r2i forum

Did you guys also send the OVDI letter to Philadelphia or did you just send the whole package to Austin?

Thanks Greyfri. Guys - I am confused on the submission procedure. I am not going for pre-clearance. Do I need to submit the OVDI letter to Philadelphia and submit the whole package to Austin before August 31? Does the complete package to Austin include the OVDI letter as well? I am late to the party ...

Thanks Greyfri. It's his PAN only on the account. Not sure if the interest is clearly spelled out in his return. If it's not, do I owe taxes and if I do, can I half both the max balance for fbar penalty and the interest earned for calculating my share of tax?

[QUOTE=socrates;406144]Folks, I have a question about determining interest (and associated tax due) for joint accounts. If I own a joint account with my father, am I responsible for paying taxes on half of the interest earned during the year? Any ideas? If the yearly interest earned is $1,000; can I ...

[QUOTE=manchhe;388040]Hi KKAssociate, Need some help understanding how the base asset value is determined for OVDI penalty. If someone (US person) had a joint account in india with his father (non US person), Just a joint account with no primary/secondary designation. Is his share of the balance ...

Folks, I have a question about determining interest (and associated tax due) for joint accounts. If I own a joint account with my father, am I responsible for paying taxes on half of the interest earned during the year? Any ideas? If the yearly interest earned is $1,000; can I say that I owe taxes ...