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    maxchen's Avatar
    maxchen Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Oct 12, 2008, 10:31 PM
    H4 dependent status, interest income and 401k
    I am on an H1B visa working in the US - my wife is here under an H4 visa. Since she is not working currently, I am claiming her as a dependent when filing our joint taxes. She does have a US bank account which earns very minimal interest - does this interest income jeopardize her dependent status on my taxes?

    I would also like to open up either a 401k for her or a brokerage account. Is this possible and will any of this income impact her dependent status on my tax return?

    Thanks in advance for your advice.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Oct 13, 2008, 08:45 AM
    None of this affects her dependent status, because she is NOT your dependent; she IS your co-filer.

    She does not have a job, so you CANNOT open a 401K for her. You CAN open a spousal IRA for her, though.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Oct 13, 2008, 12:02 PM

    You can file resident tax return as married filing jointly. You must both report your world-wide income for 2008.
    maxchen's Avatar
    maxchen Posts: 2, Reputation: 1
    New Member
    		  
    #4

    Oct 13, 2008, 10:12 PM
    Thanks for your help. I should not have said dependent but rather an exemption for my taxes. I gather that opening a spousal IRA will not impact the exemption status - as Mukata indicated, I would just need to report all our worldwide income when filing jointly.

    Lastly, as an H4 holder, would she be able to open up a brokerage account as well?

    Many thanks.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #5

    Oct 15, 2008, 11:27 AM
    She CAN open a brokerage account if she has an ITIN, which will be issued after you file the tax return.
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