I am in my OPT.My employer wants me to be a consultant as in 1040.My question here is what exemptions in tax will a 1040 employee in OPT will get…and can i show proof of my educational EMI i pay every month to my bank in India.
Kindly help.
Hi,
the exemptions while filing tax returns in the US, even on an OPT are generally based on the credits you can claim for. eg. family or dependents living with you, Earned credit on Income, child care … etc. However an Education loan from a bank in India will not give any tax benefit in the US. for more , you can always refer the IRS website or use tax softwares like turbo tax to assess your situation.
best
Since you are on OPT and I assume you have not been in US for the last 5 years you will have to file taxes using form 1040 NR. Do not use turbotax or HRblock they do not have the capability to file non resident taxes. Use Glacier tax which is recommended by most Universities and check with your University if you are still eligible for a free code.
Thank you very much will definitely check in their website.
Thank you very much…will follow up.