Additional US Tax Reporting Requirements on Bals 50k+

[Chad3000]

Apologies for posting this here. It seems most relevant despite having nothing to do with visas. US expats unlike UK lack a sub forum. I request the moderators move this if there is a more appropriate sub form.

 

I am well aware of facta reporting requirements and fbar.

 

A friend was telling me that there are limits to overseas holdings, other financial requirements based on high balances and assets.

 

My wife does not have a TIN and as long as she is not a green card holder or a citizen I don't want her in the tax system. I mention this only because he was saying that the limits were higher if one was married.

 

I'd tried to Google this up and it's quite a hash.

 

Thanks for any and all.

Edited October 30, 2021 by Chad3000

[bbko]

I'm not sure of your question, but here's something about US taxes/Thailand and FACTA;

 

Accounts Not Required to Be Reviewed, Identified, or Reported. Unless the Reporting Thai Financial Institution elects otherwise, either with respect to all Preexisting Individual Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in Thailand provide for such an election, the following Preexisting Individual Accounts are not required to be reviewed, identified, or reported as U.S. Reportable Accounts: 1. Subject to subparagraph E(2) of this section, a Preexisting Individual Account with a balance or value that does not exceed $50,000 as of June 30, 2014. 2. Subject to subparagraph E(2) of this section, a Preexisting Individual Account that is a Cash Value Insurance Contract or an Annuity Contract with a balance or value of $250,000 or less as of June 30, 2014. 3. A Preexisting Individual Account that is a Cash Value Insurance Contract or an Annuity Contract, provided the law or regulations of Thailand or the United States effectively prevent the sale of such a Cash Value Insurance Contract or an Annuity Contract to U.S. residents (e.g., if the relevant Financial Institution does not have the required registration under U.S. law, and the law of Thailand requires reporting or withholding with respect to insurance products held by residents of Thailand). 4. A Depository Account with a balance of $50,000 or less.

 

https://home.treasury.gov/system/files/131/FATCA-Agreement-Thailand-3-4-2016.pdf

[theoldgit]

I’ll move this to the banking section.

[Etaoin Shrdlu]

Certain financial assets held outside the US need to be reported on form 8938 as part of your annual income tax return. The threshold for taxpayers living overseas and filing as single persons or married persons filing separately is when the aggregate balances of all accounts exceeds $300,000 at any time during the tax year or if it is over $200,000 at the end of the tax year. These limits are doubled for married taxpayers filing jointly. The threshold for US-resident taxpayers are lower. These obligations are in addition to any FBAR reporting requirements the taxpayer may have.

 

Instructions from the IRS website here: https://www.irs.gov/instructions/i8938

[cnx1204]

While the posts above are true, they do not negate the annual FBAR reporting

 

A United States person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report:

1. a financial interest in or signature or other authority over at least one financial account located outside the United States if
2. the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

[Chad3000]

4 hours ago, cnx1204 said:

While the posts above are true, they do not negate the annual FBAR reporting

I know all about this no one is discussing not reporting fbar

[JimGant]

On 10/30/2021 at 10:04 AM, Chad3000 said:

My wife does not have a TIN and as long as she is not a green card holder or a citizen I don't want her in the tax system. I mention this only because he was saying that the limits were higher if one was married.

 

I'd tried to Google this up and it's quite a hash.

Presumably your wife is making over $12,550 in worldwide taxable income -- otherwise without an ITIN and ability to file married jointly,you're losing her $12,550 part of the standard deduction. Oh, with an ITIN, she is not subject to FBAR -- but you say you already know all about FBAR and FATCA (which begs the question -- if you know so much, what question could you possibly be asking Google?)

 

Quote

An ITIN holder who is not a US resident does not have an FBAR filing requirement.

https://www.expattaxcpas.com/foreign-bank-account-reporting/

 

[DrPhibes]

On 10/30/2021 at 10:34 AM, bbko said:

I'm not sure of your question, but here's something about US taxes/Thailand and FACTA;

 

Accounts Not Required to Be Reviewed, Identified, or Reported. Unless the Reporting Thai Financial Institution elects otherwise, either with respect to all Preexisting Individual Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in Thailand provide for such an election, the following Preexisting Individual Accounts are not required to be reviewed, identified, or reported as U.S. Reportable Accounts: 1. Subject to subparagraph E(2) of this section, a Preexisting Individual Account with a balance or value that does not exceed $50,000 as of June 30, 2014. 2. Subject to subparagraph E(2) of this section, a Preexisting Individual Account that is a Cash Value Insurance Contract or an Annuity Contract with a balance or value of $250,000 or less as of June 30, 2014. 3. A Preexisting Individual Account that is a Cash Value Insurance Contract or an Annuity Contract, provided the law or regulations of Thailand or the United States effectively prevent the sale of such a Cash Value Insurance Contract or an Annuity Contract to U.S. residents (e.g., if the relevant Financial Institution does not have the required registration under U.S. law, and the law of Thailand requires reporting or withholding with respect to insurance products held by residents of Thailand). 4. A Depository Account with a balance of $50,000 or less.

 

https://home.treasury.gov/system/files/131/FATCA-Agreement-Thailand-3-4-2016.pdf

This is the reporting requirement for the Thai Bank or brokerage company to report to the US Treasury Dept, not the individuals requirement to report to the IRS.  He is asking about his reporting requirements as an individual.

 

Etaoin Shrdlu's response is correct for the requirement to file a form 8938 with your income tax return in addition to the FATCA reporting that filed on form 114 online with the Treasury dept.

Edited November 1, 2021 by DrPhibes
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