FBAR / TAX filing doubt

[astalavistaa]

Can we do it on our own?

around 2k interest padindi naa savings account lo. so fbar file cheste adi kuda tax return lo chupinchaala. 

credit karma lo  Payer federal ID number  mandatory antondi. mana Indian banks ki adi undadu kada. 

experts pls suggest.

 

 

[astalavistaa]

ltt for experts 

[GunturMirchiBajji]

1 hour ago, astalavistaa said:

Can we do it on our own?

around 2k interest padindi naa savings account lo. so fbar file cheste adi kuda tax return lo chupinchaala. 

credit karma lo  Payer federal ID number  mandatory antondi. mana Indian banks ki adi undadu kada. 

experts pls suggest.

 

 

Yes, Tax returns lo interest money choopinchali and FBAR file chayali. Federal ID international banks ki endhuku vuntadi boss...

[astalavistaa]

19 minutes ago, GunturMirchiBajji said:

Yes, Tax returns lo interest money choopinchali and FBAR file chayali. Federal ID international banks ki endhuku vuntadi boss...

undadu bro. but credit karma lo file chestonte federal id mandatory undi. other than credit karma inka em unnayi 

[GunturMirchiBajji]

9 minutes ago, astalavistaa said:

undadu bro. but credit karma lo file chestonte federal id mandatory undi. other than credit karma inka em unnayi 

nenu online lo file cheyaledhu bro ... CPA file chesadu edo extra form edo attach chesadu foreign accounts ki interest choopinchadaniki... I will check the form num and let you know...

[cheenu]

If you are maintaining anything above 10k in overseas banks( india) you need to file for FBAR. Dhaniki entha interest ochindi ani em ledu.

 

[GunturMirchiBajji]

1 minute ago, cheenu said:

If you are maintaining anything above 10k in overseas banks( india) you need to file for FBAR. Dhaniki entha interest ochindi ani em ledu.

 

yes but you have to pay taxes on your interest only.. How do they know how much interest you have earned on foreign accounts last year if you didn't specify it on your tax returns?

[idibezwada]

2 minutes ago, cheenu said:

If you are maintaining anything above 10k in overseas banks( india) you need to file for FBAR. Dhaniki entha interest ochindi ani em ledu.

 

10K indian rupees or USD? i have transfered more than $10k but i never got any interest...so i still need to file FBAR?

[GunturMirchiBajji]

Just now, idibezwada said:

10K indian rupees or USD? i have transfered more than $10k but i never got any interest...so i still need to file FBAR?

At any point of time in last year (2016) if you have more than $10k in your foreign account, you should file FBAR. you should also show the interest on your foreign account while filing you tax returns.

[cheenu]

2 minutes ago, GunturMirchiBajji said:

At any point of time in last year (2016) if you have more than $10k in your foreign account, you should file FBAR. you should also show the interest on your foreign account while filing you tax returns.

+1

[astalavistaa]

16 minutes ago, GunturMirchiBajji said:

nenu online lo file cheyaledhu bro ... CPA file chesadu edo extra form edo attach chesadu foreign accounts ki interest choopinchadaniki... I will check the form num and let you know...

thanks bro. aa interest chupincha kundane file cheseddaamu ani thinking. already mottam details enter chesesaanu credit karma lo. malli cpa gaaditho denki ani thinking.  malli risk emaina untundemo ani peekutondi. 

[GunturMirchiBajji]

2 hours ago, astalavistaa said:

thanks bro. aa interest chupincha kundane file cheseddaamu ani thinking. already mottam details enter chesesaanu credit karma lo. malli cpa gaaditho denki ani thinking.  malli risk emaina untundemo ani peekutondi. 

I suggest if you have time take extension and file properly. you may get audit anytime in next 6yrs. The form used to mention any interest on foreign accounts is schedule B ...

 

[Spartan]

ori me eshaalooooo

[astalavistaa]

1 hour ago, GunturMirchiBajji said:

I suggest if you have time take extension and file properly. you may get audit anytime in next 6yrs. The form used to mention any interest on foreign accounts is schedule B ...

 

yeah will think about it. thanks 

[astalavistaa]

1 hour ago, Spartan said:

ori me eshaalooooo

emaindi bro. anthalaa avaakkayaav