FBAR Report

[FrazeeDK]

finished mine today.. About 5 minutes transcribing info from last year's FBAR (account info and bank address)..

[anefarious1]

finished mine today.. About 5 minutes transcribing info from last year's FBAR (account info and bank address)..

Do you know if you can file the FBAR before filing the actual tax return? I forget! Would like to get it out of the way and may file the return after an extension.

[FrazeeDK]

FBAR has nothing to do with your tax return. When you do your taxes you are asked if you have foreign bank holdings and if they're under $400,000 you are just reminded to do the FBAR. So, I'd say yes, you can do the FBAR any time after January 1st..

[Charlieb]

$400,000?

A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. The full line item instructions are located at FBAR Line Item Instructions.

[anefarious1]

$400,000?

A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. The full line item instructions are located at FBAR Line Item Instructions.

FATCA

[FrazeeDK]

no, when filing your Federal Income taxes the question is asked do you have foreign financial interests. If you say yes, it asks if they are under $400,000 and if they are under that amount there are no further actions to be taken for the IRS. It then reminds you to file the FBAR report which is a U.S. Treasury action.