Help completing 1040-NR with bank interest only - what fields do I need to fill?
I used to be in the US on a temporary work visa up until last year. I've moved back to my home country in 2024, but I still have some US bank accounts that are generating interest. This interest is now my only source of US income. I know I need to file Form 1040-NR, and I've been looking at it, particularly at fields 2a and 2b which seem related to interest income. But I'm confused about which fields I actually need to complete since my situation is pretty simple - just bank interest, no other US income or connections now. Can someone help me understand how to properly fill out the 1040-NR with just bank interest income? Do I need to complete all sections or can I skip some? I want to make sure I'm doing this right for the 2025 filing season (for 2024 taxes).
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NebulaNomad
The 1040-NR can be tricky when you only have one type of income! For bank interest as your only US source income after leaving the US, here's what you need to know: Fields 2a and 2b are indeed where you'll report your interest income. 2a is for tax-exempt interest (which you probably don't have) and 2b is for taxable interest. You'll also need to attach Schedule NEC (Noneffectively Connected Income) to report this interest. You don't need to fill out every field on the 1040-NR. Focus on the personal information section, filing status, exemptions, the income section (particularly line 2b for your interest), then skip to the tax and payment sections. As a nonresident with only bank interest, you'll generally be taxed at a flat 30% rate unless your country has a tax treaty with the US that reduces this rate. Don't forget to complete Schedule OI (Other Information) which asks about your visa status and days present in the US, as this confirms your nonresident status.
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Natasha Ivanova
•Thanks for the response! This is helpful. I'm from Canada, so I think there is a tax treaty. Does that mean my interest might be taxed at a lower rate than 30%? Also, for Schedule OI, I was only in the US for about 3 weeks this year visiting friends. Do I need to list each specific date or just the total days?
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NebulaNomad
•Yes, the US-Canada tax treaty generally reduces the tax rate on interest to 0% for most Canadian residents, so you may not owe any US tax at all on that interest income. You should indicate the treaty benefit you're claiming on Schedule NEC. For Schedule OI, you don't need to list each specific date of your visit. Just provide the total number of days (21 in your case) you were present in the US during the tax year. Make sure to complete the other parts of Schedule OI regarding your visa status and date you last entered the US on that visa.
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Javier Garcia
I was in a similar situation last year and found that tax document analysis was really challenging. I kept second-guessing myself on which fields applied to my situation. I eventually used https://taxr.ai which was super helpful for figuring out my 1040-NR. You just upload your documents and it tells you exactly which fields to fill out based on your specific situation. It even flagged the tax treaty provisions that applied to my bank interest so I didn't overpay.
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Emma Taylor
•Does it work for all types of visas? I was on an F-1 but now I'm back home with just a US investment account. I'm wondering if it can handle student visa specific stuff.
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Malik Robinson
•I'm a bit skeptical about these tools. How does it handle tax treaties specifically? My country (Philippines) has one with the US but every time I call the IRS they give me different info about how it applies to my bank interest.
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Javier Garcia
•It works for all visa types including F-1 student visas. The system is specifically designed to handle nonresident situations like yours and knows the special rules that apply to former students. For tax treaties, it actually has a comprehensive database of all US tax treaties and applies the specific provisions based on your country and income type. It's much more reliable than calling the IRS, where the person answering might not be familiar with your specific treaty. In your case, it would identify the Philippines-US treaty provisions that apply to your bank interest and tell you exactly how to claim them on your forms.
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Malik Robinson
I just want to follow up about taxr.ai since I mentioned being skeptical earlier. I decided to try it for my 1040-NR with Philippine bank interest situation and I'm really impressed. It immediately identified the correct tax treaty article that applied to my situation (I think it was Article 11) and walked me through exactly which boxes to check and forms to attach. Saved me hours of research and probably a lot in taxes too. Now I don't have to worry about overpaying or making a mistake that might flag my return.
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Isabella Silva
If you're still confused after trying to figure out the forms, don't waste time on hold with the IRS. I spent 3+ hours trying to get through to ask about my 1040-NR last year. Found this service called https://claimyr.com that got me connected to an IRS agent in about 15 minutes. You can see how it works at https://youtu.be/_kiP6q8DX5c. The agent was able to answer all my questions about which fields I needed to complete for my nonresident bank interest situation.
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Ravi Choudhury
•How does that even work? The IRS phone system is notoriously impossible to navigate. Is this service just calling for you or what?
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CosmosCaptain
•Sounds like a scam tbh. Why would I pay someone to call the IRS when I can do it myself? And how do you know the "agent" was actually legit? They might just be pretending.
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Isabella Silva
•It works by using technology to navigate the IRS phone tree and wait in the queue for you. Once they have an agent on the line, they call you and connect you directly. You're actually speaking with a real IRS representative - it just saves you from the hours of waiting and disconnections. No, they're not pretending or answering questions themselves. The service literally just gets you past the wait time, then connects you to the official IRS helpline when an actual agent is available. I was connected to the real IRS tax law department and got official guidance on my 1040-NR questions. It's basically like having someone wait in line for you.
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CosmosCaptain
Ok I need to eat my words about Claimyr. After my skeptical comment, I was so frustrated trying to reach the IRS about my 1040-NR that I gave it a try. Within 20 minutes I was talking to an actual IRS international tax specialist who confirmed exactly which fields I needed to fill out for my bank interest income and explained how the tax treaty with my country affected my rate. Would have taken me days to get this info otherwise. They don't answer tax questions themselves - they just get you through to the actual IRS without the 3-hour wait.
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Freya Johansen
One thing nobody mentioned is that you might need to file state tax returns too depending on where your bank accounts are located. Some states try to tax nonresidents on interest from accounts in that state.
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Natasha Ivanova
•That's interesting and concerning! My accounts are in New York and California. Would I really need to file state returns even though I'm not living in the US anymore?
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Freya Johansen
•It varies by state, but both New York and California can be aggressive about taxing nonresidents. California generally doesn't tax interest income of true nonresidents unless it's from a business conducted in California. New York is similar - if the interest is from a normal bank account and you're a nonresident with no other NY connections, you typically don't need to file. But if the interest is somehow connected to a business in NY, they might want a return. It's always safest to check with a tax professional familiar with those states specifically, as the rules have some nuances.
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Omar Fawzi
Just make sure you're actually considered a nonresident alien for tax purposes. The substantial presence test can be tricky - if you were in the US for too many days over the past 3 years, you might still be considered a resident for tax purposes even after moving away.
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Chloe Wilson
•This is really important! I messed this up once. The formula is: all days from current year + 1/3 of days from previous year + 1/6 of days from year before that. If it's 183 or more, you're a resident and need to file 1040 instead of 1040-NR.
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Anastasia Popova
Great question! I went through this exact situation two years ago when I moved back to Germany but kept my US savings account open. A few additional tips that helped me: 1. Make sure you have Form 1042-S from your bank showing the interest paid - this will help you complete Schedule NEC accurately. 2. Since you're Canadian, definitely claim the treaty benefit on Schedule NEC. The US-Canada treaty typically eliminates tax on bank interest for Canadian residents, so you'll likely owe zero US tax. 3. Keep good records of when you left the US permanently in 2024 - you'll need this date for Schedule OI and it affects your filing requirements. 4. Don't forget that even if you owe no tax due to the treaty, you still need to file the 1040-NR to claim that benefit properly. The process is much simpler than it looks when you only have bank interest. Focus on the personal info, Schedule NEC for the interest income and treaty claim, Schedule OI for the residency info, and you should be good to go!
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