US Tax Basics for New Immigrants

# US Tax Basics for Immigrants ## Key Dates - **January 1 - December 31** — tax year - **April 15** — filing deadline - **October 15** — extended deadline (must file extension by April 15) ## Who Must File If you earned income in the US, you likely need to file. This includes: - Wages (W-2 income) - Self-employment income (1099) - Investment income - Rental income ## Federal vs State Taxes You may owe both federal taxes (to the IRS) and state taxes (to your state). Some states (Florida, Texas, Nevada, Washington) have no state income tax. ## Common Forms - **W-2** — from your employer (wages) - **1099** — freelance/contract income - **1040** — your federal tax return - **W-7** — to get an ITIN if you don't have SSN ## FBAR and FATCA If you have bank accounts outside the US with combined balances over $10,000 at any point during the year, you must file an FBAR (FinCEN Form 114). This is separate from your tax return. Penalties for non-filing are severe. ## Getting Help - IRS Free File (income under ~$84,000) - VITA (Volunteer Income Tax Assistance) — free tax preparation - Russian-speaking CPAs in your area (check our directory!)