Reporting and filing Income Tax in America for Mutual Fund dividends earned in India.
We have just immigrated from India. My source of income in India is dividends from Mutual Fund and sales proceeds for the same. The same are tax free in India and have been reported (and tax paid when needed) as per India's Income Tax laws. I want to transfer some amount from that dividends and sales proceeds to America. I have two queries. 1. How do I declare the same in the Income Tax filing in America? 2. Do I have to pay tax on such income earned, reported and filed in India and transferred to America by wire transfer?