If a US citizen has investments in mutual funds / bank accounts in India but not reported to the IRS due to being unaware so far of the reporting requirements, what steps must they take to get back into compliance?

RRH4 · ‎April 6, 2025

Specifically for how many previous years, one needs to: amend returns, file 8938/8621 and FBAR? Anything else? Thanks.

AmyC · ‎April 7, 2025

It depends.

For the FBAR - 6 years filed on BSA E-Filing System

For FATCA - Summary of FATCA reporting for U.S taxpayers gives the requirements for filing. You may need to file up to 6 years of returns. You could potentially get by with just 3 years of amended returns. If you really just didn't know better, 3 years of amended returns should be sufficient. If you file 6 years, you are shielded from criminal prosecution.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

If a US citizen has investments in mutual funds / bank accounts in India but not reported to the IRS due to being unaware so far of the reporting requirements, what steps must they take to get back into compliance?