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Can a student on F1 visa earn interest on savings account ??Is it legal ??

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  • Can a student on F1 visa earn interest on savings account ??Is it legal ??

    I earned interest of 28 dollars on savings account and 8 dollars were federal with hold . I got 1099-int form. Can I mention that on 1040nr form ???

    This was posted on on march 2nd 2013
    Last edited by DesiOPT-FaceBook-Admin; 04-04-2013, 11:46 AM.

  • #2
    My bank (or credit union) mailed me a form in January, called a Form1099-INT, indicating the amount of interest I earned on my savings account/money market account/certificate of deposit. Do I need to include this amount on my income tax forms?

    It depends. Non-residents filing form 1040NR EZ do not include U.S. bank or credit union interest as income. Simple bank interest and interest on CD's are not considered earned income for non-residents, and therefore are not reportable. You should retain Form 1099-INT for your records, but not mail it with your tax filing.

    If you file taxes as a "resident alien," bank interest is taxable income. Nonresidents filing Form 1040NR would include this interest on Item L (page 5).


    • #3
      Read Question number 5 at

      Frequently Asked Tax Questions

      If you owe taxes and don't file, the IRS can assess penalty and interest and seize U.S. bank assets for repayment. Fines and penalties can often amount to more than the original tax debt


      • #4
        Readers, please do share your thoughts


        • #5
          Even if you dont file. Do you think anyone will come after you coz u have been in the country for about 3 yrs and havent file 28$ or hack even 2800$