If you have accounts at several different banks (e.g., ICICI and HDFC), you cannot combine them. Each financial institution must have its own dedicated section or entry in your filing. This allows the treasury to identify exactly where the funds are located.
This is especially critical if you need to file a FBAR report or an 8938 in your return. If you are filing the FBAR, you only need to file if the aggregate value of all your foreign accounts exceeded $10,000 at any time during the year. If you hit that threshold, you must report all accounts, even those with very small balances. Here is the website to prepare your FBAR. report.
For the 8938, you would need to file if:
- If filing single, if your balance is over $50,000 at the last day of the year or $75,000 at any time, you will need to file a 8938. This form is available in TurboTax. ($100,000/$150,000 if Married filing Jointly)
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