[sraysoni]

Hi,

I was reading this site for several topic and now I am confused with few things.
I am citizen of India. I came to US with my family (wife and 1 kid) on 28 June 2007. Few questions on Tax for 2008.

1. I am in US more than 183 days for 2007, so I am a resident alien. Should I be filling 1040 form?

2. Am I a dual Status alien for this year?

3. Am I eligible for standard tax deduction? If not how do I get eligible?

4. If I have to show the worldwide income for 2007 what is the exchange rate I use?

5. How do I claim the foreign tax credit as the financial year is till March in India? Do I show the tax for jan, feb and march for credit?

6. Am I eligible for child tax credit?


I appreciate any help on this.

Thanks

[magicman2007]

1. I am in US more than 183 days for 2007, so I am a resident alien. Should I be filling 1040 form?
Yes you have to file 1040

2. Am I a dual Status alien for this year?
No u are not a Dual Status Alien

3. Am I eligible for standard tax deduction? If not how do I get eligible?
Yes you are eligible for standard tax deduction. File for ITIN for your wife and kid.

4. If I have to show the worldwide income for 2007 what is the exchange rate I use?
If your W2 does not shows any other world income, you do not have to show it in your USA tax return.

5. How do I claim the foreign tax credit as the financial year is till March in India? Do I show the tax for jan, feb and march for credit?
U have to taken foreign tax credit for jan feb march in the return of 2008...

Above are just my knowledge. It may be limited. Please reffer a professional before filling.
6. Am I eligible for child tax credit?

[sraysoni]

Thanks a Lot for your help.