Do contributions to an Indian provident fund need to be reported on a US tax return? I am a US Green card holder but Indian citizen residing in the US
2007-02-25 16:08:33 · 3 answers · asked by timepass 1 in Business & Finance ➔ Taxes ➔ United States
No. The Indian provident fund is not recognized by the IRS as a qualified retirement plan, therefore you get no tax benefit (i.e. deduction) for your contributions to the fund. When you do eventually draw money from the fund, only the portion of the withdrawal related to the earnings in the fund is taxable. The portion of the withdrawal related to your contributions is nontaxable, since it has already been taxed.
2007-02-25 17:09:41 · answer #1 · answered by jseah114 6 · 0⤊ 0⤋
Provident Fund In Usa
2017-02-22 05:37:01 · answer #2 · answered by pollmann 4 · 0⤊ 0⤋
If it is a charity or non profit reported, every little bit helps. If it is required by your gov.'t check with the local IRS office to see if they have special forms for that.
2007-02-25 16:30:54 · answer #3 · answered by Pantherempress 7 · 0⤊ 0⤋