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    gokullu's Avatar
    gokullu Posts: 41, Reputation: 1
    Junior Member
    		  
    #1

    Apr 8, 2014, 01:14 PM
    FBar and Foreign bank interest declaration for Non-Resident
    Hi,
    I am a Non-Resident Alien. I already filed 1040-NR for the year 2013.
    I have
    Life insurance policy (LIC-India) for about $30K (not matured)
    Interest from Bank - approximately $100

    Do I need to file FBAR and declare these assets ?
    Also do I need to mention them in 1040-NR (page-4) if so, since I already submitted it can I amend it using 1040-X ? What am I supposed to fill in 1040-NR page-4 and is it going to affect my tax or is it just a declaration.
    Kindly let me know.


    Thanks
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 8, 2014, 11:34 PM
    The FBAR requirement does NOT apply to non-resident aliens.
    gokullu's Avatar
    gokullu Posts: 41, Reputation: 1
    Junior Member
    		  
    #3

    Apr 9, 2014, 05:42 AM
    Quote Originally Posted by AtlantaTaxExpert View Post
    The FBAR requirement does NOT apply to non-resident aliens.
    Thanks for the info.
    Also do I need to mention them in 1040-NR (page-4) if so, since I already submitted it can I amend it using 1040-X ? What am I supposed to fill in 1040-NR page-4 and is it going to affect my tax or is it just a declaration.
    Kindly let me know.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Apr 9, 2014, 11:13 AM
    Neither the life insurance policy nor the interest in foreign banks is taxable, so mention them NOWHERE on the Form 1040NR.
    gokullu's Avatar
    gokullu Posts: 41, Reputation: 1
    Junior Member
    		  
    #5

    Apr 9, 2014, 11:32 AM
    Quote Originally Posted by AtlantaTaxExpert View Post
    Neither the life insurance policy nor the interest in foreign banks is taxable, so mention them NOWHERE on the Form 1040NR.
    Thanks a lot. I appreciate your help :)
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #6

    Apr 9, 2014, 03:45 PM
    Glad to help!
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