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question to H1 people
i have question on NRE/NRO account and money savings in it and reporting that in USA as FBAR and then interest amount report in tax filings in usa.
-> NRO Account - 30% tax charged by indian govt on interest amount. do we need to report again this NRO account savings amount and interest amount in US?
-> NRE Account - this is not taxable so we need to report interest amount in US right?
-> Regular Indian Resident Accounts - some NRI people still have regular Resident accounts in india, do we need to report that too in US?
-> Fixed Deposits also there as deposit accounts.
should we add all accounts money in india and check if that exceeds $10K and file FBAR? or do we need to file FBAR for only NRE account and skip NRO account amount?
if we are not planning to repatriate amount from NRE to US back then can we ignore FBAR?
currently my SBI BANK don't provide any 1099 or any other interest earned document.
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if we are married, is it better to have account for wife also in india so that some of them can transfer to spouse account and some of them to our individual account? or joint account in india better? what is the best option. and also maintaining joint account in US better for transferring amount from that account?
i have question on NRE/NRO account and money savings in it and reporting that in USA as FBAR and then interest amount report in tax filings in usa.
-> NRO Account - 30% tax charged by indian govt on interest amount. do we need to report again this NRO account savings amount and interest amount in US?
-> NRE Account - this is not taxable so we need to report interest amount in US right?
-> Regular Indian Resident Accounts - some NRI people still have regular Resident accounts in india, do we need to report that too in US?
-> Fixed Deposits also there as deposit accounts.
should we add all accounts money in india and check if that exceeds $10K and file FBAR? or do we need to file FBAR for only NRE account and skip NRO account amount?
if we are not planning to repatriate amount from NRE to US back then can we ignore FBAR?
currently my SBI BANK don't provide any 1099 or any other interest earned document.
-------------------
if we are married, is it better to have account for wife also in india so that some of them can transfer to spouse account and some of them to our individual account? or joint account in india better? what is the best option. and also maintaining joint account in US better for transferring amount from that account?
