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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2856
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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I am a Green Card Holder of USA (since June 2015), but

Customer Question

Hi. I am a Green Card Holder of USA (since June 2015), but live and work in India. I have no source of Income in the US. While I understand i Have to file my Income Tax return for 2015 in Form 1040 in the USA, I have a question on Form 8938 reporting. I will be filing joint return with my wife (who is also a Green card Holder), hence entitled to exemption upto $400,000 / $ 600,000 as provided for 8938. Do I have to include my Provident Fund balance as at 31 Dec 2015 in the Financial Assets reporting in 8938. It is a retirement plan (tax exempt, at the time of contribution as well as withdrawal, in India), where I contribute and will be entitled to withdraw it only when i retire at the age of 60 (presentlyI am 50).
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Submitted: 8 months ago.
Category: Tax
Expert:  Barbara replied 8 months ago.
Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.You are required to file Form 8938 if you live abroad and you are filing a joint return and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.I would also suggest you file FBAR for this account.https://www.irs.gov/Businesses/Corporations/Do-I-need-to-file-Form-8938-Statement-of-Specified-Foreign-Financial-Assetshttps://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBARPlease let me know if you require further information or clarification.Thank you and best regards,Barb
Expert:  Barbara replied 8 months ago.
Just following up with you to see if you have any other questions or concerns. If so, please come back to me here, and I will be happy to assist you.Best regards,Barb

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