Use the following information to prepare Form 1040-NR. • Kim Lee, a citizen of South Korea, came to the United States in F-1 immigration status (number 3344123344) on January 01, 2023. • He has remained in the country since then and is a full-time student at the local university. Kim, born July 25, 2001, is single. He began working at the university on February 10, 2023. • He filed the proper withholding and treaty forms with the university payroll office before beginning his job. Since filing these forms correctly, he received a Form 1042-S for the treaty benefit for his wages. Kim was not in the U.S. before and therefore, has not filed an U.S. tax return in any prior year. • Kim also received a scholarship from the university he was attending. He filed the appropriate forms to claim his treaty benefit for the scholarship. Therefore, he received a Form 1042-S. • Kim’s address in South Korea is Bldg. 102 Unit 304, Sajik-ro-3-gil (Street) 23, Jongno, Seoul (South Korea) 30174. If he is entitled to a refund, he wants a direct deposit to his checking account. The routing number is 123456789 and the account number is 98765432100. He doesn’t want to designate anyone to discuss his return with the IRS. He did not take any affirmative steps to apply for permanent residence in the U.S. Kim’s U.S. income will not be taxed in his home country. • Using the following information (two Forms 1042-S and a Form W-2), complete Kim’s federal income tax return. (Kim would also need to file Form 8843, but assume that he has already completed that on his own.) • After completing the required tax form, review the scenario and resource materials, and answer each of the test questions Forms W2 & 1042-S, Page 1 22222 a Employee’s social security number OMB No. 1545-0008 b Employer identification number (EIN) c Employer’s name, address, and ZIP code d Control number e Employee’s first name and initial Last name Suff. f Employee’s address and ZIP code 1 Wages, tips, other compensation 2 Federal income tax withheld 3 Social security wages 4 Social security tax withheld 5 Medicare wages and tips 6 Medicare tax withheld 7 Social security tips 8 Allocated tips 9 10 Dependent care benefits 11 Nonqualified plans 12a C o d e 12b C o d e 12c C o d e 12d C o d e 13 Statutory employee Retirement plan Third-party sick pay 14 Other 15 State Employer’s state ID number 16 State wages, tips, etc. 17 State income tax 18 Local wages, tips, etc. 19 Local income tax 20 Locality name Form W-2 Wage and Tax Statement 2023 Department of the Treasury—Internal Revenue Service Copy 1—For State, City, or Local Tax Department XXX-XX-XXXX XX-XXXXXXX State University 122 Main Street Your City, YS XXXXX Kim Lee 245 2nd Street International Hall Your City, YS XXXXX 8,500.00 800.00Form 1042-S, Page 2 Form 1042-S Department of the Treasury Internal Revenue Service Foreign Person’s U.S. Source Income Subject to Withholding Go to www.irs.gov/Form1042S for instructions and the latest information. 2023 UNIQUE FORM IDENTIFIER AMENDED AMENDMENT NO. OMB No. 1545-0096 Copy A for Internal Revenue Service 1 Income code 2 Gross income 3 Chapter indicator. Enter “3” or “4” 3a Exemption code 3b Tax rate . 4a Exemption c 25. Is $8,500 the amount entered on the line for Total amount from Form(s) W-2, box 1 on Form 1040-NR? a. Yes b. No 26. Is $8,500 the amount of adjusted gross income on the Form 1040-NR? a. Yes b. No 27. Is $880 the amount of Itemized deductions on the Form 1040-NR? a. Yes b. No 28. Is $8,420 the amount for taxable income on the Form 1040-NR? a. Yes b. No 29. What is the total amount entered for Total income exempt by a treaty from Schedule OI? a. $0 b. $2,000 c. $6,000 d. $8,000
To answer these questions, we need to consider the information provided and the relevant tax forms and instructions for Form 1040-NR. However, since the full details of the Forms 1042-S are not provided, I will make assumptions based on typical scenarios involving F-1 students who are nonresident aliens for tax purposes and who claim treaty benefits. 25. Is $8,500 the amount entered on the line for Total amount from Form(s) W-2, box 1 on Form 1040-NR? a. Yes The $8,500 from Form W-2, box 1, should be reported on Form 1040-NR as wages on the line for Total amount from Form(s) W-2, box 1. 26. Is $8,500 the amount of adjusted gross income on the Form 1040-NR? b. No The adjusted gross income (AGI) on Form 1040-NR could be different from $8,500 if there are other income items to report or adjustments to income. Since Kim also received a scholarship, the gross income could be higher unless the scholarship is fully exempt under a tax treaty. 27. Is $880 the amount of Itemized deductions on the Form 1040-NR? a. Yes b. No Without additional information, it's not possible to determine the exact amount of itemized deductions. Nonresident aliens can itemize deductions if they have certain types of
Get your tax questions answered
Instant Expert Advice
Get quick and accurate answers to your tax questions from our team of tax experts and artificial intelligence.
Convenient and Easy to Use
Our chatbot interface makes it easy to ask questions and get answers whenever and wherever you want.
Free Tax Question Answers
Our service is 100% risk-free, and our AI will answer all of your tax questions for free.
Fast & Accurate Answers
Our easy to use chatbot or call-in line gets you the help you need in just a few minutes. And our advanced AI makes sure that the answers you need are as accurate as possible.
ZeroTax.ai's Call-In Service
You can also get your tax questions answered by calling our phone number 855-724-1040 and speaking directly to our AI assistant on the phone! We understand that sometimes it's easier to ask your questions verbally, and we want to make sure that our service is accessible to everyone. Don't let tax questions stress you out any longer. Call us at 855-724-1040 now and let ZeroTax.ai help you.
Safe and Secure
We always make sure your information is safe by using the latest encryption technology.
Tax Pro Reviews Available
If you want a tax expert to review your answer at a low cost, we can do that for just $5 per question.
100% Satisfaction Guarantee
We're convinced of our service and back it up with a no-questions-asked 100% satisfaction guarantee.
100% Satisfaction Guarantee
Our lightning-fast tax help service is backed by a team of tax professionals who can review all answers for accuracy and completeness. We're so confident in the quality of our service, we offer you a 100% no-questions asked satisfaction guarantee.
If you're not completely satisfied with your tax answer, we'll gladly refund or credit your fee. We stand behind our service. Your satisfaction is our top priority!
Our customers get results
What customers are saying
ZeroTax.ai is a game-changer for my tax questions. Quick, accurate answers from AI and real tax pros.
I was hesitant to try a chatbot for tax advice, but ZeroTax.ai exceeded my expectations.
I've recommended ZeroTax.ai to all my colleagues. The convenience and expertise is unmatched.
Philip Kempisty, CPA
Affordable Tax Help
AI tax answers are 100% free, optional $50 tax pro reviews
Our service is accessible to all with free AI generated tax answers, and prices of just $5 per question if you want an optional tax pro review! Don't let taxes stress you out any longer - let ZeroTax.ai help you today.
AI Answered Tax Questions
Get started today with your tax questions for free! No risk, no commitment, just expert tax advice at your fingertips.
- All AI tax questions answered free
- No commitment or long-term contract
- Answers in seconds
Tax Pro Reviewed Answers
Affordable, expert tax advice for just $50 per question. Get the answers you need easily with our human-reviewed service.
- Tax professional reviewed answers
- Confirming the AI answer accurate
- Responses with in 24 hours
How does AI work?
Well, imagine a giant brain made up of millions of lines of code. This brain is constantly learning and analyzing vast amounts of tax-related information. When you ask your question, our technology quickly cross-references millions of pieces of tax information to find you the most relevant and up-to-date answer.
And it's even more advanced than that. Our AI technology is able to understand the written language context of your question. It takes into account your specific circumstances and provides you with tailored recommendations incorporated into your answer.
Think of it as having a personal tax expert right at your fingertips, available 24/7 to provide you with the tax information you need. Plus, our system is self-learning and constantly improving, ensuring that you always receive the most accurate advice.
Tax Tips and Tricks Right to Your Inbox
Sign up for our exclusive tax tips and tricks and always get the latest tax strategies, updates, and promotions. Don't miss out on this valuable information that will save you money and time. Tax gold right to your email.