I believed that I had finished things up and moved back permanently.  Many individuals who returned to india after their H1B stay still have some money in their bank accounts in the United States.  It's a small amount, perhaps a few thousand dollars or less.  It's just quietly generating some attention while it sits there. 

At that point, ambiguity begins to surface.  Is the IRS still monitoring the situation based on that small amount of interest?  Could your old savings account become a new source of trouble?  The catch is that the IRS doesn't simply forget about you, even if you have formally left the country.  Technically, any interest received in those accounts, even if it is only a small sum, is considered U.S. income. 

The source is the most important factor in the rule, not the quantity.  U.S. bank funds equal U.S. revenue.  And even after you've moved away, you can still be required to file a tax return there.  Staying safe, preventing future hassles, and keeping everything orderly for the long term are more important than having a large tax debt.  A single missing form can occasionally cause a great deal of confusion.  Therefore, even though the H1B journey may be ended, a brief word regarding taxes may still be necessary.  From the IRS's perspective, quiet money is not the same as invisible money.
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G GOWTHAM

28/05/2025 12:30 PM