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    pal123's Avatar
    pal123 Posts: 6, Reputation: 1
    New Member
    		  
    #1

    Feb 20, 2007, 11:11 AM
    Reporting Interests in tax return
    Hi again,

    I have some savings which earned some interest in 2006. Do I need to report this in my tax return, regardless of the amount? I do not work, but is considered a resident alient for tax purposes.

    One of my husband's banks is requesting him to fill up W8-BEN but I think he needs to fill up form W-9. Kindly confirm.

    Thanks,
    pal123
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 20, 2007, 11:15 AM
    Pal123:

    If you file as a resident alien, he needs to fill in W-9.

    If the interest is over $10, it should be reported, as the bank has sent a Form 1099-INT to the IRS. If it is under $10, it does not need to be reported on your tax return.
    pal123's Avatar
    pal123 Posts: 6, Reputation: 1
    New Member
    		  
    #3

    Feb 20, 2007, 11:24 AM
    Thanks again. Appreciate all the help.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Feb 20, 2007, 11:12 PM
    Glad to help!
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