Agenda for talk Where to start How to file your taxes Fellowships - - PowerPoint PPT Presentation

Agenda for talk

• Where to start
• How to file your taxes
• Fellowships

How to report income How to do estimated tax payments

• Additional resources

What I’m not going to do

• Give you specific advice about your taxes
• Talk much about state and local taxes

How you feel now…

Introduction

• Where to start?

US citizens and permanent residents

• IRS.GOV – Interactive Tax Assistant (ITA)

International Scholars

• Glacier
• IRS publication 519
• OIA (Office of International Affairs) web page
• Office of Business and Finance website

International Scholars

• Non-resident?

A nonresident alien usually is subject to U.S. income tax only on U.S. source

• income. Payments for research or study in the United States made by the

United States, a non-corporate U.S. resident, or a domestic corporation, are from U.S. sources. Generally, if you did not receive any income from U.S. Sources, you are not required to file a U.S. tax return; however, if you are a Nonresident Alien who is present in the U.S. under an F, J, M or Q immigration status, you are required to file Form 8843 (Statement for Exempt Individuals), regardless of whether or not you have received any income.

How to do your taxes

• Glacier

For non-residents (immigration status) Online Free and easy to use taxoffice@hr.osu.edu

How to do your taxes

• For yourself

IRS.GOV

• “Free File”
• Read the forms
• Make sure you are using current forms

How to do your taxes

• TurboTax

For US citizens and residents Online Free* and pretty easy to use

How to do your taxes

• H&R Block

Anyone can use Non-residents may need to go to an office Supposedly “free” but probably not

How to do your taxes

• Sprintax

Advertised as $35.95 Federal and $25.95 State Can file your State and Local taxes too

• Pay someone

Accountants / bookkeepers

When to file?

• April 15th
• Need to change my already filed form (1040X)
• Need to file for previous years
• Need more time?

Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return (PDF) by due date. An extension of time to file is not an extension of time to pay. You may be subject to a late payment penalty on any tax not paid by the original due date of your return.

Other considerations

• Tax treaties

IRS publication 901

Other considerations

• ITIN # - Individual Taxpayer Identification Number

An ITIN number is a tax processing number issued by the Internal Revenue Service (IRS) not the Social Security

• Administration. IRS issues ITINs to individuals who are

required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security Number from the Social Security Administration. ITINs are for federal tax reporting purposes only.

Fellowships

• Publication 970
• Yes, it IS considered taxable income

Unless you are a candidate for a degree and it does NOT represent payment for research

Fellowships

• How to report income

No W-2…informational email only (hopefully)

Fellowships

• Estimated tax payments

Form 1040-ES (only 12 pages & easy worksheet) Publication 505 Easy to do (easier than paying electric / rent) Can pay online, at most banks or through mail Generally all who expect to owe at least $1K

Form 1040ES See also Publication 505-Estimated Tax

Other Resources

• Fisher College of Business Tax Clinic at Godman Guild (VITA)
• Office of International Affairs website
• Office of Business and Finance website
• Robin Ring, CPA 614-389-2967
• Family, friends, co-workers
• IRS.gov

Forms-1040 or 1040NR ***1040EZ (no longer used)*** Publication 519 – U.S. Tax Guide for Aliens Publication 505-Tax Withholding and Estimated Tax Publication 901-Tax Treaties

• Student Wellness Center Scarlet and Gray Financial
• Ohio Department of Taxation
• City of Columbus Income Tax Division

April 16th