Fbar and fatca

[irs1980]

Hi,

I have some questions regarding FATCA and 1040, FBAR filing in USA.

I got my US citizenship last year. I have transferred around $70,000 from US on 2009 to my SBI account in

India. Also, as I deposited these amount in CD, I was getting interrest on this amount and paying taxes in

India. I recenly come to hear about the FATCA and other requirements. We are filing taxes in USA joinly(married

joinly). I would like to know whether I have to report this investment that I have transferred from US to SBI

either through FATCA or 1040 filing.



The money that I have in my account is my wages and is already taxed in USA.I haven't earned interest on this more than 10K at anytime. So, do I need to report this..??




I really appreciate any response to this



Thank you.

[Bevdeforges]

Simply put, yes, you should report your foreign account on both the FBAR and FATCA forms and you should be reporting the interest earned on your foreign account on your US income tax forms, along with any interest income from bank accounts in the US.

The $10,000 threshold applies to the balance of the foreign account during the year for FBAR filing. And for FATCA reporting (FATCA forms were due with your tax returns back in April) the threshold for US residents is something like $50,000, though it may be higher for joint filers. Check the IRS website to be sure.
Cheers,
Bev