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is transfering money to NRE account better way?

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  • is transfering money to NRE account better way?

    Hi, sending money to NRE account and saving is better way? i heard we need to fill some form while do tax filing if we send money more than some limit like $5k or something per annually, what's that limitation and form. and also if we have more than $10k savings and got interest then need to do FBAR filing.

    i am on H1 visa and i am not sure which way is better to send and save money in home country.

  • #2
    Whether you get any interest or not if you have more than $10k in any foreign account you have to file FBAR.
    This is not a legal advice. Use at your own risk.

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    • #3
      Originally posted by jnk View Post
      Whether you get any interest or not if you have more than $10k in any foreign account you have to file FBAR.
      If we have NRE account with Citibank, FBAR filing is not needed as citibank has physical office in US. However they do send out 1099-INT form everytime which needs to be declared in tax returns..

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