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NRA bank interests

NRA bank interests

Old Dec 11th 2023, 1:07 am
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Default NRA bank interests

Several quick questions. Because of the suddenly suprised change, I have to go back to UK and want to leave the US bank open, how to deal with it? Both my husband and I are NRA in the next year.

1. I think I may get some interests from the US bank (including CDs). I assume I need to report the interests to HMRC when I come back. Do I still need to report the US interests to the IRS every year? Based on https://www.irs.gov/individuals/international-taxpayers/nontaxable-types-of-interest-income-for-nonr... and https://www.irs.gov/individuals/inte...ns-from-income, it is very clear by IRS that bank interests (including CDs) are not taxable and there is no need to report them on the 1040-NR. Therefore, I want to know whether someone has the experience in it.

2. How about credit card ? I think there are no effects on the US credit card at all?

3. I
s there any limit how much I can pay for my husband and to report? I know that if it is the medical payment for my husband (he may need to come to US for medical check), it is unlimit and I do not need to report it (and no tax). How about paying the meals and accomondation if we live together or him living himself by using my US bank account (he doesnt have it and it is more convenient to use mine)?

4. If I suddenly lost the job, can I apply for the unemployment benefit in UK when I go back?

Thanks,
H
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Old Dec 11th 2023, 4:24 am
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Default Re: NRA bank interests

Originally Posted by Helen1234
Several quick questions. Because of the suddenly suprised change, I have to go back to UK and want to leave the US bank open, how to deal with it? Both my husband and I are NRA in the next year.

1. I think I may get some interests from the US bank (including CDs). I assume I need to report the interests to HMRC when I come back. Do I still need to report the US interests to the IRS every year? Based on https://www.irs.gov/individuals/international-taxpayers/nontaxable-types-of-interest-income-for-nonr... and https://www.irs.gov/individuals/inte...ns-from-income, it is very clear by IRS that bank interests (including CDs) are not taxable and there is no need to report them on the 1040-NR. Therefore, I want to know whether someone has the experience in it.

2. How about credit card ? I think there are no effects on the US credit card at all?

3. I
s there any limit how much I can pay for my husband and to report? I know that if it is the medical payment for my husband (he may need to come to US for medical check), it is unlimit and I do not need to report it (and no tax). How about paying the meals and accomondation if we live together or him living himself by using my US bank account (he doesnt have it and it is more convenient to use mine)?

4. If I suddenly lost the job, can I apply for the unemployment benefit in UK when I go back?

Thanks,
H
I cannot answer your questions but I wanted to clarify a few things.

NRA means Non Resident Alien right? Meaning you have work visas, not green cards?
And you are considering abandoning them and returning to UK right?
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Old Dec 11th 2023, 5:30 pm
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Default Re: NRA bank interests

Originally Posted by RICH
I cannot answer your questions but I wanted to clarify a few things.

NRA means Non Resident Alien right? Meaning you have work visas, not green cards?
And you are considering abandoning them and returning to UK right?
Hi

At the moment, I have H1B. I have 60 days to find the new job. If I cannot find it, I will go back to UK. When I am in the UK, I do not have any visa and I can apply for ESTA or tourism visa to go back to USA again.

Regards,

H
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