Ask Experts Questions for FREE Help !
    bits_75's Avatar
    bits_75 Posts: 2, Reputation: 1
    New Member

    Mar 29, 2007, 11:37 AM
    Taxes for H1B Visa Holder
    Have a few questions. I am an Indian who came to the US on F1 Visa in 2003 graduated in May 2005 and have been working since Oct 2005 on H1B Visa. Last year I filed 1040NR. Here are the questions:

    1. Since in 2006 I was on H1B for the full year do I file as a resident i.e.. Use Form 1040?
    2. I am married and my wife is on H4. She has her ITIN number. Do I file as "married filing together"?
    3. As a student I would get a deduciton of $5000 under the India Tax Treaty Article 12 or 21. On my H1B do I still get the benefit of this $5000 deduction?
    4. I have a student loan. Can I claim deduction on interest paid towards student loan?
    5. If I file "married filing together" does my wife still have to sned in a separate Form W7.

    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert

    Apr 4, 2007, 09:49 AM
    1) Yes, file either Form 1040, 1040A or 1040EZ.

    2) Yes, you can file JOINTLY.

    3) No, but you DO get the DOUBLE standard deduction of $10,300 because you will be filing jointly with your wife.

    4) Yes, you can deduct student loan interest IF you do not make too much money. The income limit for someone filing jointly is $135,000. The maximum deduction allowed is the actual interest paid, or $2,500, whichever is higher.

    5) No, not if she already has an ITIN.

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!

IRA account for H1B Visa Holder [ 5 Answers ]

I'm an Indian Citizen working as a consultant here in US and my current employer does not offer any 401(k) plans or other options. Is there a way I can open a IRA account ( say with ETrade or ShareBuilder) without any issues from my employer's side/ or his knowledge? Are there any more...

TAX Exempt for OPT/H1b visa holder [ 1 Answers ]

I have been working in New York from November of 2005 with OPT visa (F-1) and got H-1 visa in October, 2006. I was told I should file tax as a non-resident for 2006 but I'm wondering if I can still claim exempt as a student for the time I worked as a OPT holder. (I did not claim it for 2005) And...

New York city tax refund for H1b visa holder [ 1 Answers ]

Hi, I have been living in New York city for 2 and half years and am currently holding an H1B visa. I filed my last 2 tax returns as a non resident for New York, and was able to get a full refund of my New York city tax. My question is I'm not sure if I can still file as non resident and get...

J1 visa holder- Taxes [ 1 Answers ]

Hi, Iam a J1 visa holder who came to USA in march 2005. Since then I am here in usa. I am a citizen of India. So I am actually eligible for the tax treaty exemption benefits for the first two years of my say here in USA. My programme of stay makes me stay here for more than two years of...

Tax Return for H1B visa holder -expenses- [ 1 Answers ]

Hi, I am on H1B visa since this Oct. 2nd. My OPT expired on June 2006, so I went back to Japan and stayed there Until end of Sept. My company hold my position while I am gone since I was supposed to apply last year (Due date was so quick so I could not Apply, but company promissed they'll...

View more questions Search