Savings account

[a4apple]

I have some savings in discover account giving me $2k interest every year. Do I need to pay tax on that ? I am currently in UK since more than an year.

[crazyon38]

2k Interest? Do you have 500k parked? Yes. You will need file taxes in the US if you are a US Citizen or otherwise as well.

[a4apple]

10 minutes ago, crazyon38 said:

2k Interest? Do you have 500k parked? Yes. You will need file taxes in the US if you are a US Citizen or otherwise as well.

Dude.. per year. Not per month 🤦‍♀️

[phatposts]

26 minutes ago, a4apple said:

I have some savings in discover account giving me $2k interest every year. Do I need to pay tax on that ? I am currently in UK since more than an year.

1099 vastundi file cheyyali. 

UK VS USA madhyalo tax treaty ela untado kanukko. 

[cascader]

Banks usually generate tax statement (form 1099-INT)  if the interest is more than $10 in a year which has to be reported in your tax returns. US citizens need to file tax returns with IRS even if they live outside US. 

[raccharambola]

31 minutes ago, crazyon38 said:

2k Interest? Do you have 500k parked? Yes. You will need file taxes in the US if you are a US Citizen or otherwise as well.

That little more than 50k total amount Bro

[KothaKurrodu]

CD interest ki kuda tax file cheyala?

[futureofandhra]

1 minute ago, KothaKurrodu said:

CD interest ki kuda tax file cheyala?

bank gives u 1099

[capitalist]

2 minutes ago, KothaKurrodu said:

CD interest ki kuda tax file cheyala?

Yes

[a4apple]

I ain’t a us citizen. Was on L1b visa for 5 years.

[former]

2 hours ago, crazyon38 said:

2k Interest? Do you have 500k parked? Yes. You will need file taxes in the US if you are a US Citizen or otherwise as well.

If it is more than min limit you need file other wise n oo

[a4apple]

1 hour ago, former said:

If it is more than min limit you need file other wise n oo

Also, I am not current resident. I am using my friends address for bank. Does this cause any issues ?

[Konebhar6]

4 hours ago, a4apple said:

I have some savings in discover account giving me $2k interest every year. Do I need to pay tax on that ? I am currently in UK since more than an year.

No you don't need to if your income is below $12,950/yr from all sources in USA.

 

3 hours ago, KothaKurrodu said:

CD interest ki kuda tax file cheyala?

Yes. See above.

 

3 hours ago, a4apple said:

I ain’t a us citizen. Was on L1b visa for 5 years.

Does not matter.

5 minutes ago, a4apple said:

Also, I am not current resident. I am using my friends address for bank. Does this cause any issues ?

No Issues.

[former]

1 hour ago, a4apple said:

Also, I am not current resident. I am using my friends address for bank. Does this cause any issues ?

I don't think so. I was out of US for 2.5 yrs and didn't filed a taxes. You can talk to one of the CPA.