gk
Level 5
03-26-2024
08:07 PM
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Hi,
one of my client has almost 300k in indian bank and he paid tax in India. How do i show that here? Do i have to do FBAR and show that amount? then what about the Interest he paid there? Or do i have to file 2555 and 1116.? kindly advise?
GK
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TaxGuyBill
Level 15
03-26-2024
09:47 PM
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Are you preparing a 1040 for a US Citizen or full-year US Resident? If so ...
Yes, you report their Worldwide Income, including interest.
Yes, you can file 1116 to claim the Foreign Tax Credit.
Yes, FBAR needs to be filed. AND FATCA (Form 8938).
gk
Level 5
03-30-2024
10:07 AM
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1040 - FULL YEAR US RESIDENT
