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    qzhan37's Avatar
    qzhan37 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Apr 1, 2008, 10:42 AM
    About my bank interest on CD's
    I came to USA in 2006 with H1-B Visa. I am going to file 1040NR-EZ for my 2007 tax report. I just want to know if my bank interest (CD acounts) is non-taxable.

    Thanks a lot.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Apr 2, 2008, 08:25 AM
    For 2007 you must file resident tax return Form 1040EZ or 1040A or 1040.
    You are not nonresident for tax purpose in 2007.
    qzhan37's Avatar
    qzhan37 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Apr 3, 2008, 07:58 PM
    MukatA,

    Thanks for you response. Why I am not a nonresident? I am single, income less than 40,000, and 2007 is my second year in USA.

    qzhan37
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #4

    Apr 4, 2008, 02:55 AM
    Quote Originally Posted by qzhan37
    MukatA,

    Thanks for you response. Why I am not a nonresident? I am single, income less than 40,000, and 2007 is my second year in USA.

    qzhan37
    You should be happy that you can file resident tax return as you will get standard deduction. On your resident return you don't get standard deduction of $5,350. The days on H1-B are not exempt from Significant Presence Test of 183 days. You have completed SPT in 2007 so you are resident for tax purpose.
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