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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4027
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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Hi, Im not a USA citizen. Im traveling here on a B1 visa.

Resolved Question:

Hi,

Im not a USA citizen. Im traveling here on a B1 visa. I have opened a personal bank account so I can use my private money here. Im not receiving any paychecks here only transfers from Slovenia, from my personal savings account. I have opened the account at Chase bank and they want to offer me 100 USD for opening the account. The account was opened in March 2010.

I do not have any US source income - no salary.

My questions are:

- Can I take the 100 USD if Im not a US citizen and do I have to report it to IRS

- If I don't take the 100 USD do I still need to fill out a tax report

- When do I need to fill out the tax report and do I need to if I just keep the account open and don’t take the 100 USD

- Will I pay any tax only on the opened account

( I have a checking account where I have no Interests )

- where can I find a CPA that will create the report for me

- If I need to fill the tax in 2011, when do I need to apply for the Tax Id number?


I appreciate your answers.


br,

Alex
Submitted: 4 years ago.
Category: Tax
Expert:  Stephen G. replied 4 years ago.

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

 

Take the $100. The only reason you would need a tax ID number is XXXXX the bank required it. There will be no tax on the $100. too small, although the US will gladly accept a donation as with all the money we waste, we need the money.

 

Good luck & Welcome to America.

Customer: replied 4 years ago.
Hi,

thanks for your statement. My bank did send a college of mine the Fill in tax ID form. He earned in one month 2 cents of interest and has now closed the savings account.
Will he need to Fill the tax ID form or can he be exempt.

do we as visitors with no income need to fill the tax report and do we need to report to anyone our bank account and status on it?

I would like you to be a bit more specific on the matter of Tax report.

thanks you for your answers.

Br,
Aleksander Cvetkovski


Expert:  Stephen G. replied 4 years ago.

 

No tax report (a Form 1099 by the bank) will be due if you only have a de minimis amount of interest (under $10.) Even then, you would not be required to file a tax return unless you had several thousand dollars of income.

 

The issue really isn't with the tax return; the issue is whether or not the bank will even open an account for you without a tax ID number.

 

Your friend doesn't need to file any type of tax return, nor will the bank report the 2 cents worth of interest to the IRS.

 

If you are still concerned, perhaps you should visit or call your embassy here in USA so that they can reassure you.

 

Out of curiosity, I looked up your country's travel information on the Internet & it really looks like a beautiful country.

 

I hope you're ready for the heat & humidity in Florida that will be coming in May - September. New England (where I live), as I'm sure you know, is much different than Florida. We even have snow in the winter.

 

Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4027
Experience: Extensive Experience with Tax, Financial & Estate Issues
Stephen G. and 6 other Tax Specialists are ready to help you

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