I got a notice to confirm tax status on robinhood. Point 2 says I need to be a US citizen or other US person. I’ve been on H1B for a few years now — technically a resident alien. I confirmed it as yes, but I’m not sure about this point 2 #robinhood #h1b #investment
Yes on H1B, you can trade on robinhood
Attached screenshot - see point 2. Anything else I should be doing here for the tax status
H1B will be under "other tax person"
IRS website says US person is “Any other person that is not a foreign person” https://www.irs.gov/individuals/international-taxpayers/classification-of-taxpayers-for-us-tax-purposes Robinhood asks if I am US citizen or US person, which I’m not.
I used Robinhood when I was an intern on J-1 lol just lie!
I had Robinhood when on F1. You would need a schedule for your taxes schedule D I think when you sell positions.
Can you click on the link that says “What is a US person”? As far as I know, any alien on a non-immigrant visa is considered a “US person” for taxation purposes if they meet the substantial presence test - which is having stayed in the US for 31 days in the last calendar year. But I could be wrong. Click on the link “What is a US person?” in your screenshot. It might clarify this.
I looked at the link. The term was a little confusing
If you live and work in the US, you are a "US person" as the IRS defines it. You would also be a "US person" if you held US citizenship but lived abroad. It's a confusing term but you can think of it as "anyone who has to file taxes with the IRS", and if you live and work in the US, you are one no matter what nation(s) you hold citizenship for.
Thanks!
There is a difference between being US person for tax purposes and a US resident for immigration purposes. RH and IRS only care about the former, which is determined by a substantial presence test (basically if you were in the US long enough to be considered for fleecing, i mean for paying tax)
Yeah you can use Robinhood on H1B