How to file taxes as NRI in USA for free

My personal 100% Legal and Best way to File USA tax returns as NRI (Works free if you only have USA Income)

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NRI taxation is difficult, especially if you have earnings or any kind of Income in India. When I started, I strugglled a lot. As everyone else do, I used to Google up query and spend hours understanding how to file return easily. Look for consultant in India, they have limited knowledge for USA returns. You go for USA tax consultant and they know minimal about India Taxes. Anyways, here is what i understood after spending years for filing tax returns.

Important Points

  1. NRIs are required to file taxes in their respective country of residence regardless of the country where they earned their income. For example, any interest, rental, capital gain have to be filed in USA.
  2. You will only pay interest once on your earned income. If tax is already paid in India, you will not pay the taxes again in USA (Based on DTAA Treaty between USA and India).
  3. If tax is already deducted in India and you have paid to Government of India, you need to just declare that income and submit the ITR details. You show the income but do not pay taxes as it is already paid there. Important point is let us imagine you paid 10% tax in India, and you fall under 20% tax slab (Random number for example), you will pay 10% difference in USA.
  4. You should declare all the accounts including demat where you have held balance more than 10000 USD (Highest value in Financial Year). This is FBAR filing.

How to File your taxes

If no income in India, you can file your tax return for free :

  1. Chime bank offers free tax return filing if you have an account with them. If you do not have, click following link and open for free (Sign Up Chime Bank and Claim referral Bonus of 100 USD)
  2. Once your account is active, login to your banking app or website.
  3. Navigate to Taxes Section on Home page.
  4. Enter your personal details, be ready with :
    • Your Name and name of your Dependents
    • Address
    • SSN for you and your dependents
    • W-2
    • Bank Interests and brokerage Income (Form 1099-INT)
    • Claim deductions for Insurance / Health bills spent out of Pocket)
    • Rent Paid (Only valid for some states, it will ask you if your state is eligible after you provide your address)
    • House Tax receipts (If you own house)
    • Eligible Car Loan details
  5. Start providing your details and upload the requested documents when being asked.
  6. At the end, chime will tell you the tentative refund (In State and Out of State)
  7. Submit and wait for your money.

If you have income in India, follow the below steps :

  1. Sign up for Valuestax(Use Referral Code – 143082)
  2. For USA income, upload your W-2, 1099-INT, House tax receipts, Rent Details / House Tax receipt, Out of pocket medical expenses including insurance.
  3. For India income upload the details of your Form 16 (If available), copy of last financial year ITR.
  4. Details of accounts for FBAR filing (Read About FBAR in the article above)
  5. Value tax will charge you around 50 USD for complete tax filing.
  6. Check the tentative refund value and submit the returns.

Feel free to comment below if you have any questions.

Also Read : Ever got confused if you want to move back to India

Summary
How to file taxes as NRI in USA for free
Article Name
How to file taxes as NRI in USA for free
Description
NRI taxation is difficult, especially if you have earnings or any kind of Income in India. When I started, I strugglled a lot. As everyone else do, I used to Google up query and spend hours understanding how to file return easily. Look for consultant in India, they have limited knowledge for USA returns. You go for USA tax consultant and they know minimal about India Taxes. Anyways, here is what i understood after spending years for filing tax returns.
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Publisher Name
Urbanmadam.com

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