F B A R And Beyond Important Info For All

[vadapav]

ippadi varaku FBAR pi serious actions emi levu mayaa ... so light thesukovachu anukuntaa ... but ippadi nundi I_R_S serious gaa undi 

last yr evariko notices vellai man... andu vallane ee f ing bar gurinchi intha dhumaram lechindi 

[ZuniorVentiyar]

how yaaaaa 

 

 

there must be mis-matching in form 1040 ( akkada select chesi fb ar report cheyadam marchipoyaru emo)  

 

last yr evariko notices vellai man... andu vallane ee f ing bar gurinchi intha dhumaram lechindi 

 

[MeetFriendz]

ok

[karna11]

part II lo No 15 maximun account value ante? em fill chesavu, amount or no of accountss? 

[ZuniorVentiyar]

vere theread lo kuda adigavu kadha mama ... akkada answer ichaaa

 

 

maximum amount  value in that bank account  (in dollars) ..... if u have more than 1 account use + sign above to add one more account .....

 

 

current day rate tho coversion chesukoo amount dollars lo ravali anteee ... basic nee account pi more than 1500$ intrest vochee chances undi nuvvu 1116 submit cheyakuntee u r going to be in problem ....

 

part II lo No 15 maximun account value ante? em fill chesavu, amount or no of accountss? 

 

[alpachinao]

ippudu already india lo vunna money before coming to usa for that also have to show in FBAR

[barney]

ltt

[karna11]

vere theread lo kuda adigavu kadha mama ... akkada answer ichaaa

 

 

maximum amount  value in that bank account  (in dollars) ..... if u have more than 1 account use + sign above to add one more account .....

 

 

current day rate tho coversion chesukoo amount dollars lo ravali anteee ... basic nee account pi more than 1500$ intrest vochee chances undi nuvvu 1116 submit cheyakuntee u r going to be in problem ....

plzzz elobrate cheyava

[ZuniorVentiyar]

yes .... FBAR chupinchunantha matranaa adi TAX kattali ani kadhu .... let me explain this way 

 

nuvvu 2013 Jan  lo bank lo oka 20 lacks vesavu .....  2013  April lo nuvvu USA ki vochavu anukoooo 

 

2014 Jan lo USA lo Tax file chsthavu kadha appudu nuvvu USA alien resident vi avuthavu .... so u have to pay tax on all u r global income or if u already paid tax on u r other countries income in those contries ... adi declare cheyali ......

 

2013 Jan nundi 2013 Dec varaku nee 20 lacks ki interest visthundi kadhaa .... adi neeku income e kadha ... u have to declare that in tax return Section 2 .....and select the check box there to inform u r going to  submit the FBAR 

 

now coming to just   FBAR ... neeku aa 20 lacks just 1 days ala unchi thesesavu .... or u really don't get any interest on that money ... so u just declare that  in tax return ( I see most of them skipping this ) but just submit it in FBAR  saying ne account last year 20 lack undevi ani

 

 

 

 

ippudu already india lo vunna money before coming to usa for that also have to show in FBAR

 

[ZuniorVentiyar]

You must report interest earned on a foreign bank account as part of your worldwide income if you’re one of these:

• U.S. citizen
• Resident alien

Report this interest with domestic interest income on Form 1040. You'll also file Schedule B if you had one of these for a financial account in a foreign country:

• Interest in
• Signature authority over

This applies even if you had $1,500 or more of total interest and / or dividends for the year.
Convert the foreign currency into U.S. dollars at the current exchange rate when you receive the income. If there's more than one exchange rate, use the rate that most properly reflects the income.

so nee india account lo unna amount pi interest kanukaa 1500$ cross aithy .. adi nuvvu report cheyakuntee problem in u r tax return ....

 

most of money in Indian bank won't get this much interest kadhaaa ... so instead of avoiding and face problems in future ... F B A R apply cheyadam best

 

plzzz elobrate cheyava

 

[karna11]

 

You must report interest earned on a foreign bank account as part of your worldwide income if you’re one of these:

• U.S. citizen
• Resident alien

Report this interest with domestic interest income on Form 1040. You'll also file Schedule B if you had one of these for a financial account in a foreign country:

• Interest in
• Signature authority over

This applies even if you had $1,500 or more of total interest and / or dividends for the year.
Convert the foreign currency into U.S. dollars at the current exchange rate when you receive the income. If there's more than one exchange rate, use the rate that most properly reflects the income.

so nee india account lo unna amount pi interest kanukaa 1500$ cross aithy .. adi nuvvu report cheyakuntee problem in u r tax return ....

 

most of money in Indian bank won't get this much interest kadhaaa ... so instead of avoiding and face problems in future ... F B A R apply cheyadam best

 

asala amountee ledhu, 1 lac vundhi, adhi koda interest vacheedhi kadhu, eppudu 1.5 lack kanna eppudu ekkuva transfer cheyaledhu, aa 1.5 kodA with in 1 week loo vere bank a/c ki transfer avvuthyii, 

[ZuniorVentiyar]

no need of FBAR mama 

asala amountee ledhu, 1 lac vundhi, adhi koda interest vacheedhi kadhu, eppudu 1.5 lack kanna eppudu ekkuva transfer cheyaledhu, aa 1.5 kodA with in 1 week loo vere bank a/c ki transfer avvuthyii, 

 

[princeofheaven]

1040 NR file chese vallu no need to disclose , H1B lo unna vallu etc 1040 file chese vallu year lo  okasari aina >10k US$ foreign acct lo  unte file cheyyali...

 

Source: My CPA

[princeofheaven]

ippadi varaku FBAR pi serious actions emi levu mayaa ... so light thesukovachu anukuntaa ... but ippadi nundi I_R_S serious gaa undi 

 

Chala mandi desi gallake notice lu vachai last 2 yrs nunchi ani ma cpa cheppadu, Of course most of them are bada babulu like business owners and consultancy owners etc....