Question 1

Do I need to report bank interest to IRS?

Accepted Answer

Yes, banks report interest income over $10 to the IRS via Form 1099-INT, which you must include on your tax return. All interest is taxable, regardless of amount, though amounts under $10 aren't automatically reported.

Question 2

Can I have a bank account in a foreign country?

Accepted Answer

Yes, as a non-resident you can open foreign accounts, though requirements vary by country. You typically need passport, proof of address, and sometimes minimum deposits. Consider tax implications and reporting requirements.

Question 3

What is an escrow account for a mortgage?

Accepted Answer

An escrow account is managed by your lender to pay property taxes and homeowners insurance on your behalf. You pay a portion of these costs with each monthly mortgage payment, and the lender disburses funds when bills are due. This ensures these important expenses are paid on time and helps you budget by spreading costs throughout the year.

Question 4

Can automatic payments overdraw my account?

Accepted Answer

Yes, automatic payments will process even with insufficient funds, causing overdraft fees. Monitor your balance, set up low-balance alerts, maintain a buffer, or link overdraft protection to avoid fees.

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Frequently Asked Questions

Do I need to report bank interest to IRS?

Can I have a bank account in a foreign country?

What is an escrow account for a mortgage?

Can automatic payments overdraw my account?

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