To know Is Sprintax Only For Students…Read on this article….!
Sprintax is a US tax income tech software. It helps to navigate tax laws in the US, which would typically take many hours manually handling. Sprintax can be easily accessed through a computer with internet connectivity because it is web-based.
Sprintax is not only for students. It is specifically designed for US Non-resident Aliens: scholars, researchers, international students with F-1/J-1 status, and interns. It is the go-to for easy preparation of state and US federal tax income forms. This article has been put together to explain all you need to know about Sprintax.
Sprintax Services
Sprintax was exclusively created for F, Q, J, and M visa-holding researchers, international students, teachers, and scholars, to better handle the intricacies surrounding tax preparation.
Sprintax is focused on the easy preparation of taxes online. The questions asked are easy to answer as well the steps and guidelines are easy to follow.
Annually, Sprintax helps over 50,000 international students and scholars to fulfill their IRS tax duties. These tax forms, once prepared, are to be submitted to the Internal Revenue Service (IRS) of the US government.
Eligibility For Sprintax Services
Those below are eligible for tax returns and, as a result, can make use of sprintax in preparing their tax returns. They include:
• Those who receive an allowance.
• Those who received grants.
• Those who receive a stipend.
• The working class.
Non-resident Aliens who fall into this category are obligated to file a US tax return.
Advantages of Sprintax
• It offers accurate tax returns on Income.
• Helps to ascertain what needs to be filed.
•. Maximization of tax refunds.
• Sorts out academic visa-related tax duties.
Some Tax Forms And Their Uses
• Form W-2
This form is only issued to international students referred to as non-resident aliens. All wage earnings are documented on this form. In a case where there have been many workplaces, a W-2 form must be obtained from each employer.
• Form 8843
Form 8843 is a US tax return form that must be filed in scenarios where J-2 or F-2 dependents do not have a source of Income on US soil or have not received funding.
• Non-resident tax return
This is for non-residents/foreigners. Sprintax helps file this for non-residents on all their US income.
• Form 1042-S
Non-resident Aliens are the only ones that receive this form. In it, all fellowship, scholarship, and travel grants are computed.
• Form 1040NR
This is an annual tax return form.
• Form 1099
In this form, all unplanned/miscellaneous Income is reported.
International Student and Scholar Services (ISSS)
This body is saddled with the responsibility of giving instructions through email letters on the use of and how to access Sprintax for scholars, researchers, and international students on student statuses J-1 and F-1. Sprintax resource is made available to only students.
Documents Needed For Tax Filing Return
1. Individual Taxpayer ID number or Social Security.
2. Current US residence address details.
3. Permanent residence address details.
4. Statements showing all Income obtained in the US.
5. Arrival and departure dates into the US.
6. Descriptive letters explaining any fellowship payments or scholarships for the immediate past academic session.
7. All Immigration documents, including Visas and Passport.
8. Details of Educational Institution: contact number, your program director’s name, and address.
Sprintax Hosted Tax Webinars
These are virtual meetings targeted at delivering detailed information concerning the process of filing non-resident tax returns.
Sprintax Integrity
Sprintax’s integrity revolves around one central and crucial obligation: tax compliance. It is of utmost importance. All amendments that have to do with residency and benefits for the worldwide users are readily and accurately communicated.
Tax Preparation
A Comparison: Accountant Or Tax Software
– Tax Software
• Simple and Straightforward
It reduces all the ambiguity and explanations by rapidly carrying out the tax preparation process.
• Cost
The cost of software is cheap e, especially in the long run. Very efficient tax software can coat in the region of $100. This is a price an account will hardly charge as they can easily double it. This is because the use of time, expertise, and efforts all come to play.
• Time
Accountants will usually use a couple of days or weeks for tax preparation. However, all tax preparations can be carried out in one to two hours with software.
– Accountant
• Human Touch
A good accountant can offer you valuable tax-saving tips on your taxes as well as capital gains. There is also room for a long-term relationship where the accountant can become somewhat of a nanny to your baby (taxes).
• Always Available To Provide Answers
A good accountant is an asset. He serves as the brains behind your tax and money activities. He affords you the opportunity to tackle questions and issues that may come up within the year.
Conclusion
Tax Obligations are crucial duties not to be overlooked and certainly not one to be ignorant of either, especially as a non-resident. Interestingly, technology has made tax preparation easier.
All Non-resident aliens should take advantage of the available tax software for better, on-time, and accurate delivery of tax preparations.
Frequently Asked Questions
1. What Is The Difference Between Turbotax And Sprintax?
Turbotax supports the filing of forms like 1040Ez, 1040, or 1040A. In comparison, Sprintax, On the other hand, supports the filing of forms like US non-resident alien income tax return, 1040NR, etc.
2. Can A non-resident use Turbotax?
Turbotax is specially designed for only US citizens’ income tax returns. Non-residents or international students cannot make use of it.
3. Is Scholarship Money Also Income?
Well, money remaining from a scholarship fund after all educational expenses is seen as Income. This is because this money is spent on other essentials or needs.
4. Can A No Income Earning Student File A Tax Return?
The basis on which a tax return is filed is a consequence of income earned from a job source. Where there is no job(s) serving as a source of Income, then the student does not need to file a tax return.
5. What Is The Consequence When International Students Don’t File Taxes?
Firstly, the action of not filing taxes is a criminal offense. Tendency to drag to the mus any chances of the student getting a green card or a visa Iateron.
