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    nagaraju2008's Avatar
    nagaraju2008 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 29, 2008, 12:20 PM
    Tax Returns for 2007 & ITIN
    Hi

    I need someone experinced answers to my below queries, It helps me really to get out the solution.

    I am on H1 Visa, My Wife & kids are not with me here in USA, they never visited to USA.

    1. Is am eligible to claim tax expentions for my wife and children ?
    2. Can I apply ITIN for my wife and children ?
    3. If I plan to bring them this year in second quarter, can I claim at least after bringing
    Them if not now.
    4. According to my tax returns I owe IRS, what's the best way to get maximum
    Ememptions, and what's the procedure to pay advance tax and applying for tax
    Extension.


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

    Apr 16, 2008, 02:08 PM
    You can file jointly with your wife and you both CHOSE to be treated as resident aliens. This will allow you to claim the $10,700 joint standard deduction plus two $3,400 personal exemption (for yourself and your wife) plus one $3,400 for your child PLUS the $1,000 Child Tax Credit.

    The downside is that:
    • you must WAIT to meet the Substantial Test before you can file, which means you must wait until 13 May 2008.
    • you must declare ALL 2007 world-wide income.

    There are two offsets available, by either claiming a Foreign Tax Credit (Form 1116) or a Foreign Income Exclusion (Form 2555).

    Even with the downside, this is probably the best way for you to file.
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