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I am hoping someone with a similar case could give some opinion as I am totally in panic. I have been filing taxes in the U.S. since 2007. I have had resident savings accounts in India with my parents and the income taxes were always filed in India. We have copies of the tax returns. However, by mistake I never declared them here or filed an FBAR. I always checked a no to the question about foreign accounts on Turbo Tax as I thought it only applied if the taxes for the foreign accounts need to be paid here. Since they were already paid in India, I checked a no. Last year my last living parent also passed away and I inherited their money in India. I was looking into inheritance rules when I came across FBAR. I read online that there are very heavy penalties and could even involve imprisonment if foreign accounts are not disclosed here while filing taxes.
What can I do to rectify my mistake? It was an honest mistake and I am in a complete panic.
What can I do to rectify my mistake? It was an honest mistake and I am in a complete panic.
