Hi
* I have been in the US since 2008 and on a H1b since 2010. I got married in Nov 2015 and my wife arrived in the US on Dec 15 2015. For 2015’s taxes, we filed taxes using ‘married filing jointly’ and treated her as a resident for tax purposes.
* While filing 2015’s taxes, we did not realize that there were a few fixed deposit accounts on her name amounting to roughly $15,750 (which is above the limit of $10,000 for filing an FBAR); and did not file an FBAR.
I assume we would need to file the FBAR for 2015 as well as amend 2015’s return to report the interest income from these accounts. I read that we cannot simply amend the return and would need to do a Streamlined procedures filing. We have deferred filing the 2016 taxes till this is resolved. Would we need to file a streamlined procedure filing or are there other options?
Any help is appreciated. Thanks a lot.
