I’m currently on F1 OPT and I opened an interest-bearing checking account with Bank of America. They sent me a form called Form W-8BEN to fill out so that they cannot withold tax for any interest I received from the account. I googled the meaning of the Form W-8BEN and I learned that it is used to stop banks from witholding 30% of your interest since federal laws prohibits non-resident aliens from paying taxes on bank interests. Now, I want to confirm if it is okay for F-1 OPT students to fill this form or to own interest-bearing checking or saving accounts. Any one who was in similar shoes on F1-OPT, opened an interest-bearing checking/savings account, filled the Form W-8BEN and had no issues with it? Thanks
Fill it out. Same taxation for capital gains as well
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No issues and checking interest for BOA is like 0.1% or so. You will get pennies in interest. Fill it and forget it.