Bank send me the IRS tax form
will we have to pay taxes if we have more than 10 grans in the bank account? I am kinda scared and confused. I should have send my money to Nepal.
Did you read it ? Is it 1099 B?
If you have saving account you will earn interest and every financial company need to send tax related information to their customers.
When you do your 2014 tax fling, you have to put that interest as income. That is all.
http://www.irs.gov/pub/irs-pdf/f1099b.pdf
Last edited: 20-Jan-15 07:55 AM
Last edited: 20-Jan-15 07:57 AM
You pay on your earnings!
You might have earned a dollar or two in interest on tha 10k saving. Some tax service tells you do not need to enter anything about that earning if it is less than 30$ or something. I forgot, check the fact with irs and other online sources. Even if you pay, it would be few cents on that couple dollar interest earning.
Khaire's number is not correct:( if not sure do not give the number , that is all , no offense)
Not sure but i read some comment bank do not report to IRS if the interest is less then 8.
I will suggest if it is more than 8, put it on your filing.
Last edited: 02-Feb-15 10:36 AM
I had said, "I forgot, check the fact with IRS". Not asking to believe. In fact, always do you DD.
Do not worry. Bank is not authorized to collect tax on behalf of US government. By law, $10000 is normally threshold for reporting in USA.
They may be sending you w-9 or w-10 forms to check( in layman word )Nationality- I mean to confirm whether you are Nepali, USA. That is important as a record so that you are taxed appropriately- like tax as US resident, foreigners, To confirm and verify- you are a good person who earns money legally and not using those money for bad purpose.
So I see no reason to worry about. It is more about record keeping and documentation thing/ compliance thing for Banks to do as per Bank international policy and government policy.
Don't pay a penny to bank, Just fill out the form, make sure it is in fact sent be the bank,,,,verify the address,,,,complete the form and do send them.
After that do start eating you leftover from dashain and start cooking sel ko roti and enjoy,cheers
The interest rate is shit and they still wanna tax on that? What the heck!!!
Usually If you earned $10 or more, they send you 1099.
on that you will pay about $1 in tax.
it's better to file everything you received the document for.
Please have patience: there is a tax export in sajha and you must follow him. Per our last conversation and I am guessing that he will be millionaire by the time he retires.
Last edited: 05-Oct-17 08:07 PM
i see magorkhe everywhere. SLC pass tax expert.
as for the concern regarding OP, it doesn't matter even if you hold millions in your bank account. You just need to show your proof of income and IRS has nothing to do with how much money you have in the United States. That 10K rule is normally for US person who has money overseas. US Department of Treasury requires you to report FBAR if you hold foreign accounts and have exceeded $10K (Balance) threshold even if you held that money for a day.
As for interest earned is concern, there's no set of guidelines. Normally big banks report all interest paid regardless of how much you earned. I have seen 1099 INT (oh yeah magorkhe its 1099 INT not B, please do some research man. How hard is it to google? oh you actually googled and yet gave wrong info. Did you even see what 1099 B is?) as low as 68 cents. It's better to report all then be non-compliant.
Hope this help and yeah circular 230 rules applies here too.
Last edited: 05-Oct-17 01:52 PM
see magorkhe, this is how you keep provoking people and play victim card at the end.
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