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I am an international student working in US for the past 1…

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hi I am an international student...
hi
I am an international student working in US for the past 1 year. I am holding a student loan from a bank back in my home country. Would this qualify for tax returns. If then what all documents I should get from the bank and my college for tax filing?
Submitted: 6 months ago.Category: Tax
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1/9/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,220
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago

A loan is not taxable as income to you. You are not required to file a US return unless you have US sourced income.

If you are wanting to file for the refundable credit, you can not.

Generally, the time an alien individual spends studying in the U.S. on an F-1 Student Visa doesn't count in determining whether he or she is a resident alien under the substantial presence test.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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Customer reply replied 6 months ago
I graduated last year and I am currently working on my OPT
Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago

Were you working in 2017? If so you most likely need ot file as a Non resident alien. You cannot claim the education credit.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago

Nonresident aliens have always been ineligible for education tax credits (unless married filing jointly with a U.S. citizen or resident and electing to be treated as a U.S. resident) (Sec. 25A(g)(7)).

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago

Did that address your concern?

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Customer reply replied 6 months ago
Education tax credits for student loans as well?
Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago

Unless you are a resident alien you cannot claim any credits as they relate to education unfortunately.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago

The interest deduction. I apologize. Yes you can claim that on line 33 of the 1040NR. You would claim just the interest you paid back in that specific year.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago

You will need to complete the worksheet that comes with the 1040NR form in the instructions.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago

The loan amount is just for qualified expenses. Qualified higher education expenses generally include tuition, fees, room and board, and related expenses such as books and supplies. The expenses must be for education in a degree, certificate, or similar program at an eligible educational institution. An eligible educational institution includes most colleges, universities, and certain vocational schools.

I hope this was helpful and sorry for the confusion

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Customer reply replied 6 months ago
what documents I should get from the university and the bank
Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago

The 1098 t from the university that shows your tuition and the amount paid by you. Then a loan statement from the lender.

You do not send that loan statement you keep it and send if the IRS asks for it.

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Customer reply replied 6 months ago
Hope this is applicable for the loan taken outside US
Customer reply replied 6 months ago
I mean the education loan from a foreign bank
Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago

If the loan was for qualified expenses then it is a qualified loan.

A foreign bank is Ok. As long as the loan is not from a related person or a person who borrowed the proceeds under a qualified employer plan or a contract purchased under such a plan.

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