I am a South Korean citizen, living in South Korea.
The last time I was in the US with a visa was in 2021 as an F-1 student. (In 2023, I was in the US for a week or so with ESTA.)
Would I be considered a non-resident alien?
I have a savings account in the US and received 1099-INT but have no other income to report.
Do I need to file 1040-NR?
Looking at the IRS website, it sounds like interest income from savings account is nontaxable for nonresident aliens?
Correct. The IRS states in Nontaxable Types of Interest Income for Nonresident Aliens: Nonresident aliens (NRAs) are not taxed on certain kinds of interest income, including but not limited to certain portfolio interest and deposit interest, that is not effectively connected with a U.S. trade or business per Internal Revenue Code subsections 871 (h) and (i), respectively, provided that such interest income arises from one of the following sources:
Thank you for your reply.
So should I file a 1040-NR and report zero income?
Hello,
Since I am a nonresident alien engaged in a trade or business in the US, it seems like I am required to file 1040NR and report no taxable income. I have the following related questions:
1. Can I file 1040-NR by June 15th (17th in 2024) since I "didn’t receive wages as an employee subject to U.S. income tax withholding"?
Although I received interest from a savings account in the US, the IRS website says interest income from savings account is nontaxable for nonresident aliens. However, it also says:
"If NRAs use Form 1040-NR, U.S. Nonresident Alien Income Tax Return, to report their income, then such nontaxable interest income shall not be reported anywhere on Form 1040-NR except in response to question L on page 5 of Form 1040-NR."
2. If I am not reporting any income, do I still need to report the nontaxable interest income?
If I do, I'm not sure what to say for Question L on page 5 (Schedule OI - Other Information) of 1040-NR because
Question L is for Income Exempt from Tax under a tax treaty with a foreign country
while the IRS website says interest income is nontaxable per Internal Revenue Code rather than a tax treaty.
Thank you for your help.