2007-10-04 18:55:36 · 6 answers · asked by emil g 1 in Business & Finance ➔ Taxes ➔ United States
1. A U.S. citizen or permanent resident must report all the world wide income. So if you have foreign interest income, you need to report it on schedule B (Form 1040).
2. If you had to pay taxes on the interest in the foreign country, then you can claim foreign tax credit by filing Form 1116. This credit will appear on line 47 of Form 1040.
2007-10-04 19:43:32 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
There's really no such thing as "non-reportable interest". I've been told that if your total interest from all sources is $10 or less you don't need to bother, but I've never seen this in the tax code or any IRS publication. But you might not be required to file or report any of your income: If your income is below the "zero bracket" amount for your family, you're not required to file. To figure it out, add up all your income from all sources, then compare it to the following deductions: standard deduction (for married joint, I assume: $10,300) plus total exemptions for yourself and dependants ($3300 per person) If you're married filing joint with two exemptions, you have to have more than $16,900 in total income before you're required to file, and you certainly won't owe anything.
2016-05-21 05:03:25 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Yes. US Citizens are taxed on their world wide income.
2007-10-04 18:57:48 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Of course! US citizens and residents are subject to US taxation on their world wide income. Where you live or where the money comes from do not matter.
2007-10-04 22:48:29 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Yes, gross income consists of income receive worldwide.
2007-10-08 00:52:46 · answer #5 · answered by Gary 5 · 0⤊ 0⤋
Yes we are taxed on all interes/dividens unless they have been declared tax free by the IRS.
2007-10-08 16:05:35 · answer #6 · answered by K M 4 · 0⤊ 0⤋