[aaaa0000]

I am on an F1 visa on an indian passport. Worked on OPT for 5 months. I wanted to find out how the tax refunds works & if I could apply for additional tax refunds since I need to sponsor myself for my master's?

[MukatA]

You will file non-resident tax return 1040NR-EZ or 1040NR. If you are Single you will normally file 1040NR-EZ. If you claim your spouse, you file 1040NR. The due date is April 15, 2008. You can't e-file your non-resident return; you must complete a paper copy. You can't file resident tax return 1040EZ or 1040.

Since you are from India, on your tax return you will get your standard deduction $5,350 and exemption deduction $3,400. If you are married and your spouse has no income, then you can claim her exemption also (another $3,400). You your spouse is nonresident and can't get SSN, you must get ITIN.
For this you complete Form W7 and attach with your tax return. You can also claim your children if they are U.S. citizen or resident.

The F-1 visa holder must file Form 8843 (Statement for Exempt Individuals and Individuals with a Medical Condition) either with your tax return (Form 1040NR/1040NR-EZ), or by itself if you do not have to file a tax return.

Your F1 income is exempt from FICA taxes. If your employer withheld FICA (social security and medicare) taxes, then you need to file Form 843 to get refund of FICA taxes withheld by the employer.
There are no additional tax refunds even you go for your master's degree.

[AtlantaTaxExpert]

Agreed.

The last issue:

"There are no additional tax refunds even you go for your master's degree."

Refers to the fact that students on F-1 or J-1 visas are NOT ELIGIBLE to claim either the tuition tax deduction nor any education credit on their tax returns.

[aaaa0000]

Thanks! :)

[AtlantaTaxExpert]

Glad to help!