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pmkelly@ucsc.edu This section attempts to summarize financial products and services available depending on one’s residency status in the United States. If you see errors or could add information, please email Pat Kelly.
This section is in DEVELOPMENT. Please scroll to the right to see more.
| Topic | US Citizens | DACA1 Deferred Action for Childhood Arrivals (DACA) |
Dreamers2 Undocumented arrivals as minors |
Permanent Resident | Resident Aliens3 | Non-resident Aliens4 |
|---|---|---|---|---|---|---|
| Documents | Birth certificate Social Security card |
US Employment Authorization Document (EAD card needs to be renewed every two years) Social security card |
None Can be issued a ITIN’s (Individual Taxpayer Identification Number) |
Permanent Resident Card (Green Card, generally renewed every 10 years) Social Security card |
Permanent Resident Card (Green Card, generally renewed every 10 years) Social Security card |
F-1 Visa for students Foreign students need ITIN’s (Individual Taxpayer Identification Number); need to be using within 3 year period |
| Not US citizens or lawful permanent residents Not a pathway to US citizenship |
[Development relief and education for alien minors CHECK] | Legally work and live in the US A pathway to US citizenship |
Not looking for citizenship | Not looking for citizenship; citizens of another country but legally able to live and work in the US. |
||
| Jobs/Sources of income | – | – | – | – | – | – |
| – On-campus | yes | yes | no5 | yes | yes | Students on F-1 Visa Can work up to 20 hours a week on campus during school and 40 hours week off campus on breaks. Other limitations. |
| – Off-campus | yes | yes | no2 | yes | yes | – |
| Banking – Checking account |
yes | yes | Some banks allow without a SS#; use a ITIN | yes | yes | – |
| – Savings Account | yes | yes | Some banks allow without a SS#; use a ITIN | yes | yes | – |
| Credit Cards | yes | yes | Some allow without SS#; use a ITIN | yes | yes | – |
| Financial Aid – California |
yes | Yes-regardless of immigration status “California Dream Act” Described in high school Help with FAFSA Form https://www.csac.ca.gov/undocumented-dreamer-students |
– | – | – | – |
| – Federal | yes | no | no | yes | yes | No financial aid Only jobs on campus ITINS-individual tax identification numbers |
| Tuition | yes | DACA students get waiver for instate tuition at UCs; AND now | Dreamer students get waiver for instate tuition at UCs; AND now | yes | yes | Out-of-state tuition |
| can get free community college tuition | can get free community college tuition Qualifications 3-years pre-college California schooling | – | – | – | – | |
| Taxes8 | yes | Eligible for tax credits | Yes Due regardless of status using a ITIN |
yes | Files Form 1040 Taxed on all income, foreign and domestic | Files Form 1040-NR Taxed only on US income Can not claim standard deduction and credits Exempt from FICA Taxes |
| Investment Accounts | yes | Yes with EAD card and social security card BUT some companies require additional documentation9 |
Yes with a ITIN card BUT some companies require additional documentation9 |
Yes with a ITIN card BUT some companies require additional documentation9 |
Yes with a ITIN card BUT some companies require additional documentation9 |
Yes with a ITIN card BUT some companies require additional documentation9 |
| – 401K | YES | YES | Under certain conditions | YES | YES | YES |
| – IRA | YES | YES | Under certain conditions | YES | YES-BayFed, SC Credit Union will open IRAs with ITINs | YES-BayFed, SC Credit Union will open IRAs with ITINs |
| Buying a home | yes | yes | – | yes | yes | – |
| – HUD loans | – | – | – | – | – | – |
| – Credit requirements | – | – | – | – | – | – |
| Drivers License/State ID Cards | yes | Some states: Washington, Oregon, California, Nevada, Utah, Colorado, New Mexico, Illinois, Maryland, Delaware, Hawaii, NJ, NY, PR, VT, DC | – | – | – | – |
| Health Care Medicaid and Affordable Care Act | yes | Pending 4/23/24 | – | – | – | – |
| Veteran’s Benefits | – | – | – | – | – | – |
1 Deferred Action for Childhood Arrivals (DACA) is a federal process that defers removal action of an individual by USCIS for a specified number of years, currently 2 years (2023) with biannual renewals that are currently on hold (2023). It grants individuals an US Employment Authorization Document (EAD), work permit, (EAD) and Social security card
2 Undocumented arrivals as minors, no legal status
3 Meet green card test or the substantial presence test Source:IRS
4 Nonresident alien is any individual who is not a U.S. citizen or U.S. national. A nonresident alien is an alien who has not passed the green card test or the substantial presence test. Source: IRS.gov
5 https://immigrantsrising.org/making-money/
6 Bank of America, Wells Fargo
7 Deserve EDV Mastercard for students without SS#
8 Resources: IRS.gov; VITA assistance for filing taxes UCSC may become a location for a representative
9 FROM VANGUARD
“You may establish a U.S. domiciled Vanguard Brokerage Account only if you’re a lawful permanent resident of the United States. When determining if you can open a brokerage account, the determination is in relation to where you currently reside, regardless of your citizenship. A foreign investor may invest in Vanguard funds if they are a lawful permanent resident of the United States. A valid taxpayer identification number on their application is also required.”