Step 04 · Money
Money on a J-1 summer: taxes, refunds, banking and budget
What comes out of your paycheck, what should not, and how to get it back. Then the practical side: a bank account, a budget for the first weeks and the cheapest way to move money home.
6 pages in this section
How Much Money You Need for Work and Travel USA: Sourced Costs and Wage Floors
A line-by-line budget for a J-1 Summer Work and Travel season: SEVIS and visa fees, housing deposits, wage floors, tax and bank costs, each with its source.
J-1 FICA Refund: How to Get Social Security and Medicare Tax Back
A J-1 student who had Social Security or Medicare tax withheld in error asks the employer first, then the IRS with Form 843 and Form 8316.
J-1 Summer Work and Travel Taxes: What Is Withheld and What You File
What tax comes out of a J-1 Summer Work and Travel paycheck, what does not, and which IRS forms (W-4, W-2, 1040-NR, 8843) you handle and when.
J-1 Work and Travel Tax Return: How to File Form 1040-NR and Form 8843
How a J-1 Summer Work and Travel participant files a US tax return: W-4, W-2, Form 1040-NR, Form 8843, deadlines, refunds and state returns.
Opening a US Bank Account on a J-1 Visa: IDs, SSN and the $10,000 Rule
How a J-1 Work and Travel participant opens a US bank account: ID the bank must collect, whether an SSN is needed, fees, FDIC cover and the $10,000 rule.
Sending Money Home From the US on a J-1: Fees, Rights and Scams
How to send your Work and Travel savings home: the disclosures you must get, the 30-minute cancel window, error deadlines, cash limits and wire scams to avoid.