Apr 8 • General discussion 💬
Checking ✅ Saving ❌
If you have filled the form as RESIDENT ALIEN, make sure to move your funds to Checking account instead of saving account. The interest income in your accounts will be reported to IRS if its more than $10 and if you have filled form as RESIDENT, it will mess up in your tax filing.
- Filled as Resident, use interest-free account ( so no interest reporting )
- Filled as NRA, you can use saving account and earn interest as it will be reported accordingly.
I am doing this for now:
- DCU - RA - Checking Account ( Moved yesterday only , I almost missed it. Got some interest already but below $10 )
- SDFCU - NRA - Saving Account - Earning Interest 🤑
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16 comments
Checking ✅ Saving ❌
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