I will be including the Ideco savings account on my FBAR but I am unsure if the interest earned on the account is reportable. I assume that it is and I would need to report it on schedule B Part 1. Any help is appreciated.
by konbinibento
I will be including the Ideco savings account on my FBAR but I am unsure if the interest earned on the account is reportable. I assume that it is and I would need to report it on schedule B Part 1. Any help is appreciated.
by konbinibento
2 comments
Surely the only way you’re earning interest in an ideco is by investing in a fund, which is more than likely a PFIC
I assume it would be, from a us perspective should not be any different than any orher foreign savings account.
Can I ask your reasoning on choosing an ideco given the restrictions? I’d guess maybe you’re close to retirement? Or you just want a cash portion for your retirement savings?
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