@pk wrote:
@SAD24 , what I get from your post is that
(a) you a US person ( Resident for Tax purposes, lived in the USA ( for long ? ), terminated your physical presence in the US in October of 2022
(b) you worked / earned in the USA on a work-visa (??)
( you moved all your financial assets to your home country on re-patriation in October 2022 to your foreign account in your home country (which country )
(c) you had NO US sourced / connected income since October 2022 and NO income in Home country ( is this true? )
(d) You chose to terminate your wok-visa on 12/31 2022 ( is this true and how did you do this -- notification to USCIS ( US Customs & Imm. Service ) or to IRS via Sailing Permit Request or what .
a) I left the US after end of my H-1B by 10/31 and before that I was on F-1 (total 14 years in the US).
b) India. I'm an Indian citizen.
c) Yes, no W-2 or home income in Nov-Dec 2022. Only 1099-INT for 2022 from a US bank. But see also my comment on foreign bank interest later.
d) No, I left after end of my visa by end of Oct and not on 12/31. For tax filing, I could have opted for an early residency termination date and filed as a dual status, but I chose to file as a resident for the full year.
Unfortunately, I become aware of the "sailing permit" from p519 only before I filed my 1040 in April this year. The IRS processed and refunded me for 2022.
(e) Now the question is what to do with FBAR and FATCA requirements ---
1. Because you have chosen to file 2022 as a full year Resident ( form 1040, Standard Deduction etc. ), your world income is US taxable .
2. Because you state that on transferring monies from your US bank account to your foreign ( Home country bank account ) , you meet the FBAR requirements --- you need to file FBAR form 114. It is not a tax event but your foreign bank and your US bank ( the transferring bank ) both would have reported this even.
3. FATCA form 8938 should be filed , even though you have reported the presence of foreign bank account on schedule-B Again it is not a tax even but it safer to do it.
4. Note that for intents and purposes you would be a Resident for 2022, taxed on your world income till 12/31/2022. And depending on how many years you have been in the USA, you may satisfy the requirements of a long-term resident with all its requirements -- but I cannot comment on that aspect till you answer the questions posed abve.
I will circle back once I hear from you
1. Yes, I understand. I assume that perhaps I can't or shouldn't be amending my return as dual status at this stage.
2. I'll file FBAR - thanks for confirming.
3. I have now realized that one of my repatriated bank accounts generated a small interest during Nov-Dec 2022. I'm planning to file 1040-X with 8938 while including this interest that accrued. I assume that I'll have to report the foreign bank interest in Schedule B as well?
4. My understanding is that long-term resident condition only applies to permanent residents - I was never one. Kindly point me to relevant IRS documentation for my understanding.
Look forward to hearing back. Thank you.
