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Anne
Anne, Master Tax Preparer
Category: Tax
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Experience:  Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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Customer Question

How do I claim this money back from the irs? What forms do I file?
Submitted: 5 years ago.
Category: Tax
Expert:  Merlo replied 5 years ago.
Hello Thx,

Could you please explain your situation?

Exactly what money is it that you are trying to claim back from the IRS?

Customer: replied 5 years ago.
The $6800 "tax witholding credit/adjustment" that I saw debited on my most recent statement (before I requested citigroup to close my account). This brought my balance from zero to $6800. However, citigroup says they can't send me a check for this amount. But I can file with the IRS to get this money back. However, they could not tell me how I can go about doing that. Please let me know if you have an answer. Thank you.   
Expert:  Merlo replied 5 years ago.
Are you saying that you currently have a balance with Citigroup in your account for $6,800?

If that is the case, did they tell you why the $6,800 was added to your account?

Customer: replied 5 years ago.
I called them and they told me that my account balance is zero. However, the $6800 debit shown on my End of Year Earnings Statements (2008) shows a debit of $6800 as "tax witholding adjustment". Per citibank this is the amount the IRS witheld. They asked me to consult a tax expert to find out how I can go about getting this money back from the IRS. What do you recommend I do?
Expert:  Merlo replied 5 years ago.
Hello again Thx,

Do you owe back taxes to the IRS?

Do you know why the IRS deducted this money from your account?

Customer: replied 5 years ago.
To my knowledge I do not owe any back taxes to the IRS. I'm not sure why they deducted this amount. As mentioned earlier, I was asked by citicorp to file a W8 BEN every year (witholding taxes for foreign nationals) which I did. It's money the IRS witheld on earnings on my account. Am I elegible to get this money back? If so, how?
Expert:  Merlo replied 5 years ago.
Hello again Thx,

You did not mention the W-8BEN or the fact that you were a foreign national, at least not in this forum.

Can you please tell me if you currently reside in the US or in what country?

Customer: replied 5 years ago.
I'm currently working in the US on an h1b work visa. With an h1b, I'm considered a resident for tax purposes and therefore file a 1040 every year. When I opened this joint account with my father I was a student on an f1 visa and therefore at the time used to file the 1040 NR (non resident). During the time I had the citibank account, each year I was sent a w8 BEN which I filled out and sent back to them. Now that I don't have an account with them anymore, can I get the $6800 that the IRS witheld from me which showed up as debited in my end of year earnings statement from citigroup? Please advise. Thanks
Expert:  Merlo replied 5 years ago.
Hello again Thx,

Did Citibank send you a tax form showing that this $6,800 was sent to the IRS?

Customer: replied 5 years ago.
No. Just the 2008 Year End Statement, Details of Deposits and Withdrawals 2008, "This section reflects any deposits or withdrawals made to your account during the year."

Deposits:

Amount:$6800, Description: Adjustment as of 2/28/2008, Writeoff Tax Remediation Debit.

However, when I called them they said that my account balance was zero (even though no other deposits or withdrawals were made to that account in 2008). They said that if I wanted that money, I would have to file with the IRS, and would first need to consult with a tax expert to see how I could go about doing that. They could not provide me with any other information.

Please advise what I can do in order to get these funds.

Thanks.
Expert:  Anne replied 5 years ago.

HiCustomer/p>

 

Thank you for using justanswer. During the time you were here under the F1 visa, you were, as you already stated, exempt from paying taxes on any interest you earned on your bank accounts here in the US. Now that your visa and status has changed due to your H1visa, you now must file, and pay taxes on, your world wide income, just as all US citizens and Resident Aliens must.

 

The only way to get your money back is to file your tax return, claim the interest earned on all of your bank accounts, report the $6800 as Federal tax withheld, and you will receive the difference between what was sent to the IRS on your behalf (the $6800) and your actual tax liability. Please see below:

 

Taxation of Resident Aliens

 

I hope this helps.

Customer: replied 5 years ago.

I filed my taxes a month ago. I just found out about the $6800 witheld by the irs a week ago. What form can I file at this point in order to claim this amount? What kind of a refund can I expect by filing for this amount? Please advise.
Expert:  Anne replied 5 years ago.

Hi againCustomer/p>

 

You will file Form 1040X (Rev. February 2009) Amended U.S. Individual Income Tax Return where you will report the interest earned on the account and the $6800 Federal tax withheld.

 

Unfortunately, I can't answer your question re: what kind of refund you will get. The amount of tax that an individual pays on his or hers income is a product of their filing status, tax bracket, type of income, eligiblility for certain credits, etc.

 

You might want to have a professional tax preparer actually fill out the 1040X form, but I have linked you to both the form and the instruction just in case.. Please see below:

 

Instructions for Form 1040X (2/2009)

 

I hope this helps

.

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Anne
Anne
Master Tax Preparer
1897 Satisfied Customers
Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses