Tax query International student, bank income, tax rebate

MukatA · Oct 17, 2008, 02:20 AM

If you are on F1, then you are non-resident for 5-years of F1. For 2008, you must file tax return if your income is $3500 or more. To F1 students bank interest is not taxable income.

Even if you are not required to file tax return you must file Form 8843. Read: Your U.S. Tax Return: U.S. Tax Filing Requirements for Non-Residents

AtlantaTaxExpert · Oct 17, 2008, 08:37 AM

MukatA's info is accurate.

To answer the rest of your questions:

1 & 2) As noted, bank interest for a student under an F-1 visa is NOT taxable income to the student. If it were taxable, you would pay the tax with the tax return.

3) He would file a non-resident return and pay the tax with the return. If necessary, the bank can withhold taxes before paying the interest.

4) He can file the tax return from 8 years ago, but, more than likely, he has forfeited the refund due to the three year statute of limitations. The IRS may waive the statute because he was out of country, but probably not.

5) A student CAN earn revenues as noted, but doing so would violate the provisions of his visa in my opinion. Now, if the business is established prior to the student arriving in country, then there should be no problem. But starting and running a business clearly violates the intent of the visa.

Tax query International student, bank income, tax rebate

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