Hi, I am an italian citizien and I have a J1 visa. I have been in the US for 4 years so for 2010 I have to file a 1040R form. So I am a resident for tax purposes. I have a bank account in Italy with >$10,000, but of course I am paying taxes on it there.
I wonder if I have to file the FBAR form, or not.If yes, which are the consequences of this form? Should I have to pay taxes here on my italian money?
Thanks

If you are considered a resident alien for tax purposes, you DO have a FBAR reporting requirement for each year you file taxes as a U.S. resident.

You do not have to pay U.S. taxes on the deposits in the foreign accounts, but you DO have to report the interest earned and pay taxes on that interest.

If you need professional help filing your return or the FBAR, email me at [email protected].