Hi,

I am an F-1 student, but for 2007, it will be my sixth year here, so I will be filing as a resident for tax purposes next year. I know this is thinking far ahead, but I am concerned about estimated taxes.

I am working under OPT as contractor for 2 companies, and will probably earn a total of 3,200-3,500 from them till my work permit expires.

Then, when I start school again this fall, I am expecting to receive about 12,000 (Sept to Dec) as fellowship stipend. The school is also paying for my tuition, about 18,000.

I also hope to get on-campus employment.

My question is, should I make computations for estimated taxes, and start making quarterly payments? My contractor jobs end by May. I paid $0 in taxes for 2006.

Thank you.

If the fellowship is ax-free income, then estimated taxes will not be necessary, though you WILL have to pay about $500 in self-employment taxes come April 2008.