8

Most states do have a cooling-off period where the buyer can rescind the purchase as well as a legally allowed limit to how long the dealer has to secure financing when they buyer has opted for dealer-financing. If the dealer did inform you during the allowed window, they will refund your down payment minus mileage fees at a state set cost per mile that you ...


7

According to the IRS (look at the 11th question on this page) a nonresident alien is not covered by the individual mandate. If your wife has been in the country for less than 5 years on the F-1 visa, she is a nonresident alien. You will still need to file a W-7 to get an ITIN for her if you wish to file jointly with her. Some school insurance plans may ...


6

1040 or 1040NR depends on whether you are a resident alien or nonresident alien -- 1040/1040A/1040EZ for resident aliens, and 1040NR/1040NR-EZ for nonresident aliens. Determining whether you are a resident is somewhat complex, and there is not enough information in your question to determine it. Publication 519 is the guide for taxes for aliens. (It hasn't ...


5

From tax perspective, any income you earn for services performed while you're in the US is US-sourced. The location of the person paying you is of no consequence. From immigration law perspective, you cannot work for anyone other than your employer as listed on your I-20. So freelancing would be in violation of your visa, again - location of the customer is ...


5

A student on F1 working under the conditions of the OPT program is exempt from FICA taxes. Once you switch to H1b - you no longer have the exemption. You can use form 8316 and form 843 to request the refund, if the employer cannot or will not refund the withholding. Employer is the first stop, but keep in mind that you have 3 years at most to request the ...


5

Federal income tax refunds received during 2016 are not taxable income for 2016 (or any other year) on either the Federal or the State tax return. The State income tax refund for 2015 received during 2016 is not taxable income on the State tax return for 2016. It is taxable income on the Federal tax return for 2016 only to the extent that you received a tax ...


4

*Disclaimer: I am a tax accountant , but I am not your professional accountant or advocate (unless you have been in my office and signed a contract). This communication is not intended as tax advice, and no tax accountant / client relationship results. *Please consult your own tax accountant for tax advise.** A foreign citizen may form a limited liability ...


4

First of all, your spouse can never be your dependent. Rather, you can file Married Filing Separately or Married Filing Jointly with your spouse. You should never miss the deadline to file your taxes, even if you don't owe taxes. If your wife cannot apply for an ITIN along with the filing of taxes, then you must file as Married Filing Separately and amend ...


4

There might be a problem. Some reporting paperwork will have to be done for the IRS, obviously, but technically it will be business income zeroed out by business expense. Withholding requirements will shift to your friend, which is a mess. Talk to a licensed tax adviser (EA/CPA) about these. But the immigration may consider this arrangement as employment, ...


4

The donor might need to pay gift tax if they give money directly to you. Paying the tuition on your behalf (giving the money directly to the school) is exempt from gift tax. But that's not your problem, it is the donor's. There's no tax on receiving gifts, and you're not forbidden to receive gifts by virtue of being on a visa.


4

As an F1 student, I have been investing (and occasionally buying and selling within few weeks) for several years, and I have never had problems (of course I report to IRS gains/losses every year at tax time). On the other hand, the officer in charge of foreign students at my school advised me to not run ads on a website and make a profit. So, it seems to me ...


3

The second one is likely to be correct. The days you spent on F1 status are exempt from the substantial presence test, for the first 5 years. You can read mode here. I don't think you can use the "regular" retail software like Turbo Tax since those generally don't support non-resident Federal filings.


3

then I would be present in the US for zero days for tax purposes and therefore exempt from filing taxes. No. You will be considered non-resident for tax filing purposes (i.e.: file 1040-NR), but you still need to file taxes.


3

I'm not sure how it relates to a F1-Visa. Nestor Ledon say's there aren't any restrictions, so I'm going to agree with him there. There are a lot of different ways to make passive income. A quick Google search can uncover a lot of different ways. A few of my favorite ideas are... Investing in dividend producing stocks Rental properties Creating a product ...


3

It is absolutely legal. While studying on a F-1 you would typically be considered a non-resident alien for tax purposes. You can trade stocks, just like any other foreigner having an account with a US- or non-US based brokerage firm. Make sure to account for profit made on dividends/capital gain when doing your US taxes. A software package provided by your ...


3

If you have income - it should appear on your tax return. If you are a non-resident, that would be 1040NR, with the eBay income appearing on line 21. Since this is unrelated to your studies, this income will not be covered by the tax treaties for most countries, and you'll pay full taxes on it. Keep in mind that the IRS may decide that you're actually ...


3

J-1s who are not students are considered teachers or trainees, who are exempt individuals (exempt from the Substantial Presence Test) during the time on J-1 unless they have been exempt individuals for some part of 2 of the past 6 calendar years. Your wife would be an exempt individual on her time on J-1 in 2015 and 2017, but not 2018 (since she was already ...


2

I've also looked at the substantial presence test but as far as I understand I would meet the requirements there as I have not left the country since 2009 Your days in F1 status do not count towards the substantial presence test. However, days in F1 status beyond 5 years do count. See here for details. Knowing that you'll have to do the math and see if ...


2

There's only one tax treaty (the Indo-US tax treaty). You need to check what else may apply to you (probably nothing else, but you need to check based on your personal circumstances).


2

There's no limitation on what you can invest in, including trading stocks (as long as trading is not a business activity, like day-trading or investing for others). You just need to make sure you have a tax ID (either ITIN or SSN) and pay taxes on all the gains and dividends. Also, consider your home country tax laws, since you're still tax resident in your ...


2

File 1040X. According to the part of 1040X instructions dealing with nonresident aliens, you can use 1040X if you filed the wrong form and need to file the right form. You would only fill out some of the sections of the 1040X and fill out and attach the correct form (in your case, the 1040NR or 1040NR-EZ) to it.


2

If you're on F1 status then your days of presence are exempt from counting towards substantial presence test. Obviously you're neither a citizen nor a permanent resident in the US. As such - you're not a US resident for tax purposes. The correct form would be 1040NR. If you're qualified, you can use its simpler version - form 1040NR-EZ. You should not be ...


2

Yes, you need to file form 1040X, and you need to attach all the forms that changed to it. In your case, you'll need to redo your tax return entirely since the base form you used (1040) is incorrect and you should have used 1040NR. So yes, you need to attach the correct form 1040NR-EZ and whatever schedules (Schedule OI comes to mind, and may be other forms ...


2

You are a nonresident alien for all of 2015, because you do not satisfy the Substantial Presence Test for 2015. Time on F1 is as an "exempt individual" (exempt from the Substantial Presence Test) unless you've been an exempt individual for some part of at least 5 previous calendar years, which you haven't if you've only been to the US in 2012 (assuming you ...


2

According to this, if your employer will not refund FICA taxes withheld in error, you need to file forms 843 and 8316 with IRS. Unfortunately, I have heard that it sometimes takes years for them to respond to those.


2

Yes, your wife will need an ITIN, according to the IRS General ITIN Information: If you do not have a SSN and are not eligible to obtain a SSN, but you have a requirement to furnish a federal tax identification number or file a federal income tax return, you must apply for an ITIN. You file the ITIN application with the tax return attached: Because ...


2

If you meet the Substantial Presence Test for 2016, then you are a resident alien for all of 2016, and if you don't meet the test for 2016, then you are a nonresident alien for all of 2016. Dual-status is pretty rare and generally only occurs due to the special rules for First Year of Residency, or Last Year of Residency, or if you make the First-Year ...


2

Do I need to file 1040NR along with form 8889 in place of 1040NR-EZ. Yes, because 1040NR-EZ does not support HSAs. (1040NR has it on line 25.) If yes, can I use the Standard Deduction Allowed Under U.S. - India Tax Treaty Article 21(2) and where to add this? See Worksheet 5-1 from Publication 519 for instructions and to calculate your standard ...


2

You cannot have off-campus employment in your first year, but investments are considered passive income no matter how much time you put into that effort. Obviously you need to stay enrolled full-time and get good enough grades to stay in good standing academically, so you should be cautious about how much time you spend day trading. If the foreign market is ...


2

If you wish to file jointly, she does need an ITIN. (Edit: filing jointly is not possible according to your answer below and some comments.) If it would make a difference on your taxes to file form W-7, that would be a routine procedure. If you are not comfortable sending her passport in the mail, you can also appear in person at a Taxpayer Assistance ...


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