Form 1078

AAA

DEFINITION of 'Form 1078'

An official document issued by the Internal Revenue Service (IRS) permitting the undersigned to claim residency within the U.S. for income tax reporting purposes. The form is officially called a "Certificate of Alien Claiming Residence in the United States", and will make the undersigned's total income subject to the tax laws of the United States for the tax period specified.

Form 1078 is used only if the undersigned became a resident alien before 2001. For all other cases, form W-9 is used instead.

INVESTOPEDIA EXPLAINS 'Form 1078'

This form must be filled out by those people working within the United States by using either a work visa, or work permit. All income this individual earns during the tax year, either from within the U.S. or from another country, will be subject to American tax law.

Depending on the country the landed resident came from, they may be subject to not only U.S. tax law for income earned in an additional country, but also from the originating country as well.

RELATED TERMS
  1. Revenue Agent

    An accountant who works for the U.S. Internal Revenue Service ...
  2. W-9 Form

    An IRS form, also known as "Request for Taxpayer Identification ...
  3. Ad Valorem Tax

    A tax based on the assessed value of real estate or personal ...
  4. Audit

    1. An unbiased examination and evaluation of the financial statements ...
  5. Income Shifting

    A strategy of moving a person's income from a high income bracket ...
  6. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
Related Articles
  1. Tax Tips For The Individual Investor
    Retirement

    Tax Tips For The Individual Investor

  2. Deducting Your Donations
    Taxes

    Deducting Your Donations

  3. Surviving The IRS Audit
    Taxes

    Surviving The IRS Audit

  4. How International Tax Rates Impact Your ...
    Forex Education

    How International Tax Rates Impact Your ...

comments powered by Disqus
Hot Definitions
  1. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
  2. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
  3. Days Payable Outstanding - DPO

    A company's average payable period. Calculated as: ending accounts payable / (cost of sales/number of days).
  4. Net Sales

    The amount of sales generated by a company after the deduction of returns, allowances for damaged or missing goods and any ...
  5. Over The Counter

    A security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, etc. The phrase "over-the-counter" ...
  6. Earnings Before Interest After Taxes - EBIAT

    A financial measure that is an indicator of a company's operating performance. EBIAT, which is equivalent to after-tax EBIT ...
Trading Center