topic I am an international student of F1 visa from 2010 and in addition to my reported salaries and grant, I receive support from my parents overseas. Do I have 2 report this? in Deductions & credits

I am an international student of F1 visa from 2010 and in addition to my reported salaries and grant, I receive support from my parents overseas. Do I have 2 report this?

naver7 — Tue, 04 Jun 2019 22:31:02 GMT

I have stayed in the U.S. since August 2010 and haven't left since. I guess I am resident alien.

Yes, for tax year of 2016, you are considered as a reside...

LinaJ2018 — Tue, 04 Jun 2019 22:31:04 GMT

Yes, for tax year of 2016, you are considered as a resident for tax purposes. Was the gift amount over $100,000? If not, it is not taxable to you, you do not need to report it. If yes , you will need to file a Form 3520 which is not supported by TurboTax. This form is an informational form only and the amount of the gift received is not reported on your Form 1040.

IRS Form 3520 - https://www.irs.gov/pub/irs-pdf/f3520.pdf

IRS Form 3520 instructions - https://www.irs.gov/pub/irs-pdf/i3520.pdf

For more information, see https://www.irs.gov/businesses/gifts-from-foreign-person

Hello, I am in a similar situation: 1. I am a student on...

glaskid14 — Tue, 04 Jun 2019 22:31:05 GMT

Hello, I am in a similar situation:

1. I am a student on F-1 visa, and I have stayed in the U.S. for over 8 years. I do not have U.S. citizenship or a green card. I have never worked in the U.S.

2. I have opened interest-bearing savings accounts in a bank. At that time, I filled out the W-8BEN form. The interest amount was subject to federal withholding, until I filed for W-7 and obtained an ITIN. I have then provided my ITIN to the bank and filled out the W-9 form. In January this year, I received a letter from the bank (attached), showing the total interest amount earned in 2016, and mentioning the 1099-INT form. I did not file the 1099-INT form, or any other form. To this day, I have not filed any returns with IRS, nor I have been notified by IRS that I am required to.

3. Last month, my father, a non-resident alien, sent wire transfers to my U.S. bank account totaling more than $100,000. I am not sure whether I am required to file Form 3520, or any other form. I am worried that I will incur penalties if I unknowingly fail to follow U.S. tax laws.

What should I do, regarding my bank interest issue, and the recent foreign gift?