As a French citizen under a visa in the US, do I have to pay taxes on Interests earned with a saving account?

Question

I earned a little bit more than 1000 dollars the last year from my checking account. I am a student and I am French under a F1 visa. I have a SSN. I received a letter from my bank to tell me that I earned 1000 something sollars lat year and that was reported to the IRS. Do I have to pay any taxes??? If yes, how ?

Answer 1

Yes you have to pay income tax, it's the law since you earned it in the US. Go visit a tax firm like H&R Block to have them help you.

Answer 2

Yes, any income you earned within the United States (or without, as a citizen, but that's a different question) must be reported to the IRS and taxes must be paid. You said your earnings were reported, so it's in your best interest to file, though if you earned a low enough amount there may not be any taxes owed. It may be worth your time to go to a tax prep center like H&R Block. Just Google them

Answer 3

US tax regulations enable an exemption for particular quantity of earned earnings (alongside with earnings) it quite is foreign places earnings, yet no longer for interest. So all your Indian interest earnings would be taxed in US. in spite of the undeniable fact that, you may declare a foreign places tax credit for the tax paid to India (TDS) on that interest, so internet effect may be quite small -- distinction between US standard tax fee for you as against tax deducted fee for TDS in India. document the Indian interest like the different interest on schedule B. Then use type 1116 to declare the credit for foreign places tax paid. you're able to even have the flexibility to apply the simplified way of saying foreign places tax credit without using type 1116. in case you utilize TurboTax or TaxCut or different tax utility it is going to handbook you too.

Answer 4

Of course you have to pay tax. But if that is all your income, probably no tax will be due. Also, if you are required to pay tax on that amount to the French govt., then there will be some agreement between them that you are not taxed twice.