HI,
I am a resident alien for tax purposes for the last 6 years. In all these years my foreign bank account never had the total amount exceeding $10,000 limit however, there was some money deposited in the account during those years. The sources of those money was (I) the interest from the bank and (ii) the insurance maturity money. Since the total neve exceeded $10,000 limit I never reported it on my 1040 form. Now, I am reading that amount deposited in the form of interest should have been reported to the IRS. So, what are my options now. I don't have my bank account details prior to July 2018 as my bank account was not operational. I can access the interest details after July 2018 only and the money deposited thereafter. For the year 2020 I still have to file my taxes and hence can include all the details but for the prior years what are my options.
You will need to amend your 2018 and 2019 tax returns to include the interest income, and you can include the 2020 interest on your return. If you are a resident alien, the rules for filing income tax returns are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax the same way as a U.S. citizen.
You will need to amend your 2018 and 2019 tax returns to include the interest income, and you can include the 2020 interest on your return. If you are a resident alien, the rules for filing income tax returns are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax the same way as a U.S. citizen.