F-1 Student with OPT 1099-MISC income
I realize this is probably a lot of information but I've been on the IRS website multiple times and CANNOT figure out whether I owe taxes:
1. I am currently on an F-1 visa for graduate school in Washington, D.C.
- I arrived in the U.S. in Sept 97 on an F-1 visa for boarding high school.
After graduating from high school in May 99, I received another F-1
visa for 4 years for college (Sept 1999 to May 2003) I did a
Semester abroad during my junior year and was out of the U.S. for
Approximately 7 months from May 2001 to January 2002.
- From September 2003 to May 2004, I was on an Optional Practical Training for approximately 9 months. Apart from my semester abroad and my vacations, I have been in the U.S. continuously. Other
Than my OPT period (to be explained below), I held no jobs except sprodic on-campus employment. Am I definitely considered a resident for tax purposes?
2. While I was on my OPT, I worked at a thinktank in D.C. for
Approximately 9 months. I received a stipend (which was provided to me under a 1099-MISC instead of a W-2). For the year 2004, the total amount I received was $7,750 (which was why I didn't think I originally had to file because it was under the $7,950 filing amount) No taxes were withheld on this amount: do I owe social security and/or DC resident taxes even if OPT income is generally exempt for students?
3. I am a citizen of the Republic of Korea. If I do have to pay taxes, Do I qualify for any tax treaty benefit?
4. Given that I will not probably not make the filing deadline, do I
Need to be worried about the penalties to be charged?
Thank you in advance. I would really appreciate ANY help that people are willing to provide regarding this issue.
Thanks and further inquiry~
Dear Atlanta Tax Expert,
Thanks for your reply. I'm still having some trouble filling out my 1040-NR and was wondering if you could help me out. Even if my total income from my 1099-MISC of $7750 was earned on an OPT, do I still need to report this income even if I'm exempt from most taxes? (so this should be reported on line 21?) Given that I'm currently a graduate student on an F-1 visa, are there any more exemptions (other than the US-Korea tax treaty on line 22?) I can claim since I currently have no income and am paying tuition?
You had mentioned that my total taxable income should not be more than $2650... how did you get to this figure? Basically, it seems like I shouldn't owe much taxes since I'm a student who received a one-time income from a 1099-MISC but the 1040-NR doesn't seem to reflect this.
I filed for an extension given that I was unsure about the whole filing process.
Thank you so much for your help. I really appreciate it.