OPT & FICA Wish I read here earlier
 

Hi, All,
I wished I have read here earlier: I was on CPT from 1/2002 to 5/2002
and OPT from 5/2002 to present.
I did not know on OPT status I can be exempted from FICA. It already
passed tax return season. Is there any way I can get it back?
My OPT ends 7/2003 but My H1 starts in 4/2003. Can I get FICA withheld
until my OPT ends?
Thanks,
Hong

Re: OPT & FICA Wish I read here earlier
 

    >Subject: OPT & FICA Wish I read here earlier
    >From: [email protected] (Hilson Lee)
    >Date: 7/17/03 10:35 PM Eastern Daylight Time
    >Message-id:
    >Hi, All,
    >I wished I have read here earlier: I was on CPT from 1/2002 to 5/2002
    >and OPT from 5/2002 to present.
    >I did not know on OPT status I can be exempted from FICA. It already
    >passed tax return season. Is there any way I can get it back?
    >My OPT ends 7/2003 but My H1 starts in 4/2003. Can I get FICA withheld
    >until my OPT ends?
    >Thanks,
    >Hong

You can stop future witholding of FICA but I don't think that you can get
any back. In any case, if you are going for a green card, paying FICA would be
advantageous. It would qualify you for the 40 quarters faster. Besides, don't
forget, that the employer is also paying that tax so that someday you can
benefit from it...

You will have to pay it when you go on H-1 anyway, so don't worry about a few
bucks.

Re: OPT & FICA Wish I read here earlier
 

    > You will have to pay it when you go on H-1 anyway, so don't worry about
a few
    > bucks.

I agree with him dont worry about a few bucks. I just got screwed cause my
tax preparer messed up on the IRS forms, he used the 1040 for residents
because I hve been here long enough, but he also did not pay my self
employment taxes because as a none resident I didnt have to, but now the IRS
says that I have to chose one, pay self employment and use the 1040 or not
pay self employment and use the 1040nr, either way I will have to pay close
to 3k or im hoping it will only be 2k.

I was on OPT and for the first few months my employer withheld FICA. HOwever, after finding out that they were not supposed to, they simply reimbursed me with a check. It may be not too late to you to try. And yes, you will have to start paying that after you get H1B.

Re: OPT & FICA Wish I read here earlier
 

Thank you for your two's responses.
I will just let it go.
Actually I do not understand this FICA as a whole. Is it a
accumulating? More I pay FICA, more I can get in the future when I
retire?


"memememe" wrote in message news:...
    > > You will have to pay it when you go on H-1 anyway, so don't worry about
    > a few
    > > bucks.
    >
    > I agree with him dont worry about a few bucks. I just got screwed cause my
    > tax preparer messed up on the IRS forms, he used the 1040 for residents
    > because I hve been here long enough, but he also did not pay my self
    > employment taxes because as a none resident I didnt have to, but now the IRS
    > says that I have to chose one, pay self employment and use the 1040 or not
    > pay self employment and use the 1040nr, either way I will have to pay close
    > to 3k or im hoping it will only be 2k.

Re: OPT & FICA Wish I read here earlier
 

    >Subject: Re: OPT & FICA Wish I read here earlier
    >From: [email protected] (Hilson Lee)
    >Date: 7/22/03 8:28 PM Eastern Daylight Time
    >Message-id:
    >Thank you for your two's responses.
    >I will just let it go.
    >Actually I do not understand this FICA as a whole. Is it a
    >accumulating? More I pay FICA, more I can get in the future when I
    >retire?

that's the general idea...Uncle Sam is holding it "in trust"...however,
that's not to say the trust won't be violated in the future...it has been said
that social security will go bust in X number of years...and all the money u
paid into it would go down the drain...so who knows...as it currently stands,
it is ok.

Re: OPT & FICA Wish I read here earlier
 

"Hnchoksi" wrote in message
news:[email protected]...
    > >Subject: Re: OPT & FICA Wish I read here earlier
    > >From: [email protected] (Hilson Lee)
    > >Date: 7/22/03 8:28 PM Eastern Daylight Time
    > >Message-id:
    > >
    > >Thank you for your two's responses.
    > >I will just let it go.
    > >Actually I do not understand this FICA as a whole. Is it a
    > >accumulating? More I pay FICA, more I can get in the future when I
    > >retire?
    > >
    > >
    > >
    > that's the general idea...Uncle Sam is holding it "in trust"...however,
    > that's not to say the trust won't be violated in the future...it has been
said
    > that social security will go bust in X number of years...and all the money
u
    > paid into it would go down the drain...so who knows...as it currently
stands,
    > it is ok.


here is a side question, what does an F1 have to pay when it comes to taxes?
I remember in my days (aside from when I was "self employed") I used the pay
the same taxes my american friends paid, just used the 1040nr to file. If I
did pay too much, can I back file? we are talking 4 years ago here.

Re: OPT & FICA Wish I read here earlier
 

    >here is a side question, what does an F1 have to pay when it comes to taxes?
    >I remember in my days (aside from when I was "self employed") I used the pay
    >the same taxes my american friends paid, just used the 1040nr to file. If I
    >did pay too much, can I back file? we are talking 4 years ago here.

On F-1, you pay federal and state. Unless you live in a state where there is
no tax....if you think you paid too much you can file an amended return 1040X
(I think). However, you can only amend the taxes for the last 3 years. If you
paid too much 4 years ago, that money is gone...nothing you can do.

As far as I know, even american student do not pay SS taxes. That is why you had to pay the same as them.