Log in

View Full Version : Fbar filing for money transferred to parents account in india?


deep_80
Feb 8, 2013, 05:19 PM
Hi,

I am on H1(resident alien for tax purpose) visa status and would like to know if I need to file FBAR for the money (after tax from salary) I transferred to my parents account in India (not joint account with me) for family maintenance?

Thanks for your time.

AtlantaTaxExpert
Feb 9, 2013, 01:07 PM
If you transferred the money from the U.S. to YOUR account in India, AND, if at any time, the balance of that account reached $10,000, then, yes, an FBAR is required.

The Form is TD-F 90-22.1, which can be downloaded from Internal Revenue Service (http://www.irs.gov). Read the instructions carefully, but if you have only that ONE account, it should only be a one-page submission.

The address is contained in the instructions, and the form must be IN THE IRS' POSSESSION by 30 June 2013.