Tax Experts, @ThomasM125 @JohnB5677
I am a US citizen and have a bank account in India. We had some agricultural land that we sold in 2021 and got money deposited in NRO account (joint with spouse). Now, at one point of time during year - we had around ~$200k and then we got ~110k transferred to our bank in US (joint account) in November. Based on reading comments - I downloaded interest statement (1/1/2021 to 31/12/21) and it comes out ~$6000. Bank also deducted TDS ~$2000 for same period. Now, I need help in validating few points that I learnt from this community:
1. I have to show max amount ~$200k in form 8938. Do I need to show or add interest too in 8938 OR where we added other 1099INT even it is less than $10000?
2. Should I use ~$2000 as foreign tax credit and enter that also in turbo tax?
3. Is there any further action for money transferred since it is from our NRO account to our US account?
4. I will also be filing FinCEN 114 (FBAR) is my understanding.
Am I missing anything? Is this right way of handling this situation?
Please guide and help!
Thanks
