r2i forum

Hello Everyone,

I am Ishan. I and My wife came to US last October, 2017 on H1B/H4 Visa. We became resident alien around end of June, 2018. I have few questions regarding filing FBAR. I would appreciate if you can provide me the answers or provide me any Link if possible.


1. I have mutual funds and bank accounts with my Father/Mother, should I show those account as Joint account or Single owner account on FBAR? My Father and mother are citizens of India so they don't have SSN/ITIN. If I do have to show it as Joint account, what should I place in the TIN number for either of them (PAN number or Passport number)?


2. If you are nominee in any LIC Policy or bank accounts, do I have to include those on FBAR?

Thank you :)

ishan;678359Hello Everyone,

I am Ishan. I and My wife came to US last October, 2017 on H1B/H4 Visa. We became resident alien around end of June, 2018. I have few questions regarding filing FBAR. I would appreciate if you can provide me the answers or provide me any Link if possible.


1. I have mutual funds and bank accounts with my Father/Mother, should I show those account as Joint account or Single owner account on FBAR? My Father and mother are citizens of India so they don't have SSN/ITIN. If I do have to show it as Joint account, what should I place in the TIN number for either of them (PAN number or Passport number)?


2. If you are nominee in any LIC Policy or bank accounts, do I have to include those on FBAR?

Thank you :)

If you were non resident alien in 2017, you do not need to file an FBAR for 2017.

1) It should be joint. Personally, I would give something like voter id number for parents. I would not give passport number

2) No

Thank you for the information :). I filed my taxes as Resident alien to get ITIN for my wife so I believe I will have to file the FBAR this year also.

Hi again,

One more minor question : I closed two bank account last year so I can merge everything into my other bank account. Do I have to show the closed bank account information in FBAR? I don't mind showing it if needed.

Thank you,

Ishan

Yes, you need to show closed bank account in FBAR.