r2i forum

Netmazter19;465107Hi,
I am international student on F1 status (for three years now) and I have a NRE account with more than 10K USD in India. Do I have to file an FBAR or do I have to pay interest earned on the principal amount in my NRE account as taxes to the IRS. Any information would be appreciated and I thank you in advance for it.

Thanks

okonomi;465115Did you have any income for which you are REQUIRED to file taxes in the United States ?
See Who is required to file federal tax returns at: http://www.irs.gov/individuals/article/0,,id=96623,00.html
and at http://www.irs.gov/newsroom/article/0,,id=105097,00.html
If the answer is YES, then tell us what form did you file ?
Usually the Part III of Schedule B in the tax form (http://www.irs.gov/pub/irs-pdf/f1040sb.pdf) alerts tax filers about FBAR filing.
If you are not required to file Tax Forms in the USA, then there is no requirement that you divulge what you have in foreign bank accounts.
No FBAR.... No Foreign Bank Account Reporting

Netmazter19;465121Hi,
Thanks for the swift reply. I do get paid a stipend from my university for my PhD. I get this income with the taxes withheld from my pay. The tax forms I file each year are the following:
1042-S
W2
1040NR-EZ
8843

I managed to save a part of my income (after paying taxes on them) and sent it to India in an NRE account. I had never heard of FBAR and when I went to the IRS website, it states that FBAR is only to be filed by "US person" i.e. citizens or residents. I believe I am not a resident yet as I have to be here for 5 years on a F1 visa to be one. Therefore FBAR should not apply to me. Am I correct in this conclusion?

Thanks
Aashish

claxman;465377According to the IRS,a resident is someone who has stayed in the USA for more than 183 days of a calendar year.If you have lived then you have to file FBAR.