Question

Do i have to report "time deposits" on FBAR if those "Time deposits" were created from saving account money? I will report MAX value of saving account on FBAR. Thanks!

Forum|Forum|7 years ago
June 6, 2019
1 reply
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In detail, My only active source of income is salary in USA. I transfer say $20,000 to Indian saving account Then from that saving account I open "2 time deposits" of 10,000 and 10,000 each. Do I have to report these 2 "time deposits" on FBAR?

TurboTax Deluxe Online

C

CarolC

Employee

Yes. You must file an FBAR report when the total value of all your foreign financial accounts or investments are more than $10,000 - at any time during the tax year. It is not relevant that the funds were from a savings account transfer.

See the TurboTax FAQ below for more information.

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