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2015 T AX R ETURN F ILING Students & Scholars Non-immigrants A basic overview of federal/state taxes.

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Presentation on theme: "2015 T AX R ETURN F ILING Students & Scholars Non-immigrants A basic overview of federal/state taxes."— Presentation transcript:

1 2015 T AX R ETURN F ILING Students & Scholars Non-immigrants A basic overview of federal/state taxes

2 T AX T ERMS WWW. IRS. GOV WWW. IRS. GOV Tax Year: January to December Tax Season: January 31 to April 15 (this year 18 th ) Reportable Income: Income required to be reported to IRS either by payer or individual Compensation: Money earned from working Interest: Either paid or earned (loans, bank account) Tax Reporting Form: Form institution reports income on Example: W-2, 1099, 1098-T Tax Return: Form you file your taxes on Example: 1040NR-EZ, 1040NR Filing Requirement: Amount used to determine if you need to file University of Utah Translation Table http://fbs.admin.utah.edu/download/TranslationTable.pdf

3 P URPOSE OF F ILING T AX R ETURN You may earn reportable income from various sources during a tax year When you work, you complete Form W-4 to indicate how taxes should be withheld NRAs have a mandatory Single, 1, NRA tax withholding on W4 By January 31 of following calendar year – tax reporting forms are filed by institutions and reported & sent to individuals via mail or electronically General Rule: You either have too much tax withheld OR not enough which is why you file a tax return  If you over paid = REFUND  If you did not have enough tax withheld = you OWE $

4 F EDERAL T AX S TATUS 1.Internal Revenue Service (IRS) – www.irs.govwww.irs.gov 2.There are 4 tax categories defined by IRS

5 I NDIVIDUAL T AX S TATUS If you are an international student working at TU, or received a travel award or scholarship, you need to determine if you are a: Nonresident Alien for tax purposes or Resident Alien for tax purposes If you are not sure, log into your Glacier to see: https://www.arcticintl.com/portal/login.asp If you forgot your login, click on Forgot LoginForgot Login

6 G ATHER Y OUR T AX F ORMS  Form W2 Wages from Working

7 G ATHER T AX F ORMS  Form 1042-S Scholarship/treaty/visiting scholar

8 F EDERAL – H OW TO B EGIN 1.Collect your tax forms for all jobs! W2, 1042-S 2. Do I have to file a tax return? YES - If you earned more than $4,000 in 2015 and tax was withheld (Look at Box 2 on your W2 Form) NO - If you earned more than $4,000 in 2015 and tax was withheld 3.Ways to Educate Yourself about How to File Review IRS videos on YouTube www.youtube.comwww.youtube.com How to navigate International homepage: https://www.youtube.com/watch?v=x3L2kUPjrT0 https://www.youtube.com/watch?v=x3L2kUPjrT0 Read Publications & Instructions for Forms at www.irs.govwww.irs.gov Social Media Updates

9 F ILING R EQUIREMENTS C HECK IRS W EBSITE ! 8843 = Everyone  For all F, J, M, and Q “exempt individuals” Spouse and children (F2/J2) Requirements may change each year  Currently no need to file if total income < personal exemption and no tax was withheld  If tax was withheld should file for refund State tax return  See state tax agency requirements discussed below List of all applicable forms Forms not updated each year http://world.utexas.edu/isss/tax/forms http://www.irs.gov/Individuals/International-Taxpayers/Taxation-of-Nonresident-Aliens

10 F ORM 8843 F, J, M, Q All individuals Rules for Signing & Due Date If submitting with tax return, no need to sign Due April 15 th of each year (or required date) ______________________________ If no tax return required, sign and mail to address in instructions Due June 15 th of each year (or required date) Things to Note: Put January – December of year If no Tax ID #, leave blank Follow instructions for name & address All individuals complete Part 1 Teachers/Trainees go on to complete Part II Students complete Part III Leave Part IV & V blank (page 2) RAs not required to complete

11 F ORM 8843 – P. 2 Signing when not required is not a problem Sign if filing alone (no tax return) Don’t sign if submitting with tax return

12 F ORM 1040NR-EZ P AGE 1 Tips: Collect all tax reporting forms first! (W2, 1099) Always file federal first, state second Line 3 = Add total wages for all jobs in past year Line 5 = Income from 1042-S – Box 2 Line 6 = Total amount exempt by treaty (same amount as on p. 2) Students from India may take standard deductions; others cannot  Treaty Information: http://www.irs.gov/Individuals/Intern ational-Taxpayers/Tax-Treaties http://www.irs.gov/Individuals/Intern ational-Taxpayers/Tax-Treaties  https://www.irs.gov/pub/irs- pdf/p519.pdf https://www.irs.gov/pub/irs- pdf/p519.pdf Line 7: Do the math! Tax Table located in Instructions Line 8 & 9: N/A Reminder - Current Rule: −If person earns less than personal exemption amount AND no tax withheld (Box 2 of W2) −Then no need to file tax return (just Form 8843) −If tax was withheld, should file to get full/partial refund −If earned over personal exemption amount, must file 2015 Instructions: https://www.irs.gov/pub/irs-prior/i1040nre--2015.pdf https://www.irs.gov/pub/irs-prior/i1040nre--2015.pdf Forms for previous years: https://apps.irs.gov/app/picklist/list/priorFormPublication.html?resultsPerPage= 200&sortColumn=sortOrder&indexOfFirstRow=0&criteria=formNumber&value =1040-NR-EZ&isDescending=false

13 F ORM 1040NR-EZ I NSTRUCTIONS P AGE 22 Finding 2015 Tax Amount (tax tables) https://www.irs.gov/pub/irs-pdf/i1040nre.pdf

14 Determining Taxable Income Source: Congressional Research Review

15 F ORM 1040NR-EZ P AGE 2 Tips: Line B  Where were they living (not visiting) prior to coming to US Line E  F, J, M or Q status Line F (for current visit)  Ex: J1 to F1 Lines G & H  OK to estimate Line I  What type of tax return filed in previous year Line J  Only those who are eligible for treaty benefits (refer to country list by searching on IRS website) http://www.irs.gov/Individuals/International-Taxpayers/Taxation-of-Nonresident-Aliens

16 SSN OR I NDIVIDUAL T AXPAYER ID # https://www.youtube.com/watch?v=S2uJJzyf4YQ

17 ITIN A PPLICATION F ORM https://www.youtube.com/watch?v=S2uJJzyf4YQ

18 T AX T REATY : S TUDENT I NSTRUCTIONS HTTPS :// WWW. IRS. GOV / PUB / IRS - PDF / P 519. PDF HTTPS :// WWW. IRS. GOV / PUB / IRS - PDF / P 519. PDF - S TARTS PAGE 57 UT’ S S TUDENT W AGES W EBSITE I NFORMATION – FORM 8233 HTTP :// WORLD. UTEXAS. EDU / ISSS / TAX / INFO / TAXTREATIES / STUDENTWAGES HTTP :// WORLD. UTEXAS. EDU / ISSS / TAX / INFO / TAXTREATIES / STUDENTWAGES S CHOLARSHIPS – FORM W8BEN HTTP :// WORLD. UTEXAS. EDU / ISSS / TAX / INFO / TAXTREATIES / SCHOLARSHIP HTTP :// WORLD. UTEXAS. EDU / ISSS / TAX / INFO / TAXTREATIES / SCHOLARSHIP V ISITING S CHOLARS – FORM 8233 HTTP :// WORLD. UTEXAS. EDU / ISSS / TAX / INFO / TAXTREATIES / VSWAGES HTTP :// WORLD. UTEXAS. EDU / ISSS / TAX / INFO / TAXTREATIES / VSWAGES

19 T AX T REATY : C OUNTRY L IST HTTPS :// WWW. IRS. GOV / PUB / IRS - PDF / P 519. PDF HTTPS :// WWW. IRS. GOV / PUB / IRS - PDF / P 519. PDF - S TARTS PAGE 57

20 T AX T REATY : F ORM 8233 & W8BEN

21 NRA F EDERAL T AX F ILING : R ESOURCES  Internal Revenue Service – NRA VITA Sites http://www.irs.gov/pub/irs-pdf/p4152.pdf  IRS Link & Learn for Foreign Students http://www.irs.gov/individuals/students/article/0,,id=177686,00.html  IRS Non Resident Alien Toolkit http://www.irs.gov/pub/irs-pdf/p4152.pdf  IRS Publication 901 – US Tax Treaties http://www.irs.gov/pub/irs-pdf/p901.pdf  IRS Publication 519 – US Tax Guide for Aliens http://www.irs.gov/pub/irs-pdf/p519.pdf  Glacier TaxPrep – Software for NRA Tax Filing! (Arctic International) https://www.arcticintl.com/gtp.asp

22 MD Taxes: iFile www.marylandtaxes.com www.marylandtaxes.com Do I need to file a state return? Yes - if taxes were withheld and/or your earnings were: Single: Under 65 and you earned > $10,150 Head of Household: $13,050 Married (Jointly): $20,300 Married (Separately): No age and > $3,950

23 MD Taxes Comptroller of Maryland – www.marylandtaxes.com www.marylandtaxes.com State of Maryland has different definitions for  Nonresident Alien  Resident Alien – where were you living at end of year MD does not recognize tax treaties

24 Other State Taxes Complete list of all state agencies: http://www.taxadmin.org/state-tax-agencies http://www.taxadmin.org/state-tax-agencies Complete list of all state forms: http://www.taxadmin.org/state-tax-forms Virginia: e-File http://www.tax.virginia.gov/content/efile http://www.tax.virginia.gov/content/efile Washington, DC: DCfreefile http://otr.cfo.dc.gov/page/individual-income- tax-online-filing http://otr.cfo.dc.gov/page/individual-income- tax-online-filing

25 2014 1042-S Issue IRS is aware of the problem For more information, see: http://world.utexas.edu/isss/tax/2014taxissue

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