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Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3380
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).
JA: Hi India. The Accountant will know how to help. Anything else I can tell the Accountant before I connect you two?
Customer: No, thanks
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Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year 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. let me know if you require further information or clarification.Thank you and best regards,Barb
Expert:  Barbara replied 1 year 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