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New Member
posted Dec 15, 2020 12:26:51 PM

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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1 Best answer
Level 15
Dec 15, 2020 7:41:09 PM

@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

2 Replies
Level 15
Dec 15, 2020 7:41:09 PM

@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

New Member
Dec 25, 2020 12:23:28 AM

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