Question

Whether Indian employee provident fund account (EPF) needs to be reported in FBAR

Forum|Forum|3 years ago
February 17, 2023
1 reply
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I have a Indian Employee Provident Fund account which currently exceeded the 10,000 dollar threshold. Should I need to file FBAR? In "https://www.fincen.gov/sites/default/files/shared/FBAR%20Line%20Item%20Filing%20Instructions.pdf " it is mentioned as

Participants in and Beneficiaries of Tax-Qualified Retirement Plans. A participant in or
beneficiary of a retirement plan described in Internal Revenue Code section 401(a), 403(a), or
403(b) is not required to report a foreign financial account held by or on behalf of the
retirement plan.

I am not sure if employee provident fund comes under this tax qualified retirement plan.

Not A Product Question

M

MAK70

Yes, you would need to report the EPF on the FINRA. The retirement plans that you refer to would be U.S. based funds that contain foreign investments. The EPF is Indian government so it is not U.S. based.