Hi, So I am an international student on F-1 visa. I just started working undr OPT in Seattle. I'd like to know how I can,save on taxes ?? Of course there is no state tax here, and I only havta pay federal taxes. Do you have Any suggestions as to how I can in general cut down paying on taxes ? Thanks
Since you're on a student visa, you probably don't make much money. You pay $0 on the first $4k, and 10% on the next ~$9.3k, so it's not much to begin with.
Well that person is on OPT. That was he/she will earn a lot (based on other blind posts)
That is not true. New college grads, who were on F1 visa could work on OPT anywhere from ~1 to ~3 years. And by the end of OPT, a successful engineer at a good company (need not be FANG) may be taking in > 200k in total comp. I don't know what tax saving options are there for OPT folks though.
At your bracket there's not much you can do. As a foreign national don't put your money in a 401k you won't see it again until you retire. Look at an HSA/FSA account. Deduct learning expenses, your cell, internet. Buy a house, it's the best tax credits you can get. There aren't really a lot of ways to save money on federal tax if you don't have a lot of money to start with.
You can deduct cell and internet when reporting taxes?
No. It's called tax fraud. Edit: you can deduct the portion tied to unreimbursed business use as long as you keep a log of these. Good luck.
F1 students, for the first 5 years, don't have to pay FICA taxes. So no Medicare or SS. That's a cool 7% you can saved
This is not true. An F1 student from a STEM background can have only 3 years of OPT, that's the only time they can save on taxes, once you go to H1 you have to pay those. So nothing like 5 year no taxes
I said for the first five years of an F-1 visa. Doesn't matter how long your OPT is. From the day you get your visa + 5 years you don't have to pay FICA.
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Max out 401k and other retirement plans. First and foremost tax saving principle.
Someone on an F1 student visa won't have access to a 401k, most likely.
I'm on F1 opt and have access to 401k.