Hi I am an Engineer working in US on L1 Visa. Recently I have opened a CD account. Now bank is asking me to submit W9 form. I am not sure whether I need to submit W9 form or not. Please advise me.

Also foreign citizens working in US will be considered Resident Aliens or Non Resident Aliens?

Thanks in advance.

It depends on HOW LONG you have been here, and, if you arrived in 2007, if you are married.

Post these answers, and I will respond.

Hi Atalanta Tax expert,Thanks for the reply.

I came to US in 2007 and staying here for last 170 days. I am married and my wife is not working currently.

You have the option of filing jointly with your wife and you BOTH choosing to be treated as resident aliens for all of 2007.

This will allow you to claim TWO personal exemptions (for a total of $6,800) and the DOUBLE standard deduction of $10,600.

However, in doing so, you must claim ALL of your world-wide income on your 2007 tax return. If you paid income taxes on the income earned OUTSIDE of the U.S. you can claim the Foreign Tax Credit using Form 1116.

Otherwise, you would file a dual-status return, which is a complex that requires you file BOTH Form 1040 and 1040NR. It is NOT a return that a lay person should file. This return will allow you to claim your wife as a dependent, but you CANNOT claim ANY standard deduction. Instead, you would be forced to itemize.

Which is better? They only way to know is to model the return BOTH ways and compare the results. If you wish to do this, I can perform this service for a small fee. Contact me at [email protected] if you wish to discuss this further.