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-   -   Interest on Resident Saving Accounts/Fixed Deposits (https://www.askmehelpdesk.com/showthread.php?t=458359)

  • Mar 17, 2010, 08:45 AM
    aaron385
    Interest on Resident Saving Accounts/Fixed Deposits
    I have resident savings account in India (and some Fixed Deposits). I am in USA for 6 years but never converted my residents accounts to NRO or NRE.

    The aggregate interest earned on all accounts in 2009 is approx $500. I don't file taxes in India as the total interest income is less than INR60K so I am not liable to pay any tax.

    Do I need to report this interest income in USA Tax return and pay taxes on this?
  • Mar 18, 2010, 05:25 AM
    MukatA

    Yes, you must report worldwide income on your tax return. Another filing requirement is Form TD F 90-22.1. Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income

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