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CO online Form 1040-ES (NR): What You Should Know

If you need any technical help, please feel free to contact us at the support line at 2-4. If you have any questions, you can also reach us by writing us at: IRS Tax Help What happens if my estimated tax bill is insufficient? This happens because you do not have enough funds to pay the estimated tax liability. To avoid it you need to submit your tax return by February 15 to your financial institution by March 15. What does a refund mean for non-resident aliens? Non-resident aliens are eligible to receive a return with no tax due as long as they pay tax in their home country on wages or other income. However, if an immigrant makes a return for the year and the alien receives the refund, the refund is limited to 10% of the taxpayer's tax liability, unless the refund relates to income or capital gains, in which case the refund is allowed to the taxpayer. What happens to non-resident aliens if income from non-U.S. sources is used to reduce their estimated taxes, such as a large capital gain? Taxpayers are considered to be U.S. citizens or residents for tax purposes when the income they received is from U.S. sources. If the income earned is less than the standard deduction, the amount of that income will be prorated to each of the taxpayer's income tax brackets. The proration applies for the following reasons: Income from property or investment held in a foreign account for more than a year and only wages or other income may be taken into account. A foreign bank account used primarily for income or capital gains may be considered foreign source income if the bank account is owned and controlled by a foreign corporation. Qualified interest income in a foreign bank account may be considered foreign source income if the account is owned and controlled by a foreign corporation. Other foreign sources may be taken into account if the income from a non-U.S. source is greater than 10% of adjusted gross income. For a refund to be allowed, the tax must be more than 90 days past due. The refund must be applied to the taxpayer's federal adjusted gross income (AGI) before withholding. The return must also be filed within 90 days after the due date of the return for the tax year or the tax refund will be considered a refund of underpayments that occurred in that tax year.

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