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

    Mar 1, 2008, 12:36 PM
    OPT and 1099MISC after 5 years of stay
    Hi, I have a quick question about my taxes for 2007.
    I started working as an independent contractor under OPT and received a 1099 MISC, however I have stayed in the US for over 5 years and as far as I know, after 5 years of stay you will have to file a 1040 instead of 1040NR. My questions are:
    - How many percent of tax do I have to pay?
    - Since I am working under OPT, do I have to file 1040 this year or 1040 NR?

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

    Apr 18, 2008, 11:07 AM
    Your tax percentage depends on your overall income level, which you did not provide, so I cannot answer.

    If you arrived in the U.S. before 1 January 2003, you should file Form 1040. Otherwise, submit Form 1040NR.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Apr 18, 2008, 05:31 PM
    If you have already completed 5-years on F1/OPT you will file resident tax return.
    1099-Misc income is reported on schedule C (Form 10400. You can deduct your expenses on form C. This income is subject to 15.3% SE tax.

    How you will treat the 1099-Misc income, read: Your U.S. Tax Return: W2 vs 1099-Misc: Employee vs Independent Contractor.
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