Income Tax filings in the US for non-US resident alien

[Caronter]

Hi. I am a non-US resident who lives in South America (Chile).

Last year I opened a $25k+ brokerage account in the US with the purpose of swing trading stocks. As a result I had to submit a W-8BEN form, which means that the income generated by my trading activity pays 30% Income Tax. Currently my stocks broker firm in the US automatically withholds that 30% income tax from my earnings.

Question: I'm I expected to fill and submit any sort of Income TAX forms for the US IRS now in April 2021, considering that my stock broker already withheld the 30% Income tax from my account ? (Note: I haven't had any other kind of transaction nor income in the US, other than this).

Thanks in advance,

Carlos

 

[MasterOfCoin]

I expected to fill and submit any sort of Income TAX forms for the US IRS now in April 2021, considering that my stock broker already withheld the 30% Income tax from my account ?

No.

 

[Rufus_Leakey]

You probably don't need to file U.S. income taxes.

U.S. Taxes

international.schwab.com

As a general rule, foreign investors (i.e. non-U.S. citizens and residents) with no U.S. business are typically not obligated to file a U.S. tax return, including on income generated from U.S. capital gains on U.S. securities trades. Instead, when investing with Schwab as their broker-dealer, Schwab will withhold the required U.S. taxes on U.S. income and gross proceeds, as applicable, and pay the withheld tax and report to the IRS directly.

Foreign investors must continue to certify their non-U.S. citizen and resident status through submitting required documentation (ex: the applicable W-8 form) and may be able to receive reduced U.S. tax withholding by identifying the country where they claim to be a resident for income treaty purposes.

The U.S. does not have a tax treaty with Chile , so you are not eligible for a reduced witholding rate.

United States income tax treaties - A to Z | Internal Revenue Service

Review tax treaties between the United States and foreign countries. The treaties give foreign residents and U.S. citizens/residents a reduced tax rate or exemption on worldwide income.

www.irs.gov