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Do I have to pay taxes on the interest of my savings account if I don't live in the U.S and not a citizen? |
Do I have to pay taxes on the interest of my savings account if I don't live in the U.S and not a citizen? If you are not a US citizen and don't live in the US, you are considered a nonresident for tax purposes. If you have deposits in a bank in the US, the bank will be required to withhold a statutory 30% withholding on your interest income, as nonresidents are subject to a flat 30% tax on income earned within the U.S. However, under Section 871(i) of the Internal Revenue Code, interest income from bank deposits are excluded from US taxation, therefore in order for you to get the withholding back, you would need to file Form 1040NR.Yes but not by filing a 1040. The payer should withhold US taxes at the source since you are a nonresident alien. confused, why are you paying any us taxes, but if are required then yes you pay on interest. m The answer to your question You have to pay taxes for any sort of income you earned from US. That is it. Confusing point: Why are you paying US taxes when you are not living in USA. In case you lived for sometime last year in USA, you need to pay taxes |
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