Federal Forms for a F1 Visa to H1 VISA
I understand many people are in the same boat and I am also in the Same boat as all. Let me present my case and have it clear understanding for all
First I was on OPT status from 1st January 2004 to 13th Oct 2004.
I changed my status from F1 -> H1B on 14th Oct 2004.
Hence my status from 14th Oct 2004 to 31st December 2004 was H1B.
I have couple of questions which I hope will clear doubts for many people in the same status as mine??
Federal Forms to be filed ( I guess it is 1040NREZ or 1040NR).
Social security and medicare taxes Forms numbers.
Can I claims a refund of social security taxes and medicare taxes fr the whole year from January to December?? Or should I claim refund taxes only January till 13Th October 2004. :confused:
Also I have a 300$ income in 1099INT form. Am I elgibile not to report this income since I was on OPT for more than 9 months??
What kind of standard deduction etc should I take in 1040NREZ??
Do I need to fill two fedearl forms for the dual status etc.
I am from india by the way.
I will greatly appreciate if you can throw some light on it. :) :)
Thanks in Advance,
1040NR and 1040NREZ which is beter n easy and gets u more refund
"You should file Form 1040NR and, if your itemized deductions do not exceed $4,850, you can claim a standard deduction of $4,850. Be sure to cite the "U.S.-India Tax Treaty" on Line #36 when you claim the standard deduction. You cannot take the standards deduction on Form 1040NR-EZ."
Thanks for the Reply Atlanta-Tax-expert, I greatly appreciate it.
The reply did confuse me a little but it was a great directicon. I thought both the frms 1040NR and 1040NREZ are the same and really don't make differences at all. Say I made $26000 for the last year on my OPT and H1B with whihch one can I get more refunds. I donot have any dependents and have no claims to make on deduction such as IRA,House loan etc...
"You also have the option of filing as a resident alien under the First Year choice. If you do so, however, you forfeit any refund on the Social Security and Medicare taxes."
This ansuwer of yours is also a little confusing for me to understand about the First Year choice.. :confused: . Could you please give some reference or elaborate it little,I would definitely not want to loose the Social Security and Medicare taxes...
Thanks in advance
Kichubhai99... :)
First Year Choice + SS and Medicare Taxes
Thanks Atlanta Tax Expert , I hope I am not eating away your precious time in all my questions. Does filing the First year Choice benefit for a long term or is it just to complete the substial presecnce test. Also if I am filing the EZ form then I can take the Standard dedcution of 4850 mentioning the INDIA -US tax Treaty and 3100 for personal exemption right for the year 2004? Also do I need to send in he copies of the 1099INT along with the 1040NREZ o 1040NR. Regarding the refund of the social security taxes and medicare taxes if I cannot get to furnish a leter from the employer that he will no refund the social and medicare will that jeopadize my refunds because when I asked not deduct the taxes in the first place they say they don't want that botheration etc...
I think with these questions I will be done for my taxes. Thanks
Atlanta Tax Expert Once again. :) :)