r2i forum

I would appreciate some advice regarding the following. I am a professor spending all of 2010 in an academic institution in india. I get a token honorarium. Can i deduct per diem expenses for the whole year from my u.s tax. Since i am thinking of returning , if i can make this deduction it will bring my income down( make it negative!!) and i am thinking of withdrawing a substantial sum from my retirement. I am 60 and there will be no penalty.

I hope one of you tax experts will be able to advice me on this

Thanks

usprofessor

usprofessor;321125I would appreciate some advice regarding the following. I am a professor spending all of 2010 in an academic institution in india. I get a token honorarium. Can i deduct per diem expenses for the whole year from my u.s tax. Since i am thinking of returning , if i can make this deduction it will bring my income down( make it negative!!) and i am thinking of withdrawing a substantial sum from my retirement. I am 60 and there will be no penalty.
I hope one of you tax experts will be able to advice me on this
Thanks
usprofessor

I believe that as a member of the teaching profession, your income will be exempt from Indian taxation for a period of up to two years. See Article 22 [1]. With respect to US taxation it may be possible to use FEI exclusion up to $91400 if qualifying conditions are met [2]. These are worth investigating before early withdrawal from retirement a/c.
[1] http://www.irs.gov/pub/irs-trty/india.pdf
[2] http://www.irs.gov/newsroom/article/0,,id=108276,00.html

I thank all those who responded to my queries. Since i will be returning to my job in the u.s , i think it will still be by tax home.

Here is what i saw in the instructions for IRS 2106 form . Since this kind of visit is normal practice in the academic community I think i can take a deduction for my stay at the per diem rates without documenting actual expenses. I am trying to figure out if this (favorable to me), interpretation is correct.


> You are an employee deducting ordinary and necessary expenses attributable to your job. An ordinary expense is one that is
common and accepted in your field of trade, business, or profession. A necessary expense is one that is helpful and appropriate
for your business. An expense does not have to be required to be considered necessary.
> If you are claiming vehicle expense, you are using the standard mileage rate for 2009.
c\> You do not get reimbursed by your employer for any expenses (amounts your employer included in box 1 of your Form W-2 are
not considered reimbursements for this purpose).
....................................
......................................
Instead of actual cost, you may be able
to claim the standard meal allowance for
your daily meals and incidental expenses
(M&IE) while away from your tax home
overnight. Under this method, you deduct
a specified amount, depending on where
you travel, instead of keeping records of
your actual meal expenses. However, you
must still keep records to prove the time,
place, and business purpose of your travel.


The standard meal allowance is the
federal M&IE rate. For most small localities
in the United States, this rate is $39 a day
for the period from January 1 through
September 30, 2009, and $46 a day for the
period October 1 through December 31,
2009. Most major cities and many other
localities in the United States qualify for
higher rates. You can find these rates at
www.gsa.gov/perdiem.

For locations outside the continental
United States, the applicable rates are
published each month. You can find these
rates at www.state.gov/travel/ and select
the option for ?Foreign Per Diem Rates.?


Thanks



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