I got no SSN and I get income. what to do?

[a.a.n]

hello,

I am a language student - Chicago (on visa). came recently about 5 months ago. I work online with FOREX Online Foreign Exchange. the company which provide the platform in US and asked me to provide them with my bank account to transfer the money I earn from trading. the question is I dont have the social security number SSN. a friend told me those profit you make is taxable and I have to pay the tax. I am quite confused please tell me what should I do to secure myself and my trading.

many thanks

""hello guys,
hold on a second. I not breaking the law and I not asking to do so. basically my question formed to stay legal.

let me put more details:
-I am investing with my money with FOREX
-the company I invest my money with is (forex.com) looked it up
-I trade and play with my money (like stock exchange) but its online currencies trading
-sometimes losing my money or sometimes making profit. the question is this profit considered as income?? taxable income??

thanks guys for your answers""

 

[FlyingRon]

We can't explain to you how to break the law. You are not allowed to do what you are doing while under a student visa. Working on a student visa is specifically limited to things authorized by your school in concert with your studies.

As for paying taxes on the illegal work you've done, you apply for an ITIN. This is distinct from a SSN but as far as paying taxes serves the same purpose.
http://www.irs.gov/Individuals/General-ITIN-Information

 

[LdiJ]

We can't explain to you how to break the law. You are not allowed to do what you are doing while under a student visa. Working on a student visa is specifically limited to things authorized by your school in concert with your studies.

As for paying taxes on the illegal work you've done, you apply for an ITIN. This is distinct from a SSN but as far as paying taxes serves the same purpose.
http://www.irs.gov/Individuals/General-ITIN-Information

I am not sure that he is working Ron...FOREX looks to be an investment platform. It sounds like he may be playing the foreign stock markets. If that is accurate its not illegal and it may not even be taxable in the US as he is on a student visa and therefore does not meet the physical presence test.

 

[FlyingRon]

I am not sure that he is working Ron...FOREX looks to be an investment platform. It sounds like he may be playing the foreign stock markets. If that is accurate its not illegal and it may not even be taxable in the US as he is on a student visa and therefore does not meet the physical presence test.

If he was INVESTING I would agree. But "working online" sounds more like he is doing something other than just playing the market.

 

[LdiJ]

If he was INVESTING I would agree. But "working online" sounds more like he is doing something other than just playing the market.

That is why I googled it to see what I could find on FOREX. His wording seemed to go both ways. He needs to clarify if he is working FOR FOREX, or investing with FOREX.

However, even working for FOREX may not be illegal. If he is working for a foreign company, doing foreign work that may not count as US earned income.

 

[FlyingRon]

That is why I googled it to see what I could find on FOREX. His wording seemed to go both ways. He needs to clarify if he is working FOR FOREX, or investing with FOREX.

However, even working for FOREX may not be illegal. If he is working for a foreign company, doing foreign work that may not count as US earned income.

He said the company was in the US.

 

[LdiJ]

He said the company was in the US.

I am actually a little annoyed with the OP at this point. He/she took the time to "like" my responses but did not take the time to clear up the confusion.

 

[STEPHAN]

I am actually a little annoyed with the OP at this point. He/she took the time to "like" my responses but did not take the time to clear up the confusion.

He added to the first posting.

 

[LdiJ]

hello,

I am a language student - Chicago (on visa). came recently about 5 months ago. I work online with FOREX Online Foreign Exchange. the company which provide the platform in US and asked me to provide them with my bank account to transfer the money I earn from trading. the question is I dont have the social security number SSN. a friend told me those profit you make is taxable and I have to pay the tax. I am quite confused please tell me what should I do to secure myself and my trading.

many thanks

""hello guys,
hold on a second. I not breaking the law and I not asking to do so. basically my question formed to stay legal.

let me put more details:
-I am investing with my money with FOREX
-the company I invest my money with is (forex.com) looked it up
-I trade and play with my money (like stock exchange) but its online currencies trading
-sometimes losing my money or sometimes making profit. the question is this profit considered as income?? taxable income??

thanks guys for your answers""

Next time please post a response rather than editing your original post.

If you were a US citizen or resident alien it would be taxable income. However, because you are not, it is not taxable income in the US.

 

[STEPHAN]

What about:

"A person is considered a US resident for tax purposes if they are present in the US for a minimum of 31 days in the current calendar year and a total for 183 days during the 3 year period."

 

[LdiJ]

What about:

"A person is considered a US resident for tax purposes if they are present in the US for a minimum of 31 days in the current calendar year and a total for 183 days during the 3 year period."

People here on student visas do not meet the physical presence test until they have been here for 5 years. Since its not US source income its not taxable.

 

[STEPHAN]

Yes, you are right.

Exempt individual. Do not count days for which you are an exempt individual. The term “exempt individual” does not refer to someone exempt from U.S. tax, but to anyone in the following categories.

An individual temporarily present in the United States as a foreign government-related individual under an “A” or “G” visa, other than individuals holding “A-3” or “G-5” class visas.

A teacher or trainee temporarily present in the United States under a “J” or “Q” visa, who substantially complies with the requirements of the visa.

A student temporarily present in the United States under an “F,” “J,” “M,” or “Q” visa, who substantially complies with the requirements of the visa.

 

[STEPHAN]

OP: What country are you from?

 

[a.a.n]

I am actually a little annoyed with the OP at this point. He/she took the time to "like" my responses but did not take the time to clear up the confusion.

why are you annoyed?!!
I edited the original post and I added up enough details to clear up the confusion..!!
plus this is the first time ever I use this website so i didnt know how to reply on the comment.
by the way the "likes" didnt mean to like your comments it meant to be for FlyingRon's comments

 

[a.a.n]

OP: What country are you from?

does this related to my question ?