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Ep #024: Top 10 Money Questions by Immigrants with Sahil Vakil

India

I frequently get questions regarding visas, taxes, and money from people who have no understanding as to what their rights are in the United States. I'm asked everything from how to define whether you are a resident or a non-resident in the U.S. to how to figure out your tax status as an immigrant, so in today’s episode, I am going to answer these questions and more.

Listen in as I break down bank loans for immigrants, what a green card test is, and the basics when it comes to understanding taxes. There is no easy guide to follow for what taxes you have to pay as an immigrant, and every visa holds different rules, but today I hope to help relieve stress and simplify a few of these common queries.

Listen to the Full Episode:

What You'll Learn In Today's Episode:

  • What your tax status is as an immigrant.
  • How to define if you are a resident or non-resident.
  • What a green card test is.
  • How state taxes work for non-U.S. citizens.
  • Whether you pay FICA tax on an F1 visa.
  • If you can get a bank loan as an immigrant.
  • What FBAR is.
  • Whether you have to pay taxes on a gift from a non-resident.

Ideas Worth Sharing:

“Non-residents are exempt from Social Security and Medicare taxes." - Sahil Vakil

“The thing you have to help these people remember is, this money is not locked for life." - Sahil Vakil

“The definition of a U.S. person is someone who is either a U.S. citizen or a U.S. resident. It does not apply to non-resident aliens." -  Sahil Vakil

Resources In Today's Episode:

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