pk
Level 15
Level 15

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