Ask Experts Questions for FREE Help !
Ask
    kmsprint's Avatar
    kmsprint Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Apr 7, 2007, 01:45 PM
    F1 to H1, interest income
    Hi,

    I was on F-1 till sep 30, 2006 and then my status changed to H1-B. I received some interest when I was on F-1 and some when I was on H1. Do I need to show all this interest as interest income for federal and state tax purposes, or only the interest I earned after going on H-1 status ( I think students are exempt from showing interest income tax)?

    Thanks.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 17, 2007, 09:06 AM
    You should file as a non-resident alien for 2006. Hence, ALL of the bank interest is tax-exempt for 2006.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Interest Income for Non-resident NY taxes [ 1 Answers ]

Hi, I am filing NY non-resident tax return. I have some interest income from a bank located in NY. Do I count it as a part of NY state income , or exclude it for calculating N state tax? Will this be same for NJ and MD also, as I've lived for parts of the year in these two states (but...

Interest income for G-4 visa holders. [ 1 Answers ]

:confused: Hi! I know that earned income is not taxable for G-4 visa holders, but what about bank interest income? Is there a limit/threshold? For instance, if I earned over $5,000.00 in interest for the year in deposit accounts, is some of that taxable? Also, if I filed taxes with my spouse (who...

W2-C, Interest Income on Refund for 2005 [ 1 Answers ]

Hello: For the 2005 tax year, my employer erroneously withheld social security and medicare taxes in excess of the actual amount I owed. This was due to my being on OPT and then moving to an H1-B. I filed form 843 in 2006 along with form 1040NR-EZ and got my refund from IRS for that amount....

Income Tax on Social Security & Interest Income [ 1 Answers ]

I collect SS, withdraw interest income monthly and sell real estate. I am wondering since my interest income & real estate commissions exceed the SS allowable income cap of $12,000 will my SS for the next year be reduced? Will my real estate expenses be deductible from taxes owed on my...

Reporting interest income on 1040NR-EZ [ 3 Answers ]

Hi ATE, I have read most of tax related topics in this forum and I feel this is a very helpful forum. I need your advise on my status: I was a student until April-2005 (Originally I came on F-1 status in Aug-01), my OPT was started in May-05 and I got job in August-05, my H1-B start date is...

View more questions Search