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Savings and Investments

(For Tax Year 2013)

If you have a checking or savings account which earns interest, a certificate of deposit (CD) or other cash investments, you receive each January a form from your bank or investment institution called a 1099 INT or 1099 DIV. This form shows the interest or dividends you earned on your savings or investments for the previous calendar year.  This information is provided to you for tax purposes, and is also reported to the Internal Revenue Service (IRS) by your bank or investment institution. It is important to save these interest statements, because in SOME instances, you may be required to report the interest or dividend income on your income tax forms. 
  
International students who have been continuously in F-1 or J-1 status for five years or less (entered the U.S as F-1 or J-1 2009 or later) generally file income tax forms as non-residents, and are usually not required to report interest as earnings, although dividend income MUST be reported. International students who have been continuously in F-1 or J-1 status for MORE than five years (entered the U.S. as F-1 or J-1 2008 or earlier) generally file income tax forms as residents for tax purposes, and are taxed on all world-wide income, including interest.  However, residents for tax purposes also have greater benefits under the tax laws, such as larger income deductions, deductions for dependents, etc.

International Student and Scholar Services staff are neither qualified nor permitted to give individual tax advice. Tax assistance is available at:

http://www2.binghamton.edu/isss/taxes/taxsem.html

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Last Updated: 2/14/14