Hello,

I am an Indian Citizen entered US in 2003 on F-1 visa. Converted to H1 in Nov'2006. Please let me know the type of form that I need to use for filing federal tax.
Also during 2007, I managed to do some Stock trading and made some money on shares.
Adding to that i made $2000 in bank interest. So I am quiet confused as to which form to use for federal tax purpose.

Also advice me of the standard deduction amount for Indian citizens and the personalized exemption.

Would you please let me know if I (as a Indian citizen making less than $75000) will qualify for the $600 tax rebate from the US govt. according to there stimulus plan.


Thanks,
Raj

For 2007, you will file as a resident alien, filing Form 1040 with Schedule B (for the bank interest) and Schedule D (for the stock trading).

Your standard deduction is the same as for U.S. citizens ($5,350 for single and $10,700 for joint). Personal exemption is $3,400.

Yes, you should qualify for the stimulus rebate check!