(For Indian) Do you receive 1099-INT from Indian Banks for NRE account
I had Citi bank account for NRE/O in India, they used to send me 1099. I switched to icici and haven’t gotten any 1099. Do they send it? How do I report my income now? Thanks in advance!
Indian banks do not send 1099s. You'll have to get your interest income by checking your account statements. As for FBAR, you only need to file it if the total of all your foreign financial assets exceed $10,000 anytime during the last year. You can do that stuff yourself, CPA not needed but if you are not very conversant, CPA can help.
I had CITI bank account in India and they sent me 1099 for my NRE but it makes sense because they’ve branches and establishment in the USA. But now I opened ICICI and they don’t I guess. Now a question, where should I declare this interest income? Any idea? Which part of 1040?
Same place where your US interest income would go, schedule B. Also, if you have any foreign capital gain or dividend income, that too would be declared in the same forms as if it were in US, schedule D or B.
U don’t need a 1099 for it , you need to file a FBAR along with a IRS . Check with a cpa
You also need to declare that income as if you received 1099int
FBAR only if you have more than 10k.