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

    Feb 23, 2008, 06:24 PM
    H1 tax filing
    Hello,

    I am an Indian Citizen entered US in 2003 on F-1 visa. Converted to H1 in Nov'2006. Please let me know the type of form that I need to use for filing federal tax.
    Also during 2007, I managed to do some Stock trading and made some money on shares.
    Adding to that I made $2000 in bank interest. So I am quiet confused as to which form to use for federal tax purpose.

    Also advice me of the standard deduction amount for Indian citizens and the personalized exemption.

    Would you please let me know if I (as a Indian citizen making less than $75000) will qualify for the $600 tax rebate from the US govt. according to there stimulus plan.


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

    Mar 10, 2008, 01:11 PM
    For 2007, you will file as a resident alien, filing Form 1040 with Schedule B (for the bank interest) and Schedule D (for the stock trading).

    Your standard deduction is the same as for U.S. citizens ($5,350 for single and $10,700 for joint). Personal exemption is $3,400.

    Yes, you should qualify for the stimulus rebate check!
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!

General Tax Query related to Federal and State Tax and Filing Status. [ 3 Answers ]

I am a Married Indian resident. I had visited US in 2006 twice on H1B. I have never been to US earlier. Period of Visit: March 2006-April2006 approx 44 Days - Income from NY. Stayed in NJ August 2006 – Sept 2006 approx 32 Days. - Income from NJ. Stayed in NJ My company paid the salary...

OPT to H1B Tax filing-SS tax refund? [ 10 Answers ]

Hi, I am an Indian citizen. Arrived in US in Aug 2003, on OPT from Jan 2006 and on H1B from October 1st 2006. I started working in Feb 2006 in California. Throughout the year in 2006 Social security , medicare and disability taxes were deducted from my paycheck. Will I get a refund for these...

Tax Filing [ 5 Answers ]

Hi, I have recently come to US from India in Oct2007,and working as software professional. My wife and child is in india.It is time that I have to file tax retutns to the Fed. 1)How to file taxes here. 2)How can I get tax-ids for my spouse and child who is in india,so that I can get tax...

Complicated state tax filing between NY and NJ and missed filing from last year [ 1 Answers ]

Hi everyone, I am really confused and would appreciate some feedback into how I should proceed with my taxes. My background: I am a non-resident alien, Canadian citizen who is a masters student studying and residing in NJ. During 2006, I worked on campus for a few months and receieved a W2 for...

View more questions Search