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

    Apr 10, 2009, 02:08 PM
    K1 Taxes Owed, I Think: What to do? How do I know?
    I recently realized that money I was receiving from a trust was taxable income.

    I was an F1 student from Fall 2005 to Spring 2007, an F1 on OPT in July 2007, and an H1 since July 2008. My employer deducts taxes from my paycheck.

    What tax files do I file? Last year I filed a 1040NR-EZ and an 8843, even though I was done with my studies in May 2007 and was working by October.

    I would imagine I would have to file a K1. But how much do I owe from previous years?

    Help?
    Oweh Larddi's Avatar
    Oweh Larddi Posts: 2, Reputation: 1
    New Member
    		  
    #2

    Apr 10, 2009, 02:09 PM

    I'm a French national.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Apr 10, 2009, 07:03 PM

    K-1 page 2 has instructions on how to report the income.
    For previous years you may have to file amended tax returns.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jun 9, 2009, 12:16 PM
    If the trust is from France, then the distribution from the trust was NOT taxable for 2007 and earlier, because it was income from OUTSIDE of the U.S. and you, as an international student, was NOT subject to taxes on that money.

    That circumstance CHANGED in July of 2008, because you assumed resident status when you converted to the H-1 visa. After the H-1 visa became effective, the trust distributions became taxable income.
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!

PA State back taxes owed after death [ 2 Answers ]

My father passed away in 2002. I have begun this year receiving notices from PA about state taxes due but not paid in 1986. He had no assets at all upon death (not even a house) and was in a nursing home on Social Security. What do I do? Do I have to pay these or does my mom have to pay? Will they...

Are state unemployment taxes owed? [ 2 Answers ]

My company pays a small salary to one of the two shareholders of the corporation. This individual resides in Alabama and is otherwise retired. What are our unemployment tax obligations?

Owed taxes [ 4 Answers ]

I am in the process of attempting to take care of all my tax issues and was told that I may possibly owe approximately $18,000.00 from 2003 due to capital gains what should I do there is no way I could pay that

Taxes owed - IRS notice [ 3 Answers ]

Hello…I received a notice from IRS saying that I owed $21,000 taxes and penalties for securities that I did not report on my 2005 tax return. The securities belonged to my mother who died on 12/30/2004. After the holiday, I notified that my mother had died. You should know this: When my...

Taxes owed on company based outside NY, office in NY [ 1 Answers ]

My employer is based out of Phoenix, at least their W2 states this, and my office is in New York City. Last year I moved to NJ and the payroll department started withholding NJ taxes. I work virtually but several times a month would go into the office in NYC. A few questions: 1) Is my income...

View more questions Search