- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How do I file my foreign source fellowship grant as a resident alien for tax purposes, given that it is paid as a yearly lump sum onto my foreign bank account?
I was in the US under an F-1 student visa since 2014, and have been employed at two places since, and filed taxes in a regular way with W-2's from my employers etc. But since I am here for so long already, I've been a tax-resident for a while now.
Now I got a fellowship grant from my home country (Switzerland) to be a research scholar here (under a J-1 visa now), since the latter half of last year. If I was still non-resident alien, this wouldn't be taxed, but apparently since I'm a resident alien now it is.
The fellowship contains salary, some research funds, and some travel funds, and is paid in two yearly lump sums onto my Swiss bank account, from where I essentially pay myself semi-regular salaries onto my US account.
So my issues are:
- what do I declare this as (esp. in TT)
- how do I deal with the lump sum payment? I got a year's wages in August, so if I count that all as my salary for 2022 my taxable income is huge. I could only declare the fraction that would represent the salary for these months, or only the parts that I paid onto my US account, but I'm not sure that's correct?
- I seem to have understood that I should also declare my Swiss bank account, but am not sure how to combine that with the salary i.e. to not double-tax myself on this money.
- I have to pay for my own Health Insurance, not sure if that qualifies for some kind of deduction?
Needless to say, I don't have any withholding or W-2's.
Thanks!
Now I got a fellowship grant from my home country (Switzerland) to be a research scholar here (under a J-1 visa now), since the latter half of last year. If I was still non-resident alien, this wouldn't be taxed, but apparently since I'm a resident alien now it is.
The fellowship contains salary, some research funds, and some travel funds, and is paid in two yearly lump sums onto my Swiss bank account, from where I essentially pay myself semi-regular salaries onto my US account.
So my issues are:
- what do I declare this as (esp. in TT)
- how do I deal with the lump sum payment? I got a year's wages in August, so if I count that all as my salary for 2022 my taxable income is huge. I could only declare the fraction that would represent the salary for these months, or only the parts that I paid onto my US account, but I'm not sure that's correct?
- I seem to have understood that I should also declare my Swiss bank account, but am not sure how to combine that with the salary i.e. to not double-tax myself on this money.
- I have to pay for my own Health Insurance, not sure if that qualifies for some kind of deduction?
Needless to say, I don't have any withholding or W-2's.
Thanks!
Topics:
‎April 17, 2023
4:36 PM