Question by : Do i have to file my taxes if my parents send me money for my living expenses from overseas?
i am a permanent resident in the United States, i heard that people have to file their taxes every year, but i am not sure if this would apply to me or not, i don’t work,my parents send me money via wire transfers to my bank account 3 times a year, so the total amount of money that i get from them is about ,000-,000 a year, does that count as an income that i need to report, or i don’t have to file any taxes, i am very confused, i’d appreciate any help or advice regarding that matter, thank you

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Answer by ?
You had to pay taxes & you should register.goverment takes the taxes from all

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Question by Tuan T: What are some good financial retirement plans for parents after passing on family business?
I am taking over the family business soon (Worth approx. 0,000)

My parents are worried on how they will still sustain financial freedom after passing on their company to me. It is primarily a cash business and I want for them to retire without having to worry about money. They have savings but nothing is in the bank. (Old Asian generation mentality)

I propose treating them like company board members that take a certain percentage from the business, while I keep the rest for expansion opportunities. What will be fair for both sides? Thank you.

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Answer by Janet K M
In the U.S. this could part of “estate planning.” Even if you are not resident here, might try getting some of the info. As you are aware, there are tricky issues involving money, taxes, emotions….
I commend you for caring about taking care of your parents. “A certain percentage” sounds to me to be fair.

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Question by : If I’m living in illinois but my Parents and family lives overseas and I have my own job can i get financial a?
If I’m living in Illinois but my Parents and family lives overseas and I have my own job can i get financial?
Can I get Financial Aid ?? I’m Independent, I work , and I”m living in my uncles house….Well I’m living in the basment and I support myself and sometimes my parents send me money….What’s the best way to get FINANCIAL AID HERE IN ILLINOIS..??? AND WHAT’S THE BEST WAY TO DO THE FAFSA PART ABOUT MY PARENTS TAXES, BECAUSE THEY ARE OVERSEAS RIGHT NOW AND THEY’RE NOT COMING BACK FOR ANOTHER 7 YEARS.

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Question by yodah20: Am I eligible for the earned income credit? 22, full time student, parents overseas?
So I am 22, I made just about 5,000 this year. I am a full time student. My parents can claim me as a dependent but they live overseas and I do not live with them more than a couple weeks to a month each year. SO I don’t think I can be a “qualifying child” which I think might be the only reason I could not get this credit. My parents pay for my university and my various forms of insurance if it makes a difference.

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Answer by Ray E
u may not , this depends on your allowable income against your expenditure ,but because UNI expenses is paid by your parents, this why u may not

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Question by vikram d: TAX liability on Money given by parents who live overseas?
My parents are US citizens who sold property from an inheritence overseas. They are disabled and have the money in a foreign bank. If they gift the money to me and wire it to my US acct. what tax liability will I have. The amount is 40000 and whould it help if they wired less than 10000 several times.

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Answer by v b
Your parents should have already reported the money on a form 3520 in the year they received the inheritance (if it’s more than 0,000).

Your parents should have already reported the existance of any foreign bank account on a form TD F 90-22.1. This form needs to be filed when the account has more than ,000 in it.

Failure to file the form TD F 90-22.1 has SEVERE consequences. As in forfeiture of the account and it’s contents.

Your aim to have them send you the money secretly by doing it with less than K chunks is ALSO fraudulent.

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• gift money tax liability for 2012
• money given by parents from overseas tax

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