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ITIN and how to file
Hi
I came to US in April 2006, my wife and Kid joined me in September 2006. My wife and kid don't have ITIN for them. When do I have to file for the ITIN and where? How do I specify the claims in W2. Because till September I was alone and then had my family here so would I have to claim for my kid and wife only from September? If so how do I calculate my taxes? Any advice would be highly appreciated. Thanks. :confused: |
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Need to know some information:
- What is your visa status? - What is your wife's and child's visa status? - What is your country of origin? Once I have these answers, I can properly advice you. The form to complete is Form W-7, which can be downloaded from Internal Revenue Service. |
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You are technically a dual-status alien. However, you and your wife have the option to be treated as resident aliens for the entire year of 2006 if you file jointly.
The advantages of filing as a resident alien is that it simplifies your filing process. You will file Form 1040 or 1040A, filing jointly with your wife and claiming your child as a dependent. You can claim a double Standard Deduction of $10,300. You are eligible for the Child Tax Credit (but NOT the Earned Income Credit). If your wife or yourself opted to attend college in 2006, you can claim the education credits/deduction. The disadvantage is that your world-wide incomes in 2006 become liable to U.S. taxes. That means any income earned in India in 2006 by yourself or your wife will have to be reported on your 2006 tax return. You can avoid the world-wide income reporting by filing as a dual-status alien. You still get to claim your wife as a dependent, but NOT your child (he/she was not with you in the U.S. longer enough). Further, you can claim NO standard deduction at all, but rather you will itemize. It seems likely that filing as a resident alien offers enough advantages to offset the requirement to report all of your world-wide income. I would not know for sure until I interviewed you in more detail when I prepared your return. If you want my professional help, contact me at [email protected]. |
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