I have a couple of accounts in India, which are the equivalent of checking accounts, do I need to file taxes on them?

[rgoutham]

These are known as NRI accounts, which I have with 2 banks - Axis bank and HSBC bank. I can report the interest earned from them like in prior years.

[LindaS5247]

Yes, you can report these in TurboTax like you did in prior years. To report your interest from your NRI bank account from India in TurboTax, you would enter interest income under Wages & Income using the steps below. You would convert all foreign currency to USD, and report the gross interest in Box 1, and any foreign tax withheld in Box 6.

You can enter your forms 1099-INT for your NRI accounts manually using the instructions below:

1. Open your return
2. In the search Bar enter Form 1099-INT
3. Select "Jump to 1099-INT"
4. It will ask, "Did you have investment income in 2025?" Select "Yes"
5. Select "Continue"
6. Select "Skip Import"
7. You will Select your investment type which is "Interest"
8. You will "Continue"
9. Then you will see the screen "Let's get the info from your 1099-INT"
10. You will type in the information on that page. Enter your foreign bank name and the amount of your interest
11. Answer the follow-up questions.

If you paid foreign taxes on this income, check the box that says  "My form has info in more than just box 1" to enter any foreign taxes paid in Box 6. TurboTax will use this information to calculate the foreign tax credit, which helps prevent double taxation. 

If the total value of your foreign accounts exceeds $10,000 at any time during the year, you must file a separate FBAR. Click here for FBAR Compliance: Reporting Your Foreign Bank Accounts 

If a FBAR is required, you will use FinCEN Form 114 to report your foreign bank and financial accounts. You generally have to file Form 114 electronically through the BSA E-Filing System (although you can request an exemption from e-filing from FinCEN).

You may also have to file Form 8938, which is used to report specified foreign assets directly to the IRS. Click here for How do I file Form 8938, Statement of Specified Foreign Financial Assets? This form is completed in TurboTax and is filed with  your income tax return.

And a Schedule B may also be required if you receive more than $1,500 of taxable interest or dividends during the tax year. This form is also completed in TurboTax and is also filed with your federal income tax return. Click here for  What Is a Schedule B IRS Form?

Click here for information on entering a Form 1099-INT.

Click here for Report of Foreign Bank and Financial Accounts (FBAR)

Please return to Community if you have any additional information or questions and we would be happy to help.

[rgoutham]

Thanks, that is helpful