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I have a few savings accounts and Fixed Deposits that earned ~4500$ in India. This was taxed ~1150$. Do I need to enter this at all?

Forum|Forum|7 years ago
June 3, 2019
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Based on the question 'Was the total value > 100000$ on Dec 31 or > 150000$ at any time?'.. I think I don't need to enter it. Wanted to double check this though.

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Best answer by DavidD66

If you are US citizen or resident alien, you are required to report all of your worldwide income. So yes, you may need to report it. The question about whether the total value was greater than $100,000 on December 31, or $150,000 at any time during the year relate to whether or not you need to file a form 8938. For more information on foreign financial holdings reporting, see: https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

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DavidD66Answer

If you are US citizen or resident alien, you are required to report all of your worldwide income. So yes, you may need to report it. The question about whether the total value was greater than $100,000 on December 31, or $150,000 at any time during the year relate to whether or not you need to file a form 8938. For more information on foreign financial holdings reporting, see: https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

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arvind-doraiswamyAuthor

Thanks David. I'm clear I need to file FBAR but was confused about Form 8938. I thought that the interest income and From 8938 were the same. But based on this answer, Form 8938 is something completely separate from worldwide interest income.

Had I selected 'yes' on that screen, it'd be interest income + form 8938 during submission. Since I selected 'No' it'll be just interest income.

Is this correct?