It depends. You required to file FBAR if you're a U.S. resident. FBAR reporting is required if the aggregate value of the U.S. person's foreign financial accounts exceeds $10,000 at any time during the calendar year. U.S. persons include U.S. citizens and U.S. residents. $10,000 limits applies to each person, and the accounts should be reported by their owner. Married Filing jointly filing status doesn't change the requirements.
Yes, if you meet the Substantial Presence Test for H-1B aliens. As a US resident alien, here is specific information for your situation.
Although the tax residency rules are based on the immigration laws concerning immigrant and nonimmigrant aliens, the tax rules define residency for tax purposes in a way that is very different from U.S. immigration law. For tax purposes, there are two types of aliens: resident and nonresident aliens. Resident aliens are taxed in the same manner as U.S. citizens on their worldwide income, and nonresident aliens (with certain narrowly defined exceptions) are taxed only on income which is derived from sources within the United States and/or income that is effectively connected with a U.S. trade or business.
Generally, an alien in H-1B status (hereafter referred to as “H-1B alien”) will be treated as a U.S. resident for federal income tax purposes if he or she meets the Substantial Presence Test. The test is applied on a calendar year-by-calendar year basis (January 1 – December 31).
- Under certain circumstances, an H-1B alien who fails to meet the Substantial Presence Test may be able to choose to be treated as a U.S. resident for the tax year. For more information on this choice, refer to the discussions on “First-Year Choice” and “Nonresident Spouse Treated as a Resident” in Publication 519, U.S. Tax Guide for Aliens.