Tax FAQ
 

Withholding Tax Rate For Interest Income Of Foreign Entity?

Question by Do Do Do | Posted in United States

Bank A (a unassimilable bank located in a country without tax treaty with the US government) loaned money to Train B (a US company located in the US). Before company B pays interest to Bank A, it need to withhold tax for IRS. What's the tax appraise should company B apply? Where can I find out this tax rate table? Thank you!

Answer: 30%
 
 

How Much Is Canadian Withholding Tax On Interest ?

Question by Ami | Posted in Canada


Answer: If your a Canadian dwelling collecting interest from a Canadian corporation there is no withholding tax, however at tax time you will be taxed on all of the interest earned within the tax year.

Related Topics:

Short Term Gains Tax
Hotel Occupancy Tax
Estates Tax

 
 

How Do I Recoup Withholding Tax By Bank On Interest?

Question by pearl deli | Posted in United States

Because my married name did not happen on my Social Security card until recently (only my maiden name), the IRS informed my bank that there is a incompatibility between my name and number, and the bank was instructed to withhold income tax. The problem has since been solved and my conventional name is on the card, but I'd like to know if I can get the money back when I file my income taxes. What must I do to redeem the funds? Thanks

Answer: The tax withheld will be reflected on the Formality 1099-INT that you received from the bank. You add that withholding to the W-2 withholdings line and attach a copy of the 1099-INT to your tax go back.

FYI, the IRS doesn't order backup withholding because you didn't update your name with SSA. They order backup withholding if you go bust to report income that is not normally subject to withholding. Backup withholding will continue until such time as the IRS cancels the backup withholding

Related Topics:

India Tax Treaty
Estate Tax 2007
Closing Costs Tax

 
 

Should We Deduct Withholding Tax On The Payment Of Interest Against Loan?

Question by Greatguy | Posted in India

If a Partnership borrowed loan from financial institution than at the time of payment of mark-up should we remove withholding tax on the payment of interest against loan? if yes, tell me the %

Answer: 10% if withholding tax. 11.33 % if TDS

Related Topics:

After Tax 401k
Estate Tax Form
Estimated Tax Voucher

 
 

Can I File My Mortgage Interest In The 2009 Tax Return When I Have No Federal Tax Withholding For 2009?

Question by Stars123 | Posted in United States

If I had a part once upon a time job in 2009 and my federal tax witholding was only $1500, can I file my mortgage interest which is $32,000 when I enter for my 2009 Tax Return? Will I get a good return from my Mortgage interest? Kindly let me know.

Answer: If the mortgage interest and your other itemized deductions slacken up on your taxable income to zero or below, you will get the $1500 back.

You may get more if you have kids or were in college but the mortgage alone won't facilitate you get a bigger refund.

Related Topics:

Buy Tax Lien
Estate Tax Laws
Interest Withholding Tax

 

Personal Finance & Retirement Planning Tips: Tips for interest ...

by admin

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Source: Personal Finance & Retirement Planning Tips: Tips for interest ...

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