If i send $9K to Indian NRE account and invest in NRE fix deposit in India before sending another $9K..So balance would not go beyond $10K. Should i declare in FBAR ?

[Cindy0H · Accepted solution]

If at any time during the year, the total balance of all your foreign accounts was more than $10,000, you will need to complete FinCEN Form 114 (FBAR).

More info on this topic:

https://ttlc.intuit.com/replies/3301591

[DSP]

OK so i need to declare the foreign account while filling the return in US...Right ? is that diff than FBAR ?

[Cindy0H]

Yes, the IRS asks about your foreign accounts. Go to...Deductions & Credits...Interest & Dividends...Foreign Accounts. The Fbar will be filed with the IRS not through TurboTax...see answer above.

[DSP]

Thanks a lot, so only declaring the foreign account in Turbo tax is not enough..right ? Is it mandatory for individual to submit the FBAR with IRS....?

[Cindy0H]

You are correct!

[DSP]

Thanks TurboTaxCindyH 🙂

[sonu007]

Do we have time line to fill FBAR, like if my account got 10k+ some time in July so do I have any time frame to fill that form ?