topic Non resident alien living in the US and Charles Schwab accounts in Get your taxes done using TurboTax

Non resident alien living in the US and Charles Schwab accounts

huguesv — Mon, 10 Aug 2020 16:27:27 GMT

Hi everyone!

I am living in the US with an SSN and paying taxes on US income but I am on a work visa on which I file as a non resident alien.

I wanted to open a Charles Schwab IRA, brokerage and investor checking account but it requires to be a US resident in the tax definition.

Schwab told me several times it was fine since I pay US taxes, live in the US and have an SSN but I am afraid it is going to interfere with my filing as non resident for this fiscal year since it might report me as a resident for tax purposes?

Would anyone be able to let me know if that would force me to file as resident if I use these accounts and include the 1099-INTs in my tax return next year please?

Thanks

Re: Non resident alien living in the US and Charles Schwab accounts

pk — Tue, 11 Aug 2020 04:44:16 GMT

@huguesv which country are you from, when were you admitted into the USA and under what visa? I ask for these info bits because if you are a Non-Resident Alien ( i.e. have not passed the Substantial Presence Test ), you will have to file your return on form 1040-NR or 1040-NR-EZ which forms are not supported by TurboTax. You could also be a dual status taxpayer -- again TurboTax does not fully support this. Please answer my questions so I can help you

Re: Non resident alien living in the US and Charles Schwab accounts

huguesv — Tue, 11 Aug 2020 21:23:53 GMT

Thanks for responding @pk , I am German on an F-1 OPT and been there for less than 5 years so I am still exempt from the substantial presence test. I am asking because I use Turbo Tax for state filing and the IRS did not know what to tell me.

Thank you