Do i have to report "time deposits" on FBAR if those "Time deposits" were created from saving account money? I will report MAX value of saving account on FBAR. Thanks!

[anky_10]

In detail, My only active source of income is salary in USA. I transfer say $20,000 to Indian saving account Then from that saving account I open "2 time deposits" of 10,000 and 10,000 each. Do I have to report these 2 "time deposits" on FBAR?

[CarolC]

Yes.  You must file an FBAR report when the total value of all your foreign financial accounts or investments are more than $10,000 - at any time during the tax year.  It is not relevant that the funds were from a savings account transfer.

See the TurboTax FAQ below for more information. 

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