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Get your taxes done using TurboTax
@confusedabd , assuming that you are A US person ( citizen / GreenCarxd / Resident for Tax Purposes ),
(a) for interest earnings you enter the details just as of you have had a 1099-INT -- this is foreign source income, for purposes of US return. Any taxes levied/paid to India on this is eligible for Foreign Tax Credit / deduction . Note that there is safe harbor amount ( US$300 per filer i.e. US$600 for a joint return ) for foreign taxes paid that requires nil form 1116.
(b) On pension distribution from sources in India , the tax treatment in the USA depends on the source of the income --- so please tell more about this . This is addressed in the US-India Tax Treaty.
I will circle back once I hear from you .
Namaste ji.
pk
‎August 17, 2024
10:53 AM