Having a foreign bank account, how would effect my net income?

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  • Having a foreign bank account, how would effect my net income?


Answer #1 | 07/12 2013 19:25
IRS Can look into it They can Look into whatever they want and yes it could hurt
Positive: 85 %
Answer #2 | 07/12 2013 19:56
They tax the interest not the principle. By law you must report foreign accounts. That does not mean they are taxed.
Positive: 79 %
Answer #3 | 07/12 2013 21:29
Are you on a visa? If yes, which one? If you are US citizen or resident alien, the income from the account is included on the tax return and if the balance is ever more than $10,000, you would have to file the FBAR report. If you are a non-resident alien, you can safely ignore it.
Positive: 59 %

Possible answer

distributions to the beneficiary of “distributable net income” ... Report of Foreign Bank and ... signature authority over a foreign financial account
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Participants in the Bank Net Plan ... the Bank 10% contribution and the deemed Bank ... If you are subject to U.S. income tax, the Bank Group will ...
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