Currently in US on H1B, have investments in Robinhood & Acorns. I intend to keep and control these investment from India even after i go back to India (for good). What would be taxing process in such scenario. also i would be making bank transfers from India for investment purpose - is there a limit on such foreign bank transfers to banks here.
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You’ll receive up to $1,000 in instant deposits. The settlement time for any deposit larger than $1,000 will be up to five business days. Although you get instant access to funds, the ACH withdrawal could happen up to five business days after you initiate the transfer. Please make sure you have the necessary funds in your bank account for at least five business days after you initiate the ACH transfer to prevent a transfer reversal. A transfer reversal happens when a scheduled bank transfer is canceled for insufficient funds or a variety of other reasons. Check out our guide to preventing transfer reversals to learn more.
Transfer Timelines
Deposits can take up to five business days to complete, but could be shorter depending on your transfer history with Robinhood. It is very important to me, have you made sure that is robinhood safe? or not?
KEEP IN MIND
There are three potential cutoffs for when you can cancel a transfer, depending on when you initiated it. After the cutoff passes, you won’t be able to cancel the transfer anymore, and you’ll need to wait for it to complete.
If you initiate a transfer before 3:00 PM EST, you can cancel it up until 3:00 PM EST that same day.
If you initiate a transfer between 3:00 PM - 7:00 PM EST, you can cancel it up until 7:00 PM EST that same day.
If you initiate a transfer after 7:00 PM EST, you can cancel it up until 3:00 PM EST the following trading day.
If you are not a US citizen and not a US resident, you would be required to file a non-resident tax return that lists only your US-based income. That requires form 1040-NR, which TurboTax does not support. You will need to use a different software provider. You will also need to obtain, if you don’t already have one, or keep current, your ITIN, international tax ID number, for use in filing the tax returns.
https://www.irs.gov/individuals/international-taxpayers/taxation-of-nonresident-aliens
The brokerage firm may be required to withhold 30% of any payments to you as mandatory back-up tax withholding. I am not fully knowledgeable about when they must do this. If they withhold part of your payments, you would get credit for that withholding when you file the 1040-NR, and if the withholding was more than the tax you owe, the difference would be refunded to you.
Your home country may require you to report this income as well, and they may give you a tax credit for foreign taxes that you paid to the US, but you will have to check in your home country.
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