I am an Indian working in US on H1B visa. I pass the substantial presence test and will be filing as a resident alien this year. I am little confused on how to report the interest on the Indian Fixed Deposit account. When I created these FD I choose to receive the interest on maturity. So here is my situation
- FD1 - Opened Dec-1-2014, Matured Dec-1-2015 (Auto Renewed with interest)
- FD2 - Opened Jan-5-2015, Matured Jan-5-2016 (Auto Renewed with interest)
Now, In my 2015 1040 form I just need to report interest received on FD1 right (as FD2 is not matured by Dec 31st)?
In both the FDs, the bank shows me the accumulated interest on the FD till present date, but it will only be payed out on maturity.
Also, In FBAR how should I report the total amount in the account?