Filing taxes after OPT and during AOS

[Wilson & Hannah 16]

Hi there!

 

I’m currently on a pending AOS and my OPT ended 02/15/2020. Because I don’t have a form of income right now, my parents are sending me an allowance. I’m about to file taxes for this year but I was wondering.. do I need to report the allowance they send me? 

 

Might be a stupid question! But please help! Haha

 

thanks ~

x

[JoJoJoJo 170]

54 minutes ago, Wilson & Hannah said:

Hi there!

 

I’m currently on a pending AOS and my OPT ended 02/15/2020. Because I don’t have a form of income right now, my parents are sending me an allowance. I’m about to file taxes for this year but I was wondering.. do I need to report the allowance they send me? 

 

Might be a stupid question! But please help! Haha

 

thanks ~

x

Hi, assuming your parents were non-resident aliens (foreign persons), and you were a resident alien (a US person) in 2019, and they sent you more than $100,000 in 2019, then you need to file 3520, which needs to be filed with the IRS in Utah by mail, separately from 1040.

 

https://www.irs.gov/forms-pubs/about-form-3520

 

It should not be considered as income, and should not be reported on 1040.

 

Disclaimer: this is not a legal or tax advice. This is for your educational purpose only.

Edited June 19, 2020 by JoJoJoJo

[Wilson & Hannah 16]

34 minutes ago, JoJoJoJo said:

Hi, assuming your parents were non-resident aliens (foreign persons), and you were a resident alien (a US person) in 2019, and they sent you more than $100,000 in 2019, then you need to file 3520, which needs to be filed with the IRS in Utah by mail, separately from 1040.

 

https://www.irs.gov/forms-pubs/about-form-3520

 

It should not be considered as income, and should not be reported on 1040.

 

Disclaimer: this is not a legal or tax advice. This is for your educational purpose only.

OMG. Thank you SO much!!!