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navyayaganti9991

Question

I am an indian citizen on H1B visa I have a bank account in india less than $500 . Yes/not-"did you own/control a foreign bank account, trust or financial asset in 2024?"

Forum|Forum|11 months ago
April 9, 2025
1 reply
0 views

I am on h1b visa and passed the substantial presence test for 2024 taxes, so i'm considered as us resident for tax purposes. i have a bank account in india but there is no income or transactions that is more than 500 dollars. even the balance is less than 500 dollars. In this case what should i answer to this question "did you own/control a foreign bank account, trust or financial asset in 2024?" yes or no?

TurboTax Free Edition Online

You should truthfully answer YES as there is no dollar threshold on that question.

But if your foreign bank balance is no more than $10,000 at any time during the year, you are not required to file a FBAR report.

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