9 hours ago, GypsyT said:

After checking many possibilities to simplify my life regarding tax filing and bank accounts I did this (maybe somebody gets ideas do the same?):

 

For next year I did this;

A. I switched all funds in foreign banks to 0 interest accounts. No income - no reporting. Rates are so low no big loss and I got enough to live rest of my life anyway.

B. I keep total foreign funds below 50k at the end of the year and max 75k any time of the year = No IRS reporting, just Fbar, which I found is easy to do. ( If I keep all accounts under 10K no Fbar but that's too little funds for me).

It really is not hard to report interest - just use the rate for day of payment per Oanda or XE to get the yearly total for each account.  Once done most online systems provide last years data so you just fill in new year amounts.

 

As for FBAR some might misread - total max at any time in all accounts below 10K - but as you say that is only a few minutes to take care of online.

On 1/28/2022 at 4:25 AM, GypsyT said:

I've seen many smart people here giving good answers so maybe I also get help?
My income, including interest and foreign pesion, is less than general $ 14500 deduction.
I have SSA pension which is 100% tax free.
Do I still need to file Federal tax return?
I've asked around and got many different answers.
I want to make my life simple. I already reduced my total foreign bank assets below 10k/yr. No more Fbar reporting.
Thank you!

 

Even if you are not required to file, it is always a "safe harbor" to file and you should do so.  That prevents the IRS from sending you a letter asking where your returns are and assures that you will get govt money if any is ever distributed again. 

I efiled 26 Feb (Sat) using HR Block desktop software....got immediate confirmation of filing from HR Block....then two minutes later I got email confirmation the IRS had Accepted my return.  Watching the progress/status of my return using my IRS online acct and WMR it appears that on 1 Mar (Tue) the IRS processed/approved my return with a refund issue date of 7 Mar (Mon) but on 4 Mar (Fri) I got an email from my bank the IRS refund had been received.   

 

So, it only took 6 days from efiling on 26 Feb to receiving the refund on 4 Mar.     Last year's filing was same....6 days from efiling to refund received.  Can't complain.  

 

Now I need to get off my butt and file my FBAR.