Form 1040NR and Related Forms (Currently Unavailable)

Author: Jean Mammen

Form 1040NR and Related Forms aims to help tax professionals understand and apply the fundamentals of preparing appropriate individual U.S. income tax returns in situations discussed here. It includes guidance on understanding the taxpayer’s situation and due diligence.

Publication Date: February 2016

Topics Covered

• Form 1040NR and its Schedules A, NEC, and OI
• Forms 8843, 8840, 8833, 8233 according to a taxpayer's situation
• Advising taxpayers on avoiding, establishing, or ending tax residency.
• FIRPTA - Foreign Interest in Real Property Tax Act
• ECI rental income election, Forms W-8ECI and W-8BEN
• Sales Proceeds and Forms 8288-A and B, 6251
• Advising taxpayers on avoiding, establishing, or ending tax residency

Learning Objectives

• Determine if an individual is or is not a U.S. tax resident, by tax code and treaty criteria.
• Determine what form an individual should file, Form 1040NR? or 1040?
• Distinguish income by source, U.S. or foreign, and by type, that is, income Effectively Connected (ECI) to the taxpayer's own business, or, income Not Effectively Connected (NEC) to the taxpayer's own business.
• Determine the correct tax treatment of such income
• Determine how many personal exemptions may be claimed on form 1040NR

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None