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You use the yearly average of foreign currencies from the IRS for calculating the dollar amounts.

 

You enter the interest from India in Schedule B as bank interest.

 

You can split the interest depending on the number of people if it is a joint account.

 

Yes, you can take credit for the taxes paid in India after including the income in the tax return.

 

  • Open your tax return
  • Search for foreign tax credit
  • Click on Jump to
  • Enter the information