Foreign Accounts - Interest Reporting

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Question:

Does the bank need to report the interest earned on an account of a foreign individual with a SSN not valid for employment? Does it need to report the interest earned on an account of a foreign individual with a SSN valid for work only with DHS authorization? Does it need to report interest earned on an account of a foreign individual with ITIN?

Answer:

Interest reporting on Canadian non-resident aliens is required on Form 1042-S. If you performed back-up withholding on a non-resident alien, I believe you have to report that also on a different form, but it has been a while since I looked at it.

First published on BankersOnline.com 2/25/08