[rahu_9140]

I am working in US on L1 Visa, my spouse & daughter are on L2 Visa. Spouse is not working & don't have SSN. I started working from 18th May08. I am unaware about US Tax structure.
I also need to spend huge amount of my daughter's edcucation as she is 3 yrs old & I have to put her in private school.
So please guide me what exemption or tax credit I will get & the procedure for income Tax

[MukatA]

For 2008, you will file joint return as residents if you complete substantial Presence Test (SPT) in 2008. You will get standard deduction and exemptions for both of you. You will also get deduction for your daughter.
Read about SPT Your U.S. Tax Return: Substantial Presence Test

[rahu_9140]

For 2008, you will file joint return as residents if you complete substantial Presence Test (SPT) in 2008. You will get standard deduction and exemptions for both of you. You will also get deduction for your daughter.
Read about SPT Your U.S. Tax Return: Substantial Presence Test

Thanks Mukta for the answer , but I don't fulfill the substantial presence test then how to proceed,then in that case I will not get all the deductions as mentioned .
Please guide

[MukatA]

You will not be completing 183 days in 2008? Are you planning to go out of the U.S. in 2008?
Are you asking about your 2007 tax return or 2008 tax return? When did you enter the U.S. Also days in a year, you went out of the U.S.

[rahu_9140]

You will not be completing 183 days in 2008? Are you planning to go out of the U.S. in 2008?
Are you asking about your 2007 tax return or 2008 tax return? When did you enter the U.S.? Also days in a year, you went out of the U.S.?

I will be completing 183 days in US this year (2008) I am not planning to go outside. I am asking about 2008 tax return only, I enetered US on 18th May 2008. Last time I was in US from 9th dec07 to 18Jan 2008 but on B1 Visa.
Please confirm the details about income tax & tax deductions I will get

[AtlantaTaxExpert]

You can file jointly with your wife and you both CHOSE to be treated as resident aliens. This will allow you to claim the $10,900 joint standard deduction plus two $3,500 personal exemption (for yourself and your wife) plus one $3,500 for your child PLUS the $1,000 Child Tax Credit.

The downside is that you must declare ALL 2008 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