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Are US educated foreigners who are currently living and working abroad but who are paying their US student loans, eligible for an interest/tax refund?
What taxes are you expecting a refund of?A person whose only connection to the United States is having previously been admitted to the United States as a nonimmigrant student has, once they’ve left the United States, no ongoing tax obligations to the United States. Furthermore, since you live and work abroad, you will not have any of your income subject to US withholding, and so there are no excess withholdings from your income to be refunded.Since a nonresident alien is not entitled to apply for or receive US federally-subsidized student loans, any student loans you may have obtained while you were a nonresident alien studying in the US are purely private loans. You are not entitled to any benefit from the United States in exchange for paying your private debts.Honestly, I do not understand this question. Why would anyone think they’re entitled to free money from the US government simply because they’re paying off a private debt?The OQ has clarified the question in details added since I first answered. Apparently, the OQ is being confused by receiving a Form 1098-E from her loan provider, and misunderstood the explanatory materials that accompany this form.This is IRS Form 1098-E. Every US entity that receives $600 or more in interest payments from a person on a qualified student loan in a given calendar year is required to send this form (or an IRS-acceptable substitute) to the person who made those payments.The form that is sent to the payer must also includes instructions for the recipient that must include this language:A person (including a financial institution, a governmental unit, and an educational institution) that receives interest payments of $600 or more during the year on one or more qualified student loans must furnish this statement to you. You may be able to deduct student loan interest that you actually paid in 2022 on your income tax return. However, you may not be able to deduct the full amount of interest reported on this statement. Do not contact the recipient/lender for explanations of the requirements for (and how to figure) any allowable deduction for the interest paid. Instead, for more information, see Pub. 970, and the Student Loan Interest Deduction Worksheet in your Form 1040 or 1040A instructions.US federal income tax law allows, in most situations, for individuals who pay interest on a “qualified student loan” to exclude some or all of their income that was used to pay that interest from their taxable income; basically, the income used to pay the interest on the loan is not subject to taxation. This will generally reduce one’s tax liability. There is, however, no provision for refunding any of the interest.The law requires these notices to be sent to every person who pays interests to a US entity, whether or not that person is a US taxpayer. Obviously, someone who is not a US taxpayer will be unable to gain any tax benefit from this provision (the US taxable income of someone who is not a US taxpayer is obviously zero), but the loan holder is still required to send the notice.It generally pays to read the instructions that comes with such forms closely, with full attention to detail.
Is it worth paying TurboTax to file my taxes?
TurboTax AKA Intuit Software provides programs you can run on your Windows or Mac computer, or online, to help create and file your tax return. You are doing the work, and taking the responsibility. If your tax situation is very simple, it is free.copied from their web site Turbotax.com:“50 million hard-working taxpayers can file their simple federal and state taxes for free. You can file with TurboTax Free Edition if you only have the following situations:W-2 incomeLimited interest and dividend income reported on a 1099-INT or 1099-DIVClaim the standard deductionEarned Income Tax Credit (EIC)Child tax creditsSituations not covered in TurboTax Free Edition include:Itemized deductions (Schedule A)Business or 1099-MISC income (Schedule C)Stock sales (Schedule D)Rental property income (Schedule E)Credits, deductions and income reported on schedules 1-6, such as the Student Loan Interest Deduction”Using such a program like Turbotax or Taxcut (HR Block) is definitely worth it, and usually costs less than having a tax accountant do it.
How can you tell whether you should file an IRS Form 1040a or 1040ez?
For the current filing season, 2022. form 1040-EZ and 1040-A have been discontinued.If you are talking about filing recent prior year returns, form 1040-EZ was for if you are reporting wages, interest interest income under $1,500, and/or unemployment compensation and pretty much nothing else. You cannot report dependants on a 1040-EZ.1040-A if for when you have interest income over $1,500 and/or have dependants.Neither forms allow you to itemize deductions. There are other things to know as well. You can review the instructions at these links:About Form 1040-EZ | Internal Revenue ServiceAbout Form 1040-A | Internal Revenue Service
What information do you need to know to determine whether a taxpayer is required to file a return?
In the United States, with regard to federal income tax only, you need to know:whether the individual is a citizen, a non-citizen national, a lawful permanent resident, or some other category, and if in the “some other category”, how many days that person has been physically present in the United States over the past year, and possibly also the year preceding and the year before that as well;how much money that person earned through:wages on which Social Security taxes were collected,wages on which Social Security taxes were not collected,self-employment, andall other types of income not listed above (such as interest, dividends, royalties, capital gains, or gambling winnings);whether the person sold a home during the prior year;whether the person received payments from a retirement plan (including Social Security), and if so how much;how old the person is (specifically, whether or not under 19 and whether or not over 65);if the person is blind;whether the person is married, or not, and if not married, whether the reason for that was that the person’s spouse died during the past year;whether the person has children, and if so how many and whether or not they live with him or her;whether anyone else can claim the person as a tax dependent; andwhether the person received any advance payments of the health insurance marketplace premium credit during the prior year.And that doesn’t quite provide all the information required to definitively determine whether a particular person is required to file a US federal income tax tax return; there’s still a few edge cases that require information beyond the facts on this list to determine if a return is required. Also, not all of these facts will be required for every person.The instructions for Form 1040 (and its variants, Form 1040A and 1040EZ), for resident taxpayers, and Form 1040NR (and its variant, Form 1040NR-EZ), for nonresident taxpayers, have instructions that one can follow to determine if a filing is required, and if so what form must be used. Note also that if you’re not a US citizen, US non-citizen national, or US lawful permanent resident, you’ll also have to figure out whether you’re a resident taxpayer or a nonresident taxpayer in order to decide whether to file Form 1040 or Form 1040NR before you can figure out if you have to file at all. The IRS has a publication for that, too: Publication 519 (2022), U.S. Tax Guide for Aliens. (US citizens, US non-citizen nationals, and US lawful permanent residents are always “resident taxpayers”, even if they do not live in the United States.)The rules for when a state return is required are, of course, separate and distinct.
I filed 1040A instead of 1040nr, through turbotax. what should I do?
You need to file a 1040X form along with a 1040NR.  On the 1040X complete the top section including items A and B.  Do not complete lines 1 -30, but do complete Part II and III and sign the form.  Then complete form 1040NR and at the top write "AS AMENDED".  Sign the 1040NR.  Finally get a copy of the original 1040A that you filed and write at the top "AS ORIGINALLY FILED".Send all of that to the IRS at the address in the form 1040X instructions.
I want to create my own tax software with almost no programming background. What tools/language should I learn?
There is one major problem nobody mentioned so far in their answers. This problem is multiple level of abstraction required to create software application. The programmer role covers usually lowest level details up to overall system design. However what the application should do for the customer is normally tracked by people doing their jobs on higher levels including details of the tax law (in this particular case). I'm talking about system engineers, product owners and whole bunch of other experts who can cover details of matters so complex like tax law is.I'm not saying is not possible, because:There are geniuses in the societyEverything is possible if you have enough time or/and money.Taking into account above two and my experience as software engineering I'm estimating you need about 35 years to get some useful application and you can succeed only if you never make any design mistake in your code. If you tangle yourself by maintainability problems, multiply above estimate by 2. If we take into account changing technology, you application when it's finally ready would like 20 years behind current trends. You would need to very large corporation with well recognizable brand and long term contract to monetize that beast.In short: it's not worth even thinking about and you can utilise your time and will power in much better ways.
Can anyone give me tips on how to do taxes?
Method 1. Preparing to File Your TaxesAgeMarital StatusIncomeMethod 2. Determine if your dependent status excuses you from having to file taxes.Method 3. Determine your filing status.Method 4. Gather all of your documents and get organized.Method 5. Determine if you should use Form 1040EZ to file your taxes.Method 6. Determine if you should use Form 1040A.Method 7. Determine if you should use Form 1040.You can also download the necessary tax forms from the IRS website.Get the tax forms you need from your local library, post office, or the IRS website.Prepare your federal and state taxes according to the instructions.Bringing Your Taxes to a Professional (certified public accountant)Professionals can handle audits, inquiries, and issues face to face.
Am I at risk for tax evasion for paying our full time nanny under the table? Or is she at risk? What are the chances we’ll get audited since I’m wiring money to her every week?
Yes, you are at risk.Yes, she is at risk.The chances of getting audited are much better, now that you’ve posted this question to a public forum.The cost of full legal compliance in California for home care workers for the elderly, when they are paid from certain accounted funds, requires that you pay them as employees, rather than as contractors.For most people, this means outsourcing the compliance to a third party, with a monthly bill for their services.I have a friend who is struggling with this, since compliance approximately triples the costs of employing one person for this purpose, compared to a contractor (a family dispute requires her to document full compliance).Most people not dealing with certain accounted funds treat the relationship as a contractor relationship.As long as you issue a 1099-Misc, and file the correct paperwork with the IRS, rather than paying completely under the table, this should be sufficient.She will then be on the hook for paying the taxes, on an estimated quarterly basis, which is what independent contractors have to do.This cost-shifts the burden onto her, so it would be unfair if she did not also get a raise to cover her taxes, and the accounting.Again, in California, you would likely have to nearly double what you pay her. So, for example, if you were paying her $20/hour under the table, you would need to bump it up to about $30.80/hour so that when she pays ~35% state and federal taxes, she still makes that $20/hour after taxes. Call it $33/hour so she can hire an accountant for the taxes.If you go through a service and make her an employee, expect it to be closer to $60 (management fees, workman’s comp insurance, legal insurance, employer contribution to taxes, etc.).Either way• adding 65% for a contractor or 200% for an externally managed employee, is better than federal prison or a huge fine which would wipe out everything you’ve saved by paying her under the table, and then a lot more.
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