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    Methetaxpayer's Avatar
    Methetaxpayer Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 24, 2008, 04:24 PM
    Tax Implications for a F-1 Student
    Hi Friends,

    I am from India having a f-1 VISA and I am doing my MBA in IOWA, US. I would like to know the tax implications the deductions and the filing status for my tax return for the year 2007.

    I have come to US last year and would be completing MBA this march and after that I will be joining a firm. I have a few questions - Please help me out.
    1) What all expenses can I claim as a student (Education expenses like Tuition fees, education loan principal payments, interest on the loan taken)?
    2)What kind of return should I be filing - 1040NR or 1040EZ as I have stayed in US for only 5 months last year?
    3)Is there any treaty benefit which is available to the Indian students studying in US?
    4)What if I have some income back in India - like Interest income and Dividend Income - should I report the income and claim the credit on 1040NR?

    It would be great if someone can help me out with the "tax" complications - I am a bit weak in taxation.

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

    Mar 14, 2008, 02:39 PM
    1) Only the loan interest. Education credits/deductions are NOT authroized for non-resident aliens, but they CAN deduct student loan interest.

    2) Form 1040NR-EZ.

    3) Yes. It allows yo to claim the standard deduction.

    4) No; report ONLY U.S.-sourced income.
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