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    manishv1984's Avatar
    manishv1984 Posts: 6, Reputation: 1
    New Member
    		  
    #1

    Feb 11, 2007, 05:35 PM
    Filed Wrong Tax Form
    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 11, 2007, 10:37 PM
    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's Avatar
    student2worker Posts: 28, Reputation: 1
    New Member
    		  
    #3

    Apr 1, 2007, 12:45 PM
    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Apr 5, 2007, 12:11 PM
    International students normally do NOT have to pay taxes on interest income from a bank.
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