Hi,
Myself and my daughters are US tax payers. My wife and I have couple of Fixed Deposits and a stock trading/brokerage account in India for which my daughter is a beneficiary. She would receive the assets eventually. The total amount is about 150K US Dollars. Annually, these accounts brings in less than USD 10K in interests/Dividends/returns. I am filing the Income tax Returns and paying taxes myself both in India and US for these interests/dividends/returns. These interests stay in India and not repatriated.
Does she have to report these Fixed Deposits accounts and the brokerage account in her 1040 form 8938 Form even though she is not paying taxes in India?
I accidentally submitted the info in 2023 returns and now I realize I did not need to report. Will it be a problem not to report this this year 2024?
Advice requested.
GKR
