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N
nofilmaknojia
February 25, 2025
Question

did you own or control a foreign bank account, trust or financial asset in 2024?

  • February 25, 2025
  • 1 reply
  • 0 views

Hello. I am an International F1 student with an Indian bank account. Should I answer yes to this question?

1 reply

M
MinhT1
February 25, 2025

An Indian bank account is a foreign bank account. You should answer YES.

 

If this account has a balance of more than the equivalent of US $10,000 at any time during the year, you have to file a FBAR.

 

Moreover, if the total of your foreign financial assets exceeds $50,000 at year end ($100,000 for Married filing jointly) or $75,000 at any time during the year ($150,000 for MFJ), then your have to file form 8938.

 

Please read this IRS document for more information. 

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