Posted by: syanjali February 10, 2011
NEED TAX INFORMATION
Login in to Rate this Post:     0       ?        

Dear; If you are planning for long term stay in USA, suggest to acquire some tax knowledge (it does not sound good suggestion and some one may come with nasty answer) and will take couple hours. Not to have 1040 tax knowledge is like to be in US without driving knowledge or driving license.
Get a 1040 tax instruction booklet from library or US post office, spend weekend time with it. Still unanswered hopefully some one will suggest.
1) Any medical expense that should be paid in the taxable year is allowed to get deduct.  I am guessing you may not own a house in past, otherwise you would not be asking this question. If you do not own a house most likely you will not be able to get Medical deduction unless it is over 7.5% AGI.  If you are talking about 4-5 grand medical expenses you have incurred, still not enough to enjoy the deduction. Read the instruction, for why? 2) If you have earned over 10 dollars should be reported as your income. And you will be receiving 1098-I from your financial institution. Are you using online software or paper filing? If filing online, it will guide you through as GPS and put the amount on interest income, end of story. It will give you a print out and you will see which line it goes. If you are paper filing and doing manually you will see interest income column, interest income goes right there. I like the ad from Turbo Tax, guide you through as GPS, Still need to know what we can deduct and not. Best solution is educating yourself a little about individual taxation; it will help you online filing too.  

If you are in F-1 status you have to use 1040 NR, I think most student know this fact.

Last edited: 10-Feb-11 11:58 AM
Read Full Discussion Thread for this article