International Students: Uncomplicate Tax Time with Sprintax

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Tax time is almost here. At LewerMark, we know the US tax system is very complicated, especially for international students. If you are an international student studying the in the United States, here are some things to assist you with tax preparation:

 

Did you know…

  • Did you know that all international students must file an 8843 form?  Click here for a link to the PDF.
  • Did you know that Sprintax can help international students with their federal and state taxes? Click here to learn more.

 

 Here are some additional facts that may be of interest to you.

  • India and the US have an income tax treaty. With the change to the tax laws in 2018, students from India are able to claim a higher standard deduction on their non-resident form from $6,350 to $12,000.
  • The tuition waiver is now taxable in 2018. Before 2018, tuition waivers under 529{c} were considered non-taxable and non-reportable. That is no longer the case.
  • You can no longer pay for previous state taxes during the current tax year.
  • Miscellaneous itemized deductions are no longer allowed. Expenses such as tax preparation fees, investment expenses, deposit boxes, etc., used to be itemized deductions. Beginning this year, that is no longer the case.
  • Moving expenses are not allowed, except if the taxpayer is an employee of the US military.
  • Expenses for personal casualty loss and theft are not allowed, except if they are under disaster area rules.

 

If you (or your international students) have questions about any of the above or any other tax-related questions, it will be important for you to contact a qualified tax professional, like those at Sprintax. Remember to act soon; the deadline to file your 2017 taxes is Tuesday, April 17.

 

Author: Erin Caswell

Erin is Assistant Vice President of LewerMark Student Insurance division. Erin has a degree in Education and worked as an instructor before joining LewerMark more than six years ago.