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What interest income should be reported in US tax income by Indian citizens?

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  • What interest income should be reported in US tax income by Indian citizens?

    Hello,
    I am currently on H1B visa and reside in California. I have NRE, Fixed Deposits and savings account in my name India. I know I have to report interest earned on NRE accounts in federal and state taxes. However do I need to report interest income from savings account or fixed deposits , especially if all the money deposited in them was by my parents and I never deposited any income I earned into these accounts. I want to know for both federal and CA tax. I asked couple of CPAs and they said I need to report but just wanted to know from more sources.

    Thank you

  • #2
    Originally posted by cipher20 View Post
    Hello,
    I am currently on H1B visa and reside in California. I have NRE, Fixed Deposits and savings account in my name India. I know I have to report interest earned on NRE accounts in federal and state taxes. However do I need to report interest income from savings account or fixed deposits , especially if all the money deposited in them was by my parents and I never deposited any income I earned into these accounts. I want to know for both federal and CA tax. I asked couple of CPAs and they said I need to report but just wanted to know from more sources.

    Thank you

    Hi, i have also same question. NRE account is non taxable by indian bank so we need to report that interest to USA FBAR while preparing tax. i have FD ( two FDs 5L each) in india regular account and may be it treated as NRO account but it is taxable by indian bank. so do we need to report in usa for only NRE accounts or for NRO/Regular indian accounts also?

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