As tax season arrives, the University of Illinois hosted a webinar on January 23 aimed at helping international students navigate the complexities of filing taxes in the United States. The event, titled “The Taxes for International Students Webinar,” provided valuable guidance and resources tailored to the unique financial challenges faced by international students.
One of the primary topics discussed was the process of managing finances in the U.S. without a Social Security Number (SSN). International students who lack an SSN are required to obtain an Individual Taxpayer Identification Number (ITIN).
Highlighting its importance, Mandi Alt, Senior Instructor of Accountancy at the University of Illinois Urbana-Champaign (UIUC), explained, “Most US financial institutions require an ITIN to open an account.”
The webinar also addressed the nuances of filing taxes as a nonresident. According to Alt, “Nonresidents have very few tax credits they can claim.”
However, some students may qualify for specific credits depending on their country of origin. Alt elaborated on the limited scenarios where credits might apply, such as the foreign tax credit, credit for dependent care expenses in specific cases, and certain credits for residents of Canada, Mexico, South Korea, and students from India under specific circumstances.
Another key area of focus was understanding Illinois residency for tax purposes. Alt clarified that “Illinois residency is not the same as federal residency.” To be considered an Illinois resident, individuals must reside in the state year-round; otherwise, they are categorized as part-year residents or nonresidents.
Participants were also educated on how to identify and avoid IRS scams, a critical concern for many international students. Additionally, attendees were provided with resources and tools offered by the University of Illinois System to simplify the tax-filing process. The session concluded with an engaging Q&A segment, allowing students to address specific concerns and receive links to relevant tax-filing resources.
For all UIS students unable to attend, the full presentation will be uploaded to the IL StudentMoney YouTube channel, ensuring that all students have access to this essential information as they prepare for tax season.
