Ask Experts Questions for FREE Help !
Ask
    ksc607's Avatar
    ksc607 Posts: 2, Reputation: 1
    New Member
     
    #1

    Mar 16, 2006, 03:04 PM
    1099-G and 1099-INT
    Hi ATE,


    I am following this forum for last couple of months. It is a very good source of tax information.

    I am non-resident alien from India. I was on F1 (OPT) from Jan 06, 2005 to Nov 30, 2005. My H1B status started on Dec 01, 2005. I am filing 1040NR-EZ and Form 8843.

    I have received 1099-G for $121 and 1099-INT for $19(Interest on apartment deposit from renting agency). Where do I include these amounts on form 1040NR-EZ?

    I had claimed US-India treaty deduction for 2004 taxes and plan to use it for 2005.

    Thanks,

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

    Mar 16, 2006, 03:19 PM
    KSC:

    You DO report the $19 in interest on the Form 1099-INT.

    The $121 on Form 1099-G is probably for the state tax refund you received from your 2004 state tax return. If you did not itemize on your federal return in 2004, you do NOT report that money on your 2005 tax return.
    movie_maker's Avatar
    movie_maker Posts: 5, Reputation: 1
    New Member
     
    #3

    Mar 29, 2006, 02:41 AM
    Hi ATE,

    I have read most of tax related topics in this forum and I feel this is a very helpful forum. I need your advise on my status:

    I was a student until April-2005 (Originally I came on F-1 status in Aug-01), my OPT was started in May-05 and I got job in August-05, my H1-B start date is Sept-05 but in my passport I still have F-1 visa status. I did not have my H1-B stamped yet. So

    1)What is my immigration status at the end of 31 Dec 2005?
    2) I have to file my taxes, so can I use 1040NR-EZ and 8843 forms as I am NR and can take advantage of India-Tax treaty?
    3) I have also received 1099-INT INTEREST INCOME form in the amount of $25 from my bank. Is there a way to show this interest income on 1040NR-EZ form? Or Do I need to fill separate form for this interest income and if yes where can I get this form?
    4)If I fill this 1099-INT form then still will I be eligible for 1040NR-EZ?

    Thanks a lot in advance
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #4

    Mar 29, 2006, 10:49 PM
    1) Probably F-1 until you get the H-1B stamped.

    2) Yes, you can file Form 1040NR or 1040NR-EZ and Form 8843.

    3 & 4) You have to file Form 1040NR, because you cannot report the interest income on Form 1040NR-EZ.
    movie_maker's Avatar
    movie_maker Posts: 5, Reputation: 1
    New Member
     
    #5

    Mar 30, 2006, 08:24 AM
    Thank you so much ATE for your response.

    Can I use standardized deduction + 3280 as per Indian Tax Treaty? DO I NEED TO ATTACH FORM 1099-INT that my bank sent to me when I will send my tax papers to IRS or is there any separate form for this interest income 1099-int? And on which line I have to put this interest income on 1040-NR form? Is it line 9a (Taxable Interest)?

    This might be stupid questions but I do not want to mess up my taxes. Thanks again for your help.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #6

    Mar 30, 2006, 11:42 PM
    Yes, you can claim the standard deduction of $5,000, but the personal exemption is $3,200, not $3,280.

    The interest goes on Line 9a, but you do not have to attach the Form 1099-INT. The IRS gets that informatioon electronically.
    gtg974p's Avatar
    gtg974p Posts: 6, Reputation: 1
    New Member
     
    #7

    Mar 31, 2006, 01:16 PM
    Just a quick comment--

    You ARE in H1 status by the end of Dec 2005. It does not matter if you have it stamped or not. If you have your COS approved (with I94) then you have officially changed to H1 status. A visa stamping just to enter the country.

    So you are in H1 status.
    movie_maker's Avatar
    movie_maker Posts: 5, Reputation: 1
    New Member
     
    #8

    Mar 31, 2006, 07:22 PM
    Thank you very much ATI for your clarification. Now I can file my taxes without any confusion. What a great relief!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #9

    Apr 1, 2006, 02:19 PM
    Glad to help.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Please, please help. H1b and 1099 [ 1 Answers ]

I am a physician doing j1 waiver , on H1b visa. I am employed by a private group. The hospital pays 25000 dollar as a policy to new doctors over three years as signing bonus. In 2004 the hospital paid me 6000 dollar , but they sent me 1099 misc which I accepted and also showed on my tax refund. I...

1099-c [ 3 Answers ]

I have already received my refund for this year. After receiving my refund, I received a 1099-C form. I took it to my tax account and she said that the $65,340.71 in box 2 (it also listed interest in box 3 $9577.90), that I would have to pay taxes on, which is $14,000. I told her, isn’t my ex...

1099 without tax id [ 1 Answers ]

I am still preparing the 1099 forms. One contractor fails to provide us his tax id. IRS 1099 instructions indicate that there may be penalty for not providing the tax id. Shoud I still file the 1099 for him without the tax ID? Or it is better off not to file at all.

1099-g [ 3 Answers ]

Hi, I received a 1099-G regarding state tax refund I got 2005 and I know I have to include it as income in Form 1040. And I also received another 1099 form saying "Statement for Recipients of Interest Income", "Calendar Year", "Total Interest Paid or Credited-$36.67". My questions are, 1) I...

1099 c [ 1 Answers ]

I have a line of credit account that is now delinquent. Most recently the sent me a notice regarding a settlement. This is what the letter says: "Settle your past due account ONCE AND FOR ALL! Your current outstanding balance due on account number XXXX is $5,448.52. As of January 1, 2006, we will...


View more questions Search