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    amita72's Avatar
    amita72 Posts: 1, Reputation: 1
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    #1

    Jan 6, 2015, 06:07 PM
    Regarding NRO account
    I am aged 79 yrs and want to open NRO account in ICICI as first name and my daughter as second name holder. Do I need to mention this NRO account in FBRA form of IRS? Or if my daughter mentions in her FBRA form by IRS is enough? Or we do not need to mention about this NRO account in FBRA form? Please guide.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Jan 6, 2015, 09:11 PM
    Some acronym corrections: FBRA is actually FBAR (Foreign Bank Account Report), which is now FinCen Form 114.

    To answer the question: Assuming you are either a U.S. citizen or green card holder, then, yes, you need to report the NRO account on YOUR FBAR as a joint account if the account, when aggregated with all other bank accounts with your name on them, exceed $10,000 at any point in 2015.

    Same logic applies for your daughter, who must also be a U.S. citizen or green card holder.

    I assume that, in both cases, you and your daughter are living in India.
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