I am Singapore citizen. Was wondering if I open an on-line savings banks account with bank in the US and deposit an amount of money, will its interest earned be liable for tax in US?
How about US Government bond? Is the interested earned taxable in the US too?
cathylmg
2007-10-14 20:36:51 · 3 answers · asked by cathylmg 1 in Business & Finance ➔ Taxes ➔ United States
Do you live and work in the US? If not, then you will file your taxes according to Singapore laws, and you are not responsible for income from US sources.
If you do live and work in the US, you will have to file form 1040 if you're a resident alien, and form 1040-NR if you're a non-resident. In this case, both of them are taxable.
2007-10-14 21:05:55 · answer #1 · answered by Anonymous · 0⤊ 2⤋
Since you are a non-resident alien under US tax law, any interest or investment income will ge subject to source taxation, normally at 30%. The tax will be withheld by the paying agent (the bank or broker) and you will be paid the balance after tax. No tax return needs to be filed.
2007-10-14 23:12:10 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
you are able to desire to have opened a joint account. Your spouse as housewife and you as an NRI, this is allowed. And NRE a/c isn't taxable if the money for fixed deposit have been taken out of your NRE account. yet now a days NRE Deposit get lesser activity than kin deposit. NRE could get as much as 3.5 % yet kin get upto 9.5 % and senior citizen get upt o a million% extra. Alternately, your spouse ought to break and split the deposits into multiple names of the kin or open new money owed with different banks and unfold the money. this won't be ethical yet one way of dodging the taxman.
2016-12-18 08:00:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋