Folks,

I need some help. Here are quick details:

-On F1 status for the past 4 years (Note: Also on F1 as of Dec 31 2006)
-I'm working on OPT and earned US income
-Also I have made some interest income through ING Savings account

I used CINTAX to file my taxes and even on asking about my taxable INTEREST INCOME it filled out 1040NR-EZ. After talking to people I found that I had to pay IRS tax on my interest.

Do I just wait for IRS to touch base with me or shall I re file it. I'm confused. if there is an addendum please direct me there.

Peace

AtlantaTaxExpert

You can amend the return using Form 1040X, but if the interest income is less than $300, I would not bother. The IRS normally does not pursue any case unless the total tax due exceeds $50.

student2worker

I am not sure if interest on savings account in a US bank is taxable unless it is directly related to a US trade or business.

Please clarify with a tax professional.

AtlantaTaxExpert

International students normally do NOT have to pay taxes on interest income from a bank.