I am an indian citizen on H1B visa I have a bank account in india less than $500 . Yes/not-"did you own/control a foreign bank account, trust or financial asset in 2024?"

[navyayaganti9991]

I am on h1b visa and passed the substantial presence test for 2024 taxes, so i'm considered as us resident for tax purposes. i have a bank account in india but there is no income or transactions that is more than 500 dollars. even the balance is less than 500 dollars. In this case what should i answer to this question "did you own/control a foreign bank account, trust or financial asset in 2024?" yes or no?

[MinhT1]

You should truthfully answer YES as there is no dollar threshold on that question.

But if your foreign bank balance is no more than $10,000 at any time during the year, you are not required to file a FBAR report.