You are required to file a Report of Foreign Bank and Financial Accounts (FBAR) Form TD F 90-22.1 with IRS, each year if you have a financial interest in or signature authority over financial accounts, including bank, securities or other types of financial accounts, in a foreign country (say India), if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year.
The due date for filing the FBAR is June 30 of the next Tax Year. Unlike with federal income tax returns, requests for an extension of time to file an FBAR cannot be granted. The FBAR is not an income tax return and should not be mailed with any income tax returns. Aadhya Tax Solutions will help you file your FBAR for FREE.
If you had more than $50,000 in your foreign country (say India) in your Bank/Securities/Deposits, then you are required to file something called FATCA Report using Form 8938 with the IRS along with your Income Tax Return before April 15. FATCA stands for Foreign Account & Tax Compliance Act. Also, you should file your FBAR Report before June 30 of the next Tax Year.
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