corporation was an SFC with respect to your specific U.S. shareholder. Pre-acquisition E&P wouldn't be included because your client didn't have a pro rata share of that E&P (they weren't a U.S. shareholder of the SFC during that time). Start with the E&P as of acquisition and then track forward to the measurement dates.
Has anyone run into the issue of foreign tax credits with acquired SFCs under Section 965? I'm trying to figure out if my client can claim FTCs for foreign taxes paid by the SFC before they acquired it.
Generally, no. FTCs related to Section 965 inclusions should only be available for the taxes paid during the period your client was a US shareholder. The same principle applies - if they weren't a shareholder when the taxes were paid, they can't claim the credits associated with that pre-acquisition period.
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Just to add something helpful for the original poster - make sure you're using the correct Article of the US-India tax treaty for dividends. If I remember correctly, Article 10(2)(a) specifies the 25% rate for Indian residents receiving US-source dividends. Also, keep in mind that if you're a student or trainee, there might be different provisions under Article 21 that could apply to your situation. The treaty has different rules depending on your visa status and purpose in the US.
Thank you! I'm here on an H1B, not a student visa. I did look up the treaty and confirmed it's Article 10 that applies to my situation with the 25% rate. Do you know if I need to attach any specific form to my 1040NR to document this treaty claim? Or do I just report the income with the 25% rate applied?
Since you're on an H1B and this is a standard treaty provision for the reduced dividend withholding rate, you typically don't need to attach Form 8833. You'll report the dividend income on your 1040NR and apply the treaty rate directly. In Sprintax, when you enter your dividend income, there should be an option to indicate that it's subject to a treaty rate. Make sure you select "India" as your country of residence for treaty purposes and the system should apply the correct 25% rate. For the period where no withholding was done, you'll need to calculate and pay the 25% tax on those dividends.
One more thing to check - make sure Fidelity issued you a correct 1042-S form showing your dividend income and withholding. This form is specifically for foreign persons with US-source income. If they didn't issue one or it's incorrect, you should contact them to get it fixed before filing.
Not necessarily. If OP was mistakenly treated as a US person for part of the year, Fidelity might have issued a 1099-DIV instead of a 1042-S for those months with no withholding. They should check both documents.
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Another option is to use the IRS Withholding Estimator directly: https://www.irs.gov/individuals/tax-withholding-estimator Just make sure you have your most recent paystubs handy to enter accurate year-to-date information. And remember that as a dependent student, your standard deduction might be limited compared to someone who can't be claimed as a dependent.
I tried using the IRS estimator but kept getting errors every time I entered my capital gains info. Has anyone else had this problem?
The IRS estimator can definitely be finicky with capital gains. Make sure you're entering them as "other income" rather than earned income. Also, try using a different browser if you're getting technical errors - sometimes it works better in Chrome than Firefox or vice versa. If you're still having trouble, you might want to try a different calculator or just focus on your W2 income for the W4 calculations. Since your LTCG are in the 0% bracket anyway, they won't affect your withholding needs as much.
Does anyone know if you can just use the W4 estimator and then add a flat additional amount on line 4(c)? Like if I know I need to have $500 more withheld total before the end of the year, and I have 10 paychecks left, can I just put $50 per check?
Yes that's exactly what line 4(c) is for! I did this last year. Just divide the total additional amount you need withheld by your remaining paychecks and put that number on line 4(c). Super easy way to fine-tune your withholding.
Perfect, that's exactly what I needed to know. Thanks for confirming! I'm going to do the math and adjust my withholding tomorrow.
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Don't overlook state-specific requirements! I'm in California, and the $800 annual franchise tax for LLCs was a huge shock when I formed mine. The DBA route has no annual fee besides the initial registration and renewal every 5 years. Some states are much cheaper for LLCs, while others have similar fees to CA. Research your specific state's requirements before deciding.
Do you think the liability protection is worth that extra $800 per year? I'm also in CA and trying to decide if I should make the jump from my photography DBA to an LLC.
It really depends on your specific situation and risk exposure. For my consulting business where I could potentially face lawsuits if clients lose money based on my advice, I feel the $800 is worth it for the peace of mind. For a photography business, you might consider the types of shoots you do (weddings carry more liability than portraits), the value of your contracts, and whether you ever have employees or assistants who could create additional liability. Also factor in your personal assets that would be at risk - if you own a home or have significant savings, the protection becomes more valuable.
Has anyone actually formed an LLC themselves without using a service? I've been operating with a DBA for my handmade jewelry business but want more protection. LegalZoom wants like $300+ but the actual state filing fee is only $50 in my state.
Yep, did it myself in NC. Super easy. Just downloaded the Articles of Organization form from the Secretary of State website, filled it out (it's basically just your business name, address, and registered agent info), paid the filing fee online, and received confirmation in about a week. Also wrote my own operating agreement using a template I found online. Saved hundreds compared to using a service. Just make sure you research your state's specific requirements.
Butch Sledgehammer
Just to add some additional context about Cafe 125 plans - these are established under Section 125 of the Internal Revenue Code (hence the name) and allow employees to pay for certain benefits with pre-tax dollars. This typically includes health insurance premiums, dental insurance, vision care, and sometimes FSA or HSA contributions. The key issue in your brother-in-law's case is that whatever amount was actually deducted pre-tax should match what's reported on the W-2. If the employer took double payments but only reported half on the W-2, they've essentially taxed him on money he never received.
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Freya Ross
•So what happens if they never fix it and tax season ends? Can you still file with the wrong W-2 and fix it later?
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Butch Sledgehammer
•You can file your tax return with the information you have and later amend it when you receive a corrected W-2. However, I recommend trying to get the corrected W-2 before filing if possible. If you must file before receiving the correction, you should consider filing Form 4852 (Substitute for Form W-2) along with your tax return. This form allows you to provide what you believe are the correct numbers based on your paystubs and other documentation. Be sure to explain the situation in the form and keep copies of all your evidence showing the correct withholding amounts.
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Leslie Parker
Has your brother-in-law checked his last December paystub against his W-2? Sometimes the year-end paystub will show the total pre-tax deductions for the entire year. He could compare this with what's shown in the Cafe 125 box on the W-2 to confirm the discrepancy.
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Sergio Neal
•This is the best advice here. My company messed up my W-2 last year, but I was able to show them my December paystub with YTD totals that proved their numbers were way off. Print everything out and highlight the numbers!
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