j********s
发帖数: 40 | 1 Hi,
I came to US in August 2005 with F1 visa, and started to work in Oct 2008
with H1B visa up till now. For this year 2010, I will work in US till Sep
10th and then go back to China to work after that date. In this case, how do
I report tax for year 2010? Do I still report as Redident even if I left US
for the remaining 4 months?
Another question is, since I want to withdraw my 401k balance in early 2011,
so that I can be in a much smaller tax bracket, what status should I use to
report tax for | B****t
发帖数: 3129 | 2 1. Because you lived in US more than 183 days in current tax year, you can
report to IRS as a resident.
2. No, you can't report as a resident for 2011 tax return. Even if you
withdraw 401k balance, the amount you receive will be the balance less 20%
withholding tax mandated by IRS, and a 10% withdrawal penalty.
Check with a qualified tax professional. | j********s
发帖数: 40 | 3 Hi, thank you for your reply a lot!
I do have a question for your 2nd point. For 2011, I know that I will be
withheld for 20% fed tax and 6% state tax, both of these will become tax
credit for 2011. And when reporting tax, I'll have the 10% penalty. However,
since 2011 my total earnings is only 30k, say, the tax bracket for it will
be only about 15% for fed tax, which will give me some tax back. So what
identity should I report with? If not resident, do I report as Non-Resident?
It seems neither | B****t
发帖数: 3129 | 4 If you won't have a H1B visa in 2011, you will be considered a Non-resident
taxpayer. The amount received from withdrawal of 401k will be the only
income of year 2011. Because you are neither a US citizen nor a permanent
resident, compensation from your job in other countries will be imposed
local income tax based on the law in which country you live and work. That
is so called local pay. | j********s
发帖数: 40 | 5 OK, so for 2011, I of course need to pay tax to Chinese government as I'm
working in China. Besides, the 401k withdraw income, say 30k, will be the
income from US, and to report US tax as a non-resident, do you know do I
still have a lower tax bracket since the total income in US for 2011 is only
30k?
Thanks!
resident
【在 B****t 的大作中提到】
: If you won't have a H1B visa in 2011, you will be considered a Non-resident
: taxpayer. The amount received from withdrawal of 401k will be the only
: income of year 2011. Because you are neither a US citizen nor a permanent
: resident, compensation from your job in other countries will be imposed
: local income tax based on the law in which country you live and work. That
: is so called local pay.
| B****t
发帖数: 3129 | 6 Yes, the only income in US for year 2011 is this 30k, if you don't have any
investment or savings accounts with other institutions. |
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