r2i forum

Not a big deal but one may have to file Form 3520 with IRS, when one has made donations to a foreign trust.
Not sure about this though, so I have asked this as a question in the Silly Tax Questions thread. (even so filing this form is still worth the effort, IMHO).

I (LIA/USC/OCI) made some donations to Lawrence Charitable Trust in Chennai, India.
Looks like I will need to file Form 3520 with IRS.
Is this correct?

[quote=mal_sar;91103]how do NRI send money? can we send US bank cheques to the canara bank account given in his website? also where should we put ac payee? please explain the procedure. desperately want to help kumar in episode date feb 24th.[/quote] I believe marking the check as a/c payee means ...

[quote=valine05;92739]hi my friend is not an indian but she likes to donate to trust, how to send the money.. can any once help me.

Thanks
ramanan[/quote]

That is very nice of her.
Sending a regular bank check works.
(She may not be able to claim a deduction in her country's tax return.)

[quote=submarine66;93232]Same as where you would enter other Schedule B information on US source interest income. Just enter the name of the institution and the interest received. Else you can attach a separate statement and put everything together under one line item named "Indian Interest Income ...

[quote=Desi;93379]When you say [COLOR=#ff0000]non-deductible IRA[/COLOR], I am assuming you mean a non deductible traditional IRA and not a ROTH. What benefit are you going to get from the non-deductible IRA? Defer current income? Are you planning to invest such that current income will be generated ...

[quote=me2_r2i;93234]Please follow this thread to see if this will be helpful. Its about using self-directed ira to invest in india. [URL]http://www.r2iclubforums.com/clubvb/showthread.php?t=6268[/URL] In my opinion, withdrawing is not a good option. Roll-over to IRA and then look at available ...

Bobus wrote in #21 [quote] I asked because you responded earlier that the LLC will merely be investing in the Indian pvt firm and what the pvt firm does is not restricted when it comes to real estate. If it applies to mutual funds, stocks and REITs, you can benefit by getting exposure to Indian real ...

[quote=Bobus;93203]Yes, I suggest you go ahead and make deductible spousal IRA contribution before April 15.[/quote]

Thank you Bobus.

[quote=Bobus;93200]Current marginal tax rate - fed and state? Current 401(k) and IRA balances of the two spouses?[/quote] Thank you. Current rate is 25% fed, 0% state. 401k self - about 55k Roth Ira self 14k Roth Ira Spouse 14k. Since income under mfj is less than 166k i am wondering whether it is a ...