FBAR questions

ishan · Post by **ishan** » Sun Jul 29, 2018 12:23 am

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 :)

greyfri · Post by **greyfri** » Sun Jul 29, 2018 2:08 am

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

ishan · Post by **ishan** » Sun Jul 29, 2018 8:58 pm

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.

ishan · Post by **ishan** » Tue Jul 31, 2018 7:20 pm

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

greyfri · Post by **greyfri** » Wed Aug 01, 2018 3:32 am

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