Hi,
I am filing jointly with my wife. Both of us have Indian bank accounts. We get some interest in those accounts and we get taxed in one of those accounts as well.
I went through several questions in this community. This is my understanding-
1. You put interest income in 1099-INT pretending you got that form from foreign bank. Also, you put foreign tax in box 6. Is that correct? What about Foreign tax credit section? Should I use that for taxes deducted on these Indian account? Or should I use box 6 in 1099 INT? It is a bit confusing as I see both of these answers in the community.
2. There are two types of questions that confuses me in Foreign Accounts section of Income.
I check "I had a bank, broker or other financial account in foreign country" but this also looks something that can be checked - "I signed on or had other authority over a bank, broker or other financial account in a foreign country". What to do here?
3. Also, in subsequent pages, it asks about "foreign trust"- "I inherited an interest in a foreign account owned by a foreign trust." Is my foreign bank a foreign trust? Because IF I answer yes to that, it says "You May Need to File Form 3520". I am not sure about this. Our banks are ICICI bank FYI.
