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Old 04-14-2014, 02:49 AM
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Default FBAR tax to treasury or to IRS

Hello, So I just found out that I am supposed to file FBAR even as an H1-B resident by June 30th, 2014 [I plan to file for previous years going back all the way till 2011]

I have an NRE account (as I am sure many of you do).

The question I have is if I just need to declare the assets or also pay tax on that (and how do I do that if I need to). TurboTax told me that I need to file FBAR but didn't have me enter any information while filing the tax returns to IRS. But FBAR is NOT filed to IRS - it is filed to the treasury department. I am a little confused if I am supposed to pay tax to the treasury department ?

Does anyone have any experience filing FBAR on an NRI account (I have it with the State Bank of India). Could you please share your experience/give me some information - I would very much appreciate it.

Much thanks !
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Old 04-14-2014, 08:40 PM
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You need to pay taxes on the worldwide income, irrespective of where your assets are located. All tax software ask you if you had any foreign income.

It will be different if you just had the assets but no income off those assets. In that case, I would guess simple fubar will suffice but you don't need to file taxes.

This is just as per my understanding. You should consult a tax professional or tax attorney for details,
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Old 05-14-2014, 06:01 PM
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Default Conferrence Call by CPA

If you still looking for answers you can listen free conference call from a VA based CPA scheduled in sometime 3rd/4th week of may. (In regard to Foreign assets and FBAR filings

You can send them a email (Broadlands, VA CPA / Vikas Garg, CPA Certified Public Acountant) . and they can send you a time and day and conference call number.
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Old 03-31-2016, 05:24 PM
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Could you please share what you did for this? I too have an NRE account mainly to assist my parents. How does one compute fixed deposit interest rates which have not yet matured in the US tax year (Jan-Dec)? I know that we have to file FinCEN 114 or FBAR electronic filing...will do it before June 30(which is the deadline). I want to make sure I have all the answers before I file. Please help respond!!!
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Old 04-01-2016, 11:29 AM
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For NRE accounts (not NRO) the bank issues 1099-INT for any interest earned. And they issue 1099-OID for any Fixed Deposits you created through NRE accounts. You are supposed to input this data while filing your tax returns, that is 1040. The Tax software/consultants will guide you on this.

Now about FBAR. It only requires you to declare the highest amount you held in the declared foreign accounts during the year (e.g. 2015). You don't pay anything while filing FBAR aka form 114. You need to use the conversion rate posted on US Treasury website for year 2015 and use that to come up with the $ amount.
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Old 04-01-2016, 01:21 PM
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Thank you moonwalker. I wasnt sure if Indian banks like HDFC or ICICI issued 1099-INT forms for US based NRIs but I will check. So with FBAR we are not paying anything, just declaring. But I guess we have to file a 1040X and file amended return? Thanks again for your prompt reply....really helpful.
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Old 04-03-2016, 09:27 AM
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Just to let everyone know - I did follow up with my Indian bank and they issued an interest income certificate for the NRE FD accounts. I will update FBAR with NRE deposits and I can also use the interest certificate to file an amended return later this year and pay any relevant taxes.
I feel sad that there are actually people and shady organizations that do money laundering but honest tax payers like us are harassed.
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