Interest Income (continued)
Antoine is a junior at a state university. He is in F-1 immigration status. When he came to the U.S. to study, his parents gave him $20,000 for expenses. He loaned $5,000 to his cousin, a U.S. resident. His cousin paid him $1,050 last year ($1,000 of principal repayment and $50 interest). He deposited the remaining $15,000 in the college credit union and earned $300 interest. Does Antoine need to report any of the interest earned?