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US Checking & Savings Accounts

  • 09-03-2015 7:37pm
    #1
    oB1
    Registered Users, Registered Users 2 Posts: 706 ✭✭✭


    I opened a US Checking & Savings Account with Bank of America in 2013 while on a J1.

    I kept it open (am i allowed ? not sure..) -- i had a small amount of salary left over that i never withdrew before i left, time went by and i just forgot about it. I had a small re-occurring payment setup that transferred monies from checking in to savings every month.

    Recently, i got a notice to say that BofA sent a "Statement of earnings, form 1099INT" to the IRS.. it said i made 23USD on interest for last year, and paid 8.16USD in tax.

    coupla questions :P

    1. Does that mean i now have to file..
    2. Am i even allowed to file..


    has anyone any experience with this?


Comments

  • #2
    Ponster
    Moderators, Recreation & Hobbies Moderators Posts: 10,912 Mod ✭✭✭✭Ponster


    If your 2014 earnings are less than $10,000 then you don't need to file.

    Someone else may come along who knows more than me though. I lived there for a few years and am currently filing for 2014.


  • #3
    spideog7
    Registered Users, Registered Users 2 Posts: 1,230 ✭✭✭spideog7


    RobertHopkins wrote: »
    I opened a US Checking & Savings Account with Bank of America in 2013 while on a J1.

    I kept it open (am i allowed ? not sure..) -- i had a small amount of salary left over that i never withdrew before i left, time went by and i just forgot about it. I had a small re-occurring payment setup that transferred monies from checking in to savings every month.

    Recently, i got a notice to say that BofA sent a "Statement of earnings, form 1099INT" to the IRS.. it said i made 23USD on interest for last year, and paid 8.16USD in tax.

    coupla questions :P

    1. Does that mean i now have to file..
    2. Am i even allowed to file..


    has anyone any experience with this?

    If you made $23 at today's interest rates you must have a fair lump in there. You'll have to file if you want the $8.16 back, otherwise you should be grand.


  • #4
    oB1
    Registered Users, Registered Users 2 Posts: 706 ✭✭✭oB1


    spideog7 wrote: »
    If you made $23 at today's interest rates you must have a fair lump in there. You'll have to file if you want the $8.16 back, otherwise you should be grand.


    literally have $45 in that account:

    BofA.JPG



    Interest.JPG


    thanks, hopefully all will be ok


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