Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-13-2016, 04:21 PM
Junior Member
 
Join Date: Mar 2016
Posts: 1
Resident Alien and non resident alien spouse with bank interest income.

I am a resident alien and my wife is non resident alien (on H4 Visa). However, for tax purpose, I filed joint return last year by showing her as resident. This year she earned a bonus interest income (from opening a bank account, will receive form 1042 as per the bank) and as per IRS, such income is not taxable. This year also, I will file as 'Married, filing Jointly'. In this case, do we need to declare that income?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-15-2016, 12:28 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by gsk290387 View Post
I am a resident alien and my wife is non resident alien (on H4 Visa). However, for tax purpose, I filed joint return last year by showing her as resident. This year she earned a bonus interest income (from opening a bank account, will receive form 1042 as per the bank) and as per IRS, such income is not taxable. This year also, I will file as 'Married, filing Jointly'. In this case, do we need to declare that income?
I guess so aslongas you file your return as mfj with your nonresident alien spouse, you need to declare the nontaxable interest income.the payer needs to file info return of f1042 Form 1042 needs to be prepared to report the tax withheld on certain income of foreign persons, including nonresident aliens, foreign partnerships, foreign corporations, foreign estates, or etc or 2% excise tax due on specified foreign procurement payments;



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Earned Income Credit for Resident Alien mwab09 Miscellaneous 2 04-10-2014 12:39 PM
Need help to identify my status - resident or non-resident alien ? shunmuga For 2013 2 03-26-2014 07:23 PM
Reporting of foreign income of resident alien Temptax Income 3 08-13-2011 03:14 PM
Questions about investment income tax for F1 and resident alien in 1040 form timlee Income 1 04-17-2011 04:59 PM
New Resident Alien and foreign earned income catchow Income 1 02-26-2011 07:06 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.