Immigration Voice - Forums
Register Get Involved Contact Lawmakers Advocacy Discussion Image Image Image Image

Go Back   Immigration Voice > Immigration Voice Issues and Congressional updates > News articles and reports
Click to log in with Facebook
News articles and reports News articles, op-eds, reports on issues of immigration.

Reply
 
LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 02-21-2012, 11:04 PM
Senior Member
Priority Date
:
Jun-03
Category
:
EB2
I140 Mailed Date
:
03/01/2005
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
08/01/2007
Compare
Join Date: Jul 2007
Posts: 287
desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute
Default FBAR, any new or changed requirements?

I am getting ready to file the FBAR for 2011. Just to check with everyone if there is any new or changed requirement that anyone is aware of? As always, my tax consultant doesn't have a clue. Thank you in advance for your help.
Bookmark and Share Compare Reply With Quote


  #2 (permalink)  
Old 02-22-2012, 03:46 PM
Donor
Priority Date
:
May-06
Category
:
EB3
I140 Mailed Date
:
06/01/2006
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
07/01/2007
Compare
Join Date: Jul 2007
Posts: 405
insbaby has a reputation beyond repute insbaby has a reputation beyond repute insbaby has a reputation beyond repute insbaby has a reputation beyond repute insbaby has a reputation beyond repute insbaby has a reputation beyond repute insbaby has a reputation beyond repute insbaby has a reputation beyond repute insbaby has a reputation beyond repute insbaby has a reputation beyond repute insbaby has a reputation beyond repute
Default

Quote:
Originally Posted by desi485 View Post
I am getting ready to file the FBAR for 2011. Just to check with everyone if there is any new or changed requirement that anyone is aware of? As always, my tax consultant doesn't have a clue. Thank you in advance for your help.
You can file online now...

https://bsaefiling1.fincen.treas.gov/PublicAccess

Register as a user, once you get confirmation, you can file online. The site will guide you, the form is same as before except the header.
__________________
Consult a qualified immigration lawyer always before you act.
Bookmark and Share Compare Reply With Quote


  #3 (permalink)  
Old 02-23-2012, 11:41 AM
Senior Member
Priority Date
:
Jun-03
Category
:
EB2
I140 Mailed Date
:
03/01/2005
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
08/01/2007
Compare
Join Date: Jul 2007
Posts: 287
desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute
Thumbs up Thank you for information

Quote:
Originally Posted by insbaby View Post
You can file online now...

https://bsaefiling1.fincen.treas.gov/PublicAccess

Register as a user, once you get confirmation, you can file online. The site will guide you, the form is same as before except the header.
Thank you so much! I didn't know FBAR is online now.

I am doing this for 4 - 5 years now. Hopefully everyone is filling FBAR as required by law. If anybody is not sure what is FBAR do a quick google search or search on IV and you will find lots of information. If you have a bank account in india or your home country, most likely you must file FBAR. Good Luck!
Bookmark and Share Compare Reply With Quote


  #4 (permalink)  
Old 02-23-2012, 12:12 PM
Senior Member
Priority Date
:
Jul-06
Category
:
EB2
I140 Mailed Date
:
08/26/2006
Chargeability
:
India
Processing Stage
:
N/A
I485 Mailed Date
:
07/28/2007
Compare
Join Date: Jul 2006
Posts: 135
madhu345 has a reputation beyond repute madhu345 has a reputation beyond repute madhu345 has a reputation beyond repute madhu345 has a reputation beyond repute madhu345 has a reputation beyond repute madhu345 has a reputation beyond repute madhu345 has a reputation beyond repute madhu345 has a reputation beyond repute madhu345 has a reputation beyond repute madhu345 has a reputation beyond repute madhu345 has a reputation beyond repute
Default

Quote:
Originally Posted by desi485 View Post
Thank you so much! I didn't know FBAR is online now.

I am doing this for 4 - 5 years now. Hopefully everyone is filling FBAR as required by law. If anybody is not sure what is FBAR do a quick google search or search on IV and you will find lots of information. If you have a bank account in india or your home country, most likely you must file FBAR. Good Luck!
Do we need to declare Indian Resident Accounts too?
Bookmark and Share Compare Reply With Quote


  #5 (permalink)  
Old 02-23-2012, 02:05 PM
Senior Member
Priority Date
:
Jan-04
Category
:
EB3
I140 Mailed Date
:
04/10/2006
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
07/23/2007
Compare
Join Date: Mar 2006
Posts: 106
mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold
Default

Quote:
Originally Posted by desi485 View Post
I am getting ready to file the FBAR for 2011. Just to check with everyone if there is any new or changed requirement that anyone is aware of? As always, my tax consultant doesn't have a clue. Thank you in advance for your help.
My Tax consultant mentioned this form - Do I need to file Form 8938, “Statement of Specified Foreign Financial Assets”? . It seems there is new 8938 form that we need to submit as part of your income tax. I have not really looked into it.
__________________
Greened on August 30th, 2010 ( based on my wife's EB2 application)
Bookmark and Share Compare Reply With Quote


  #6 (permalink)  
Old 02-24-2012, 12:38 PM
Senior Member
Priority Date
:
Jun-03
Category
:
EB2
I140 Mailed Date
:
03/01/2005
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
08/01/2007
Compare
Join Date: Jul 2007
Posts: 287
desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute
Unhappy Another one?

Quote:
Originally Posted by mnkaushik View Post
My Tax consultant mentioned this form - Do I need to file Form 8938, “Statement of Specified Foreign Financial Assets”? . It seems there is new 8938 form that we need to submit as part of your income tax. I have not really looked into it.
Is this a different (additional) than FBAR?
Bookmark and Share Compare Reply With Quote


  #7 (permalink)  
Old 02-24-2012, 02:55 PM
Junior Member
Priority Date
:
Nov-10
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-140
I485 Mailed Date
:
Compare
Join Date: Jun 2011
Posts: 15
ajaybhardwaj228 has a spectacular aura about ajaybhardwaj228 has a spectacular aura about ajaybhardwaj228 has a spectacular aura about
Default

Quote:
Originally Posted by desi485 View Post
Is this a different (additional) than FBAR?
As per the Form 8938 we need to report only in case your asset is more than 100K (filing jointly) and 50K (unmarried). Does it mean that if your asset is less than this limit and even though are you are getting some interest, no need to report?

Does it overtake FBAR?
Bookmark and Share Compare Reply With Quote


  #8 (permalink)  
Old 02-24-2012, 03:11 PM
Senior Member
Priority Date
:
Jan-04
Category
:
EB3
I140 Mailed Date
:
04/10/2006
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
07/23/2007
Compare
Join Date: Mar 2006
Posts: 106
mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold
Default

Quote:
Originally Posted by ajaybhardwaj228 View Post
As per the Form 8938 we need to report only in case your asset is more than 100K (filing jointly) and 50K (unmarried). Does it mean that if your asset is less than this limit and even though are you are getting some interest, no need to report?

Does it overtake FBAR?
I don't know but it looks like you definitely need to fill this form out with your Income tax this year based on your asset limit as you have mentioned. Last year FBAR for was not part of our tax but this year it looks like this form is part of your IT.
__________________
Greened on August 30th, 2010 ( based on my wife's EB2 application)
Bookmark and Share Compare Reply With Quote


  #9 (permalink)  
Old 02-24-2012, 05:17 PM
Senior Member
Priority Date
:
Jan-04
Category
:
EB3
I140 Mailed Date
:
04/10/2006
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
07/23/2007
Compare
Join Date: Mar 2006
Posts: 106
mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold mnkaushik is a splendid one to behold
Default

Yahoo has a page for 10 things about this year's tax and point number 7 - talks about form 8938, here is the link - 10 Things You Should Know About Your 2011 Taxes - Yahoo! Finance
__________________
Greened on August 30th, 2010 ( based on my wife's EB2 application)
Bookmark and Share Compare Reply With Quote


  #10 (permalink)  
Old 02-28-2012, 03:53 PM
Senior Member
Priority Date
:
Jun-03
Category
:
EB2
I140 Mailed Date
:
03/01/2005
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
08/01/2007
Compare
Join Date: Jul 2007
Posts: 287
desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute desi485 has a reputation beyond repute
Thumbs up

Quote:
Originally Posted by mnkaushik View Post
Yahoo has a page for 10 things about this year's tax and point number 7 - talks about form 8938, here is the link - 10 Things You Should Know About Your 2011 Taxes - Yahoo! Finance
Thank you for sharing the info. Appreciated.

Anyone who already filed tax this year? How did you filed this form? Can it be filed online?
Bookmark and Share Compare Reply With Quote


  #11 (permalink)  
Old 02-29-2012, 10:05 AM
Member
Priority Date
:
Apr-04
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
Compare
Join Date: Jul 2007
Posts: 51
Project_A has a reputation beyond repute Project_A has a reputation beyond repute Project_A has a reputation beyond repute Project_A has a reputation beyond repute Project_A has a reputation beyond repute Project_A has a reputation beyond repute Project_A has a reputation beyond repute Project_A has a reputation beyond repute Project_A has a reputation beyond repute Project_A has a reputation beyond repute Project_A has a reputation beyond repute
Default

Quote:
Originally Posted by ajaybhardwaj228 View Post
As per the Form 8938 we need to report only in case your asset is more than 100K (filing jointly) and 50K (unmarried). Does it mean that if your asset is less than this limit and even though are you are getting some interest, no need to report?

Does it overtake FBAR?
I think this form is for only for financial assets (like bank, pension, mutual funds, stock etc) and does not include real estate assets.

Also, what are the guidelines on the life insurance policy (taken outside of US)? Should we report premiums paid or the insurance value which could be huge depending on the policy?
Bookmark and Share Compare Reply With Quote


  #12 (permalink)  
Old 02-29-2012, 11:03 AM
Junior Member
Priority Date
:
Nov-06
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
Processing Stage
:
I-485
I485 Mailed Date
:
Compare
Join Date: Dec 2007
Posts: 4
sharathmsc is on a distinguished road
Default

I have the same questions as Project_A has asked. I got to know about FBAR last year around september which was too late and this time for 2011, I want to file it.

As I checked my accounts, I have to file for years from 2008 to 2011 atleast, but do I need to retrofit all the years tax forms updating the interest that will be a big mess. Is there a simple way? I mean the interste income for the year when converted in dollars will be very less around 50$.

Life insurance policies and ULIPs, how can you claim any interest as you will not get the money until the policy is matured.

Please advise.
Bookmark and Share Compare Reply With Quote


  #13 (permalink)  
Old 02-29-2012, 01:02 PM
Senior Member
Priority Date
:
Oct-08
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
01/01/2012
Compare
Join Date: Mar 2006
Posts: 102
LondonTown is a splendid one to behold LondonTown is a splendid one to behold LondonTown is a splendid one to behold LondonTown is a splendid one to behold LondonTown is a splendid one to behold LondonTown is a splendid one to behold LondonTown is a splendid one to behold
Default

Does anyone know if Turbo Tax prompts for 'this form' in their web based step-by-step self tax filing?
Bookmark and Share Compare Reply With Quote


  #14 (permalink)  
Old 02-29-2012, 02:07 PM
Member
Priority Date
:
N/A
Category
:
N/A
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
N/A
I485 Mailed Date
:
Compare
Join Date: Jul 2007
Posts: 72
nikh is a glorious beacon of light nikh is a glorious beacon of light nikh is a glorious beacon of light nikh is a glorious beacon of light nikh is a glorious beacon of light nikh is a glorious beacon of light
Default Turbo tax ask the question

I recently filed taxes using turbotax, it asked question whether I owned >10K in foriegn accounts. In my case, the answer was NO, so, I do not whether it would have directed me appropriate form if I had said YES.
Bookmark and Share Compare Reply With Quote


  #15 (permalink)  
Old 02-29-2012, 02:17 PM
Member
Priority Date
:
N/A
Category
:
N/A
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
N/A
I485 Mailed Date
:
Compare
Join Date: Jul 2007
Posts: 72
nikh is a glorious beacon of light nikh is a glorious beacon of light nikh is a glorious beacon of light nikh is a glorious beacon of light nikh is a glorious beacon of light nikh is a glorious beacon of light
Default Does interest on NRE accounts be charged at regular tax rate or capital gain tax rate

The interest or capital amount in dollars value fot NRE accounts will depend on exchange rate and te deposit/investment is associated with volatility/risk (unlike CDs in USA).

So, does this interest on NRE accounts be charged at regular tax rate or capital gain tax rate?
Bookmark and Share Compare Reply With Quote


Reply

Bookmarks


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On

Similar Threads
Thread Thread Starter Forum Replies Last Post
Is it required to file FBAR? refresher123 News articles and reports 38 10-23-2012 08:52 AM
FBAR Help jnr Tax, Social Security and Financial Issues for Immigrants and Nonimmigrants 22 01-29-2012 04:00 PM
Changed GC employer with EAD Robert Kumar AC21 Portability after 180 days of 485 filing 7 01-26-2011 09:00 AM
Information on FBAR.... ivuser9 Immigrant Visa 0 07-20-2009 05:31 PM
LUD Changed gcmaya Retrogression, priority dates and Visa bulletins 8 07-30-2007 02:41 PM



All times are GMT -4. The time now is 07:44 AM.


Powered by vBulletin® Version 3.7.4
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
(c)ImmigrationVoice.org