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Regarding Form 1040NR US nonresident alien income tax

return: where do you report...
regarding Form 1040NR US nonresident alien income tax return: where do you report U.S bank interest on the form
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Answered in 4 minutes by:
2/14/2017
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
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Hi, my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.

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US bank interest would be reported on line 9a of form 1040NR.

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Customer reply replied 1 year ago
I thought US bank interest is exempt from taxable income. why it would include in 9a?

What kind of interest is it?

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Customer reply replied 1 year ago
Interest income from bank at USA such as Wells Fargo, Bank of America etc

This would be taxable interest. US Government interest would not be taxable.

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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,986
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. I am a different expert. Lane here.

...

You don't report interest of a non-resident alien from a U.S. bank account because it is EXCLUDED interest.

...

When interest is excluded, you can take that literally .. meaning that you EXCLUDE it from the form.

...

See this from IRS:

...

"U.S. Source Interest Income that is not connected with a U.S. trade or business is excluded from income if it is from:

  • Deposits (including certificates of deposit) with persons in the banking business,
  • Deposits or withdrawable accounts with mutual savings banks, cooperative banks, credit unions, domestic building and loan associations, and other savings institutions chartered and supervised as savings and loan or similar associations under federal or state law (if the interest paid or credited can be deducted by the association), ..."
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Thanks,

Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents, since 1986.

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Customer reply replied 1 year ago
That's what I thought. Thank you
Customer reply replied 1 year ago
Just double check, don't we have to show it as exempt interest income somewhere on the Form 1040NR?

No, as I said, it's EXCLUDED. Excluded from income means it's excluded from the return.

...

Please let me know if you have ANY questions at all, before rating me.

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Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents since 1986

Lane
Lane, JD, CFP, MBA, CRPS
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Customer reply replied 1 year ago
thank you
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Lane
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