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    aaron385's Avatar
    aaron385 Posts: 1, Reputation: 1
    New Member
     
    #1

    Mar 17, 2010, 08:45 AM
    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?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #2

    Mar 18, 2010, 05:25 AM

    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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