NRE and NRO accounts in India

Forum|Forum|5 months ago
January 14, 2026
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NRE - This account will be subject to taxation and foreign disclosure if you are filing as a US tax resident

Question: what form to use with TURBOTAX online and what currency to use for reporting i.e., convert into US $ and then report?

NRO - This account will be subject to taxation and foreign disclosure if you are filing as a US tax resident. Any taxes paid in India can be claimed as a foreign tax credit in the USA.

Question: what form to use with TURBOTAX online and what currency to use for reporting i.e., convert into US $ and then report?

Ask the Experts - OBBBA - Jan 2026

AmyC

Level 15

For both accounts, you will report foreign income after converting to USD on the same line as US forms when possible.

For example, bank interest earned can be reported on Sch B.

Wage income from outside the US will be reported as foreign earned income. Under personal income, select less common income and choose Foreign Earned Income.

If you are claiming the foreign income exclusion, use Form 2555. I don't think you are excluding income since you are asking about the foreign tax credit.

The foreign tax credit is claimed by filing form 1116. See Claiming the Foreign Tax Credit with Form 1116 - TurboTax

Please reply back with any further questions about specific incomes and we can better tailor the answer for you.

For more on converting under IRS rules: