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I have some questions regarding FATCA and 1040 filing in USA.

I got my US citizenship last year. I have transferred around $70,000 from US on 2009 to my SBI account in India. As I deposited these amount in CD, I was getting interrest on this amount and paying taxes in India. I recenly come to hear about the FATCA and other requirements. We are filing taxes in USA joinly(married joinly) for the earing in USA. But never reported this interest or the amount of cash in SBI(in indian Rs). I would like to know whether I have to report this investment that I have transferred from US to SBI either through FATCA or 1040 filing.

I really appreciate any response to this

irs1980;463847I have some questions regarding FATCA and 1040 filing in USA.

I got my US citizenship last year. I have transferred around $70,000 from US on 2009 to my SBI account in India. As I deposited these amount in CD, I was getting interrest on this amount and paying taxes in India. I recenly come to hear about the FATCA and other requirements. We are filing taxes in USA joinly(married joinly) for the earing in USA. But never reported this interest or the amount of cash in SBI(in indian Rs). I would like to know whether I have to report this investment that I have transferred from US to SBI either through FATCA or 1040 filing.

I really appreciate any response to this

Part of FATCA is the new 8938 form which kicks in at 100k (at end of year) or 150k (during the year). Depending on your other offshore assets, you may have needed to file that with your 2011 1040 forms.

You should have been filing FBAR forms yearly since the year you invested offshore since your offshore financial assets are >$10k. The income should have been reported on your US taxes.

Do read up on Quiet disclosure(filing 1040 ameds & back FBAR forms), Go-forward("prospectively") or ovdp 2012 and make an informed decision on how to proceed. You have missed the official deadline for filing 2011 FBAR last week.

There is NO form to report the actual transfers/transactions.

FYI. Interest earned on CD's are to be reported yearly for 1040 tax purposes. You could get a detailed statement from SBI showing interest credits or calculate them based on days in year and % interest.

No need to get stressed.. get educated and make a informed decision based on your risk profile.