I am a graduate student and I want to know also if filing as self employed affects my visa status. Thanks.
@oziomanwachukwu wrote:
I am an international student and I started an Amway business. Will I file as self employed even though I did not make up to $600? Is direct deposit a personal check?
I am a graduate student and I want to know also if filing as self employed affects my visa status. Thanks.
You asked: "Is direct deposit a personal check?"
Direct deposit of a tax refund is an electronic transfer of funds from the IRS or state tax agency to your USA bank account or to a US debit card if it accepts direct deposits of tax refunds. The IRS will not direct deposit into a foreign bank account. A personal check is a paper check mailed to your address. See this FAQ about direct deposit and its advantages:
As for your other question about whether filing as self-employed will affect your visa status, I'm a fellow user, not a tax person, and not familiar with all international filing situations. Someone else will need to comment on your self-employed income and visa situation, but I'll try to gather some info in the interest of time that will help whoever assists you. And I'm requesting someone to look at this thread.
NOTE: It will also need to be determined if you can even use TurboTax to prepare your return.
TurboTax can prepare a Form 1040 return for US citizens and "resident aliens for tax purposes." It cannot prepare returns for non-resident aliens, since it cannot prepare Form 1040-NR non-resident returns. (TurboTax does have an affiliate partner that can, if it turns out you need them.) To help make that determination, please answer the following questions:
What is your visa status? What visa are you in the USA under?
When did you first come to the USA, and how long have you been here?
Are you married?
I'm going to ask @pk to assist you in this thread when she is next in the forum. Thanks @pk!
To further clarify a few things.
If you are not a U.S. citizen or registered alien with an SSN number (or ITIN number) and do not qualify to file as a resident, you can not use any version of TurboTax to file a U.S. Tax return. Period. You are required to file the 1040-NR (Non-Resident) which TurboTax does not provide or support. But you can use the services at https://www.sprintax.com/ to complete and file the 1040-NR.
If you have business income of more than $400 then you are required to report it to the IRS. Your Amway income "is" business income.
@oziomanwachukwu , following up on the points raised by @mesquitebean and @Carl , you first need to tell us :
(a) when did you enter the USA with F-1 (student) visa;
(b) which country are you from
(c) are you married and if so to whom ( US citizen/resident or Non-Resident Alien );
(d) are you full time student
(e) is your business /Amway effort connected with course requirement i.e. as part of OPT/CPT etc.
Please answer these initial questions , so we can provide help/guidance