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sarathkra
New Member

I had send $12000 to india on 2016 for paying my student loan in bank. Do I need to file deliquent FBAR for sending more than $10000 in a year in this case ?

 
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pk
Level 12
Level 12

I had send $12000 to india on 2016 for paying my student loan in bank. Do I need to file deliquent FBAR for sending more than $10000 in a year in this case ?

@sarathkra , 

1. there is no requirement to file FBAR for sending  money outwards internationally -- if sent to a person or entity.  However, if this money rested in a bank account  that you own or have signature authority, then to the extent that the balance  in the account rises to the FBAR threshold , then yes you needed to file  FBAR  ( form 114  at FinCen.gov -- generally through BSA e-filing).

2. are you currently a US citizen/Resident ( Green Card )/ Resident for tax purposes ?  How about 2016 calendar year and / or years thereafter?

 

 

Namaste

pk

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2 Replies
pk
Level 12
Level 12

I had send $12000 to india on 2016 for paying my student loan in bank. Do I need to file deliquent FBAR for sending more than $10000 in a year in this case ?

@sarathkra , 

1. there is no requirement to file FBAR for sending  money outwards internationally -- if sent to a person or entity.  However, if this money rested in a bank account  that you own or have signature authority, then to the extent that the balance  in the account rises to the FBAR threshold , then yes you needed to file  FBAR  ( form 114  at FinCen.gov -- generally through BSA e-filing).

2. are you currently a US citizen/Resident ( Green Card )/ Resident for tax purposes ?  How about 2016 calendar year and / or years thereafter?

 

 

Namaste

pk

View solution in original post

sarathkra
New Member

I had send $12000 to india on 2016 for paying my student loan in bank. Do I need to file deliquent FBAR for sending more than $10000 in a year in this case ?

Thanks for clarifying. Yes both times I was US person (h1b/green card)

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