I and my spouse have recently been granted green card under family sponsored programme. I am about 80 years and my spouse is about 75 years old. We are citizens of India having worked there till retirement. We have an apartment in India and we have investments in bank deposits which earn interest of about $ 26,000 per annum. It includes dividend income from Indian companies of $ 300. We file income tax returns in India individually and pay taxes there. We have no income in the United States. We are staying with our children who are US citizens. We may go back to India next year and by which we do not lose the resident status there. At the same time we satisfy the 183 days rule in the US. We have no earned income in India except that my spouse gets government pension which is equivalent to about $ 3000 and it is included in the aforesaid income of $ 26,000. The total taxes we paid in July 2013 in India amounts to about $ 1000. We have no insurance in the US. We wish to know the following:
(i) Whether the interest, dividend and pension income of $ 26,000 is exempt from tax in the US?
(ii) Have we to file a tax return in the US in 2013 and if so in which form.
(iii) Where should we disclose the foreign income of $ 26,000 in the tax return?
(iv) If there is a tax liability, what is the amount of such liability?
(v) Can we use the currency exchange rate to be notified by the treasury in December 2013 for converting the foreign income?
(vi) Is there is any other obligation apart from reporting our foreign assets to the treasury?