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Hi all,
This is for a tax-resident after staying in the US for 5 years as an F1. I apparently need to report bank accounts for amounts exceeding $10k under the FBAR regulation. Is one is exempt from reporting any of these accounts?:
1) Primary joint account holder for a savings account
2) Primary account holder for a fixed-deposit account
3) Primary account holder for a PPF account
I was hoping that #3 is exempt what with it being a retirement account and all.
In addition, there is now also a foreign income reporting requirement. I understand this means that interest income on these accounts would be taxed during the financial year of interest.
Is the principal amount in these accounts taxable? I am assuming not.
Thanks for the help.
This is for a tax-resident after staying in the US for 5 years as an F1. I apparently need to report bank accounts for amounts exceeding $10k under the FBAR regulation. Is one is exempt from reporting any of these accounts?:
1) Primary joint account holder for a savings account
2) Primary account holder for a fixed-deposit account
3) Primary account holder for a PPF account
I was hoping that #3 is exempt what with it being a retirement account and all.
In addition, there is now also a foreign income reporting requirement. I understand this means that interest income on these accounts would be taxed during the financial year of interest.
Is the principal amount in these accounts taxable? I am assuming not.
Thanks for the help.
