- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
@ramkijan82 , first Namaste
second --- Neither FBAR ( Foreign Bank Accounts ) nor FATCA ( reporting of specified foreign assets) really deals with the intricacies of India's NRE/NRO /PIN etc regime.
third, -- even though India and US does have data sharing agreement in place, FBAR reporting for US persons ( Citizen/Resident--Green Card / Resident for tax purposes ) is mandatory. This is done on line at www.fincen.gov and looking for form 114. This will direct you to BSAe-filing and allow online filling out of the account information for EACH filer. The reporting requirement is to report all financial ( generally deposit accounts i.e. cash holding accounts -- liquid assets ) that you own/ control or have signature authority over -- even if you are only have signature authority like the ones that many have along with their parents/elderly relatives but actually do not operate, if in the aggregate or individually have a balance of $10,000 at the end of the year or at anytime during the year. The filing date of this form 114 is April 15th of each year and the penalty for willful non-filing is very high. My advice to all , is just to report the accounts even if you do not quite meet the threshold -- they get the data from the banks anyways. Note TurboTax does not support the filing of this form.
fourth --- FATCA is reported on form 8938. This form is filed as part of your return and is therefore supported by TurboTax. Here you report all foreign financial assets such as broker accounts. Your PIN accounts would come under this category. There is no tax consequence for this reporting. Immovable investments such as realestate income properties are NOT reported here.
Is there more I can do for you or have I missed something ?
Stay safe
pk