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IndianParents with GC dont earn anything in USA.kids take care of them,not claimed as dependent either but they stay with us through out the year.Tax filing required?

They have accounts in Home country India but they dont use that money in USA. It remains in India only.
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5 Replies

IndianParents with GC dont earn anything in USA.kids take care of them,not claimed as dependent either but they stay with us through out the year.Tax filing required?

Since they are US residents (Green Card) they are required to report their worldwide Income.  If they receive income from the accounts in India they have to report that income.

IndianParents with GC dont earn anything in USA.kids take care of them,not claimed as dependent either but they stay with us through out the year.Tax filing required?

Thank you , So they need to declare even if they never used or brought that money into USA ?

If so , does this mean for last few years they are will be considered as no complaint with requirements ?

IndianParents with GC dont earn anything in USA.kids take care of them,not claimed as dependent either but they stay with us through out the year.Tax filing required?

What type of income is being produced from those Indian accounts?  Interest, dividends, sales of investments which would produce a capital gains, retirement account income?

IndianParents with GC dont earn anything in USA.kids take care of them,not claimed as dependent either but they stay with us through out the year.Tax filing required?

Mostly Fixed deposit (Like CD in USA) which will give interest after maturity. All the income in those accounts are earned in India when parents use to work and paid India tax as per requirements. 

 

IndianParents with GC dont earn anything in USA.kids take care of them,not claimed as dependent either but they stay with us through out the year.Tax filing required?

If they are not being claimed as dependents and their gross income from all sources was less than $24,400, assuming that they would file jointly, they would not need to file a tax return.

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