Introduction
The video is presented as the “ultimate guide” for filing taxes for international students and workers on various visas in the United States. The speaker explains that even if someone has been in the US for just one day in the previous year, they still have to file taxes. He mentions that there is a form called 8843 that all international students have to file, even if they made no income.
Software for Filing Taxes
The speaker mentions a software called Sprint Tax, which is recommended for international students who have been in the US for more than five years. He explains that the software automatically fills in the form 8843 and that international students who made some income need to fill out form 1040 NR. The speaker advises international students who have used Sprint Tax for five years or less to file their taxes using the software.
Forms for Non-Resident Aliens
The speaker explains that forms 8843 and 1040 NR are specifically for non-resident aliens, such as international students on F1 visas. He emphasizes that even if an international student made no income, they still need to file form 8843. If an international student made some income, they need to fill out form 1040 NR. The speaker advises international students to use a website that generates the forms in PDF format for them.
Selling Stocks
The speaker advises international students who sold any stocks in the US to file taxes for the stocks they sold. He recommends using the same website to generate the necessary tax forms for the stocks sold. The speaker notes that selling a stock counts as income and needs to be reported to the IRS.
Multiple Tax Forms
The speaker mentions that international students may receive multiple tax forms, such as W-2 forms from their universities or 1099-INT forms from their banks. He explains that these forms need to be submitted to the IRS and advises using the same website to combine all the forms and submit them
Tricky Parts of Filing Taxes
The speaker notes that manually entering information for every single stock sold can be time-consuming, which is why he recommends using an accountant if someone has sold many stocks. He also notes that tax refunds for international students may not be justifiable to hire an accountant, so international students are better off filing their taxes on their own. The speaker also mentions that if someone has referred people to a service and received compensation, they need to report the income and may receive a 1099-MISC form.
Conclusion
The speaker concludes by summarizing the importance of filing taxes as an international student or worker and advises using the recommended software and website to simplify the process. He also encourages viewers to stay with him until the end of the video to fully understand the process.
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