I am a second holder of a joint savings account in Indian post office (Money is completely deposited by the primary holder from his retirement, its a monthly income account). Primary holder declares the interest in his tax returns in India and pays necessary taxes. Do I need to list this account in FBAR as the account value is > $10,000 ? Do I need to pay taxes on interest in US? If so, on what share of the interest do I need to pay the taxes? Does primary holder need to pay taxes in India on rest of the interest?
Can the tax on whole interest be just filed and paid with Tax returns in India by primary holder in his tax return and can be ignore here? If that's possible, do I need to indicate that in the tax return here?