Basic Tax Information For F1 Visa Holders 8316
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Basic Tax Information for F1 Visa Holders Office of Admissions (International) Why do I need to file a tax return in the U.S.? Employer reports all income earned and taxes prepaid Proper filing may result in either a refund from or a payment to the IRS What is considered income? Sources of income may include: employment (on or off-campus) scholarships fellowships honoraria graduate assistantships practical or academic training Resident vs. Non-Resident for Tax Purposes Residents for tax purposes: U.S. citizens Lawful Permanent Residents (green card holders) Non-resident aliens for immigration purposes who have met the Substantial Presence Test Non-residents for tax purposes: Everyone else! Determining Tax Residency Status Substantial Presence Test (SPT) IRS formula to determine when non-resident aliens for immigration purposes have been in the United States long enough to be considered residents for tax purposes You may be exempt from taking the test. Exempt individuals are automatically non-resident aliens for tax purposes Must F &J Students Take the SPT? F & J students: Time spent in United States in F and/or J student status: 5 years or less – any part of 5 or fewer calendar years, you are exempt from the SPT and automatically a non-resident for tax purposes More than 5 years – any part of 6 or more calendar years, you must take the SPT to determine your tax status Do not count 2008 in your calculation! Other Visa Types that Must Take the SPT? H-1B Temporary Workers must always take the SPT to determine their tax status Unlike individuals in F and J status, H-1B Temporary Workers have no period of exemption from the SPT Substantial Presence Test Physically present in the United States at least 31 days during 2007, and 183 days during the last 3 years (2005, 2006 and 2007) Days in 2007, plus Days in 2006 times 1/3, plus Days in 2005 times 1/6 For purposes of the SPT, never count days in which you were an exempt individual. How are Residents & Non-Residents Taxed Differently? RESIDENTS… Are taxed on their worldwide income File the same tax form as U.S. citizens NON-RESIDENTS… Are taxed on U.S. source income (services performed in the United States) Are not required to pay taxes on interest from U.S. banks Are not required to pay FICA/Social Security taxes Forms: Non-residents for Tax Purposes All non-residents for tax purposes in F & J status (even if they did not earn any U.S. income in 2007): Form 8843 One form for each family member Non-residents for tax purposes with income over $3,400 in 2007: 1040NR or 1040NR-EZ State tax form based on where you live regardless of tax treaty benefits Continued… Non-residents for tax purposes who earned income less than $3,400 in 2007 but believe they are due a tax refund: 1040NR or 1040NR-EZ Non-residents for tax purposes who believe they are due a social security tax refund: IRS Forms 843, 8316 along with the non-resident tax form and all immigration documents Always make a copy of all forms submitted for your records. State Tax Forms Complete state forms based on where you live: Washington, DC: Form D-40 at: http://cfo.dc.gov/otr/site/default.asp Virginia: Form 760 at: http://www.tax.virginia.gov Maryland: Form 503 at: http://www.marylandtaxes.com *Don’t forget to make a copy for your records! Supporting Documentation W-2 Form from each employer Immigration documents If you don’t pay any balance due with your tax return, you will get a bill from the IRS that may include penalties and interest! Make a copy of all documents for your records! Tips for Completing Form 8843 Name of form One form for each family member Leave the taxpayer ID line blank if filing only Form 8843 Address in country of residence is foreign home country address Part I: All fill out Part III: F & J students and dependents If filing both the 8843 and a tax return, mail together Do I need a SSN or ITIN? Form 8843 only No number Any 1040 form Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) Claiming Dependents? Citizens of Canada, Korea, Mexico Citizens of India (students only) If dependents are claimed, each must have a SSN or ITIN When and Where to File When? Postmarked by April 15, 2008 Postmarked by June 15, 2008 if outside United States Where? Consult your tax information for filing addresses by location State Tax Return: See instructions for address Additional Tax Resources IRS Publications 519 Tax Guide for Aliens 901 Tax Treaties Tax Preparation Specialists Additional Questions? Please contact Mr. William Olukoya, CPA wolukoya@yahoo.com 202/320-3398
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