I have more than $10,000 worth of deposits& interests but less than $50,000 in my foreign accounts in India (which would mean FBAR is applicable but 8938 is not). Hence, I understand I am required to file FBAR. On my tax return, I have to include the interests obtained in these accounts using 1099-INT. Since the foreign bank doesn't provide one, I will enter one myself. There is a checkbox 'FATCA Filing Requirement'. Should I check this? Thanks in advance!
It doesn't matter.
The checkbox doesn't impact your personal tax return. The FATCA box is a requirement for when banks issue 1099-INT forms. The checkbox isn't something that produces a result with the input of interest income. If the FATCA filing requirement box is checked, the payer is reporting on this Form 1099 to satisfy its chapter 4 account reporting requirement. If you don't have a 1099-INT in reality, it's not really relevant.
Turbo Tax includes your ability to check it, just because some people have it checked on their actual forms. It doesn't actually produce a result in Turbo Tax. So, it really doesn't matter if you check this box. It matters that you report your interest and file your FBar.
When you file your FBar (separately from Turbo Tax), you will obviously list your foreign accounts. No information is communicated to the IRS by your checking (or not) of this box inside Turbo Tax.
It doesn't matter.
The checkbox doesn't impact your personal tax return. The FATCA box is a requirement for when banks issue 1099-INT forms. The checkbox isn't something that produces a result with the input of interest income. If the FATCA filing requirement box is checked, the payer is reporting on this Form 1099 to satisfy its chapter 4 account reporting requirement. If you don't have a 1099-INT in reality, it's not really relevant.
Turbo Tax includes your ability to check it, just because some people have it checked on their actual forms. It doesn't actually produce a result in Turbo Tax. So, it really doesn't matter if you check this box. It matters that you report your interest and file your FBar.
When you file your FBar (separately from Turbo Tax), you will obviously list your foreign accounts. No information is communicated to the IRS by your checking (or not) of this box inside Turbo Tax.
Thanks a lot for the quick and detailed response! This helps a lot!