[raghav_s_81]

I work in the US (H1-B status). I have an NRE account with ICICI bank. I have some questions regarding this.

a. Is the interest earned on this account taxable in the US? If so, what are the forms that I need to fill out for this?

b. Should I declare this account information to the IRS while filing taxes

[MukatA]

A U.S. resident or citizen must report worldwide income.

[IntlTax]

Yes, you should include the income on your U.S. tax return. If the balance of the account exceeds $10,000 at any time during the year, you should complete Form TD F 90-22.1 and check "yes" at the bottom of Schedule B to Form 1040. There is a $10,000 penalty for failing to file Form TD F 90-22.1.

[MukatA]

Yes, you should include the income on your U.S. tax return. If the balance of the account exceeds $10,000 at any time during the year, you should complete Form TD F 90-22.1 and check "yes" at the bottom of Schedule B to Form 1040. There is a $10,000 penalty for failing to file Form TD F 90-22.1.

It is not clear if a person who has become "Resident for Tax Purpose" is required to File Form TD F 90-22.1.
The instructions say the every United States Person must file this form if... under Department of Treasury Regulation 31 CFR 103.

[IntlTax]

You seem to be suggesting that because the law is unclear, there is no need to mention the existence of Form TD F 90-22.1, and that resident alien individuals should risk not filing it. I can't imagine why resident alien individuals would want to risk the $10,000 penalty by not filing this simple form.

Further, it seems quite clear to me that resident alien individuals are required to file Form TD F 90-22.1. Internal Revenue Code Section 7701(a)(30) defines the term "United States person" as "a citizen or resident of the United States . . . " I am not sure what is unclear in this definition. If your argument is that the requirement to file Form TD F 90-22.1 is under a different title of the United States Code (Title 31) than the Internal Revenue Code (Title 26), I think that this is a very weak argument.

Further, the website of the section of the Treasury Department that administers the filing of Form TD F 90-22.1 (FINCEN, or Financial Crimes Enforcement Network) provides the same definition of a United States Person. See Regulatory: BSA Compliance Information .

[IGotIt]

I got that we should report interest earned on NRE account to IRS. But If I am not bringing that money to US then is it taxable in US ?