US Tax Compass Navigating the Maze for Green Card Holders in India (1).pptx

Welcome, everyone! Today's presentation will walk you, Indian green card holders living in India, through the difficulties of US tax filing. We'll look into your resident status for USA Taxes reasons, explain the benefits available, and provide you with resources to guarantee a seamless tax filing experience.

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US Tax Compass: Navigating the Maze
Green Card Holders In India

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Introduction

Welcome, everyone! Today's presentation
will walk you, Indian green card holders
living in India, through the difficulties of US
tax filing. We'll look into your resident
status for USA Taxes reasons, explain the
benefits available, and provide you with
resources to guarantee a seamless tax filing
experience.

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Understanding US Tax Residency for Green
Card Holders

« Green card holders are considered
US residents for tax purposes
beginning on the date of arrival
with immigrant intent.

. This means that you must include
all of your worldwide income,
including income generated in
India, on your US tax return.

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, The Double Taxation Treaty: Avoiding Double
Payment

» Fortunately, a double taxation
treaty exists between the United
States and India.

- This treaty prohibits you from
being taxed twice on the same
income.

+ You may claim a foreign tax credit
for taxes paid in India on income
earned there.

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5. , Benefits for Green Card Holders Living Abroad

Fortunately, a double taxation treaty exists between the United States and India.The
US tax code provides incentives to green card holders living abroad, including:

« Foreign Earned Income Exclusion (FEIE): If you meet certain standards, you
can exempt a percentage of your foreign earned income from US taxes.

+ overseas Housing Exclusion: Allows you to deduct a percentage of your
eligible overseas housing expenses, helping to offset higher living costs
abroad.

« You may claim a foreign tax credit for taxes paid in India on income earned
there.

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Tax Forms and Filing Deadlines

The particular paperwork required is determined by your income and situation.
Some common ones are;

«Form 1040: The basic United States income tax return.
«Form 2555: For claiming the overseas earned income
exclusion.

«Form 1116: To claim the foreign dwelling exclusion.

The deadline to file is generally April 15th, with an
automatic two-month extension to June 15th for US
expats.

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Seeking Professional Help and Additional

Resources

« It is highly suggested that you consult with
a skilled tax practitioner who has
experience with US expat tax
circumstances.

« They can help you comply with US tax
regulations and claim all applicable
benefits.

8. Conclusion

Congratulations on taking the initiative to understand your US
tax obligations! As a green card holder residing in India,
navigating US tax laws can seem daunting, but by familiarizing
yourself with the key points covered today and seeking
professional guidance, you can ensure a smooth tax filing
experience.

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