Received 1042-S for $1 of bank deposit interest. Do I need to file taxes?

Setting the facts:

• You're a non-resident alien, not physically present in the US and not conducting any business in the US during the tax year.
• You have a bank account in the US that earned $1 (one US dollar) in interest throughout the tax year.
• No taxes were withheld from your interest income.
• You received the form 1042-S, reporting this income and the lack of withholding.
• This is your only US-sourced or connected to the US in any way income.

You're asking if you have to file the US tax return (form 1040NR).

The instructions to form 1040NR say this:

File Form 1040-NR if any of the conditions in Table A. Who Must File Form 1040-NR, later, apply to you.

Direct link to the table (as of 2025) is here. The relevant part is:

2. You were a nonresident alien not engaged in a trade or business in the United States during 2024 and:

a. You received income from U.S. sources that is reportable on Schedule NEC, lines 1 through 12; and

b. Not all of the U.S. tax that you owe was withheld from that income.

Interest is reportable on Schedule NEC line 2. Your income from US sources is $1. This is your whole income. US tax forms allow rounding to the nearest dollar, so unless your tax rate is 50% or more, you'd owe $0 in taxes. Interest is FDAP income taxed at flat 30%, so your tax is $0.30, which rounds down to $0.

With these facts we can assume that you do not need to file the return.

If the bank knows you're a non-resident alien (and they do, given that they sent you 1042-S), they will withhold 30% of your income for taxes. Given that that is also the tax rate, you would not need to file a tax return as long as they do it, even if you earn more than $1 in interest. You can check the withholding on the form 1042-S you'd be receiving in the future.

Generally, if the bank lacks a TIN for you they'd not pay any interest until you furnish it, or withhold the maximum required (the 30% in your case) to cover for your taxes.