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
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
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