youthebest
Feb 10, 2008, 10:05 PM
Hello tax experts,
I need your advice. I'm so confused. I've read so many forums and websites on this question. Every one seems to have a different answer.
Here's my situation. I graduated from College in May '07. I've been living in the states for more than 6 years. Currently, I'm working on my OPT visa. When I first started working in Aug '07, I paid the FICA out of my first paycheck. Then, I told my employer that I am exempt from the FICA(didn't know about 5year rule that time) and got my money back and have not been paying the FICA since then.
Correct me if I'm wrong.
1. I am a resident( for the tax purpose) ,because I've been living in the US for more than 5 years. RIGHT?
2. Do I have to file my tax as resident? If yes, What should I do with my W-2 having $0 for the FICA? Should I just keep filing as resident or should I wait for my company to change my W-2 somehow?
3. I found this website. It looks very credible website(Miller Johnson attorneys and counselors) The paragraph 7 on the website says that a resident on OPT(+5 years) does not have to pay the FICA. (Miller Johnson - Publications - International Student FICA Exemption (http://www.millerjohnson.com/pubs/xprPubDetail.aspx?xpST=PubDetail&pub=1460)) Is this information correct?
4. My bank keeps saying they can't issue 1099 (interest income) since my residency status is non-resident. They would only give me W-8BEN form. Isn't this for a non-resident?
5. What would happen if I just go ahead(w/ FICA=$0) and file my tax as a resident. Is this going raise a red flag automatically and am I going to get into a trouble?
6. What would happen if I tell my employer about the residency this late of the year (2/10/08)? Do you think I can get fired because of this?
I am very frustrated with my first ever tax filing.
Please help me.
I need your advice. I'm so confused. I've read so many forums and websites on this question. Every one seems to have a different answer.
Here's my situation. I graduated from College in May '07. I've been living in the states for more than 6 years. Currently, I'm working on my OPT visa. When I first started working in Aug '07, I paid the FICA out of my first paycheck. Then, I told my employer that I am exempt from the FICA(didn't know about 5year rule that time) and got my money back and have not been paying the FICA since then.
Correct me if I'm wrong.
1. I am a resident( for the tax purpose) ,because I've been living in the US for more than 5 years. RIGHT?
2. Do I have to file my tax as resident? If yes, What should I do with my W-2 having $0 for the FICA? Should I just keep filing as resident or should I wait for my company to change my W-2 somehow?
3. I found this website. It looks very credible website(Miller Johnson attorneys and counselors) The paragraph 7 on the website says that a resident on OPT(+5 years) does not have to pay the FICA. (Miller Johnson - Publications - International Student FICA Exemption (http://www.millerjohnson.com/pubs/xprPubDetail.aspx?xpST=PubDetail&pub=1460)) Is this information correct?
4. My bank keeps saying they can't issue 1099 (interest income) since my residency status is non-resident. They would only give me W-8BEN form. Isn't this for a non-resident?
5. What would happen if I just go ahead(w/ FICA=$0) and file my tax as a resident. Is this going raise a red flag automatically and am I going to get into a trouble?
6. What would happen if I tell my employer about the residency this late of the year (2/10/08)? Do you think I can get fired because of this?
I am very frustrated with my first ever tax filing.
Please help me.