Student with F1 status FBAR

[Netmazter19]

Hi,
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]

Hi,
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

Did 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]

Did 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

Hi,
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]

According 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.

Hi,
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

[Netmazter19]

According 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.

International Student in F1, J1, M, Q visa taxes, are considered as Non Resident Aliens for a period of up to Five years, as long as they are students in the United States. If you are a student for the sixth year use Substantial Presence Test to determine your residency.

http://www.visataxes.com/spt.php