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Level 4
June 7, 2019
Solved

Fbar requirement and showing interest from foreign bank for non resident alien ?

  • June 7, 2019
  • 5 replies
  • 83 views

I am currently on F1 student visa working on my OPT. I am a non resident alien and fill 1040NR. I sent more than 10K to my Indian bank account. Most of the amount, I sent back to my mothers account as I had taken education loan from her. I also earned some interest on the amount. Do I need to pay Fbar or show the interest while filling my tax form ?

    Best answer by pk_

    We really need to know when you first entered USA with F-1--- was this your first visit?  The reason is -- firstly,   if you are still a non-resident alien, then your interest earned in India is not subject to US taxes ;   secondly, TurboTax does not support the form 1040-NR which you needed to file and thirdly, FBAR regulation applies only to US Citizens/ Residents ( Green Card ) and Resident for Tax Purposes.

    Did the income while in the USA bank earn some interest ?

    So we need info from you before providing a response, please 

    Namaste ji

    5 replies

    Alumni - Champ
    June 7, 2019
    TT does not support non-resident alien tax forms.
    pk_Level 15Answer
    Level 15
    June 12, 2019

    We really need to know when you first entered USA with F-1--- was this your first visit?  The reason is -- firstly,   if you are still a non-resident alien, then your interest earned in India is not subject to US taxes ;   secondly, TurboTax does not support the form 1040-NR which you needed to file and thirdly, FBAR regulation applies only to US Citizens/ Residents ( Green Card ) and Resident for Tax Purposes.

    Did the income while in the USA bank earn some interest ?

    So we need info from you before providing a response, please 

    Namaste ji

    yashKAuthor
    Level 4
    June 12, 2019
    I am on F1 visa from Aug 2015 (less than 5 years). This is my first time visa for US. My F1 is expiring in 2020