US Tax Forms - Besides FBAR

[TheScience]

Sorry for posting this here. I recall a more specific sub forum but unable to locate it.

 

USA Tax IRS rubbish:

 

I recall being told if you have a good bit of cash abroad there are a bunch of forms to fill out. I'd like to start bringing over more money and possibly open an account in SIN in the next few years if possible.

 

Thanks

[ubonjoe]

Moved to the US and Canada subforum on the Home Country forum.

[CharlieH]

MOVED

 

not visa related.

[mtls2005]

22 minutes ago, TheScience said:

I recall being told if you have a good bit of cash abroad there are a bunch of forms to fill out.

 

Do you recall any more details than that? 

 

Are you asking about filing a 1040? If so, then Schedule B would cover interest on foreign accounts.

 

You've got FBAR sorted.

 

Honestly not sure what you're asking about? 

 

[TheScience]

1 hour ago, mtls2005 said:

 

Do you recall any more details than that? 

 

Are you asking about filing a 1040? If so, then Schedule B would cover interest on foreign accounts.

 

You've got FBAR sorted.

 

Honestly not sure what you're asking about? 

 

 

Apologies and thanks for your interest and help.

 

??? Forms that needed to be filed if overseas bank deposits... possibly even hard assets like a home or even car/s.

 

Defo not straight up 1040. Not FBAR

[ubonjoe]

12 minutes ago, TheScience said:

Forms that needed to be filed if overseas bank deposits... possibly even hard assets like a home or even car/s.

If you have over $10,000 in Thai bank accounts you need to do a FBAR form online.

Info for FBAR is here: https://bsaefiling.fincen.treas.gov/main.html

Also topic here that may have some info. https://aseannow.com/topic/1213903-usa-topic-fbar-filing-deadline-is-april-15-but-there-is-an-automatic-extension-until-october-15-or-is-there/

No reporting needed for your assets here other than FBAR.

 

 

[Etaoin Shrdlu]

In addition to the FBAR report that Ubon Joe mentions above, if your financial assets in a foreign financial institution exceed certain thresholds, you would need to file form 8938 with your 1040.

 

https://www.hrblock.com/expat-tax-preparation/resource-center/forms/form-8938/

[JimGant]

1 hour ago, TheScience said:

Forms that needed to be filed if overseas bank deposits... possibly even hard assets like a home or even car/s.

Form 8938, in compliance with FATCA, attached to your Form 1040, showing amounts and earnings for each applicable financial account. Hard assets, like your home and rental properties, aren't involved. High reporting thresholds, compared to FBAR:  For end of year amounts, filing single, $200k if living abroad for over 330 days; $400k if filing jointly. Divide these amounts by 4 if not living abroad for 330 days. And, if at any time during the year you exceed these amounts by x1.5 -- e.g ., $300k filing single and living abroad, you've met a threshhold.

 

Probably not too many reading this affected -- and as a rare nod to the expat, the thresholds emphasize the live-at-home money finaglers, not us expats with foreign financial assets to just get along.

[TheScience]

2 hours ago, JimGant said:

Form 8938, in compliance with FATCA, attached to your Form 1040, showing amounts and earnings for each applicable financial account. Hard assets, like your home and rental properties, aren't involved. High reporting thresholds, compared to FBAR:  For end of year amounts, filing single, $200k if living abroad for over 330 days; $400k if filing jointly. Divide these amounts by 4 if not living abroad for 330 days. And, if at any time during the year you exceed these amounts by x1.5 -- e.g ., $300k filing single and living abroad, you've met a threshhold.

 

Probably not too many reading this affected -- and as a rare nod to the expat, the thresholds emphasize the live-at-home money finaglers, not us expats with foreign financial assets to just get along.

Hey, this is fantastic. I'll have a closer look at the form. Thank you.

 

So, just keep it under 200k and I'm fine. I am dreading getting my wife a TIN I don't want to drag her into any of the tax, social security nonsense. We're never going back.

 

I'm going to have to liquidate my safety box in the US because the bank requires a TIN. That's another matter. Unfortunately outside of Singapore are you just can't trust safety boxes.

Edited February 13, 2022 by TheScience

[JimGant]

3 hours ago, TheScience said:

So, just keep it under 200k and I'm fine. I am dreading getting my wife a TIN I don't want to drag her into any of the tax, social security nonsense. We're never going back.

Not sure why you're hesitant about getting the wife an ITIN....? If you do, you get double the standard deduction, thus an additional $12950 exempt from taxable income (for 2022 taxes). As a Non Resident Alien, even with an ITIN, she has no FBAR responsibility. And, yes, if she has Thai income, this must be included on your joint 1040 filing -- but if she's paying Thai taxes on this, then she gets a tax credit for this on your 1040 filing. So, few scenarios where not getting the Thai wife an ITIN has any benefit. Plus, your Form 8938 threshhold, living overseas, moves to $400k, since you're filing married jointly, not singly. Nope, no reason not to get the wife an ITIN.

[gamb00ler]

4 hours ago, TheScience said:

So, just keep it under 200k and I'm fine. I am dreading getting my wife a TIN I don't want to drag her into any of the tax, social security nonsense. We're never going back.

 

Taxation of Social Security benefits is much worse if married filing separately and you lived with you spouse for any part of the year.

 

https://www.taxslayerpro.com/blog/post/married-filing-jointly-vs-married-filing-separate

[GypsyT]

"So, just keep it under 200k and I'm fine. I am dreading getting my wife a TIN I don't want to drag her into any of the tax, social security nonsense. We're never going back. "

 

Actually, it CAN be as high as $ 300k during the year but only $ 200 at the end of the year.

 

"Specified individuals living outside the US:
Unmarried individual (or married filing separately): Total value of assets was more than $200,000 on the last day of the tax year, or more than $300,000 at any time during the year." (reporting liability)

 

This info, to true IRS fashion, was well hidden and available via Business info pages.

 

https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

 

 

[TheScience]

20 hours ago, gamb00ler said:

Taxation of Social Security benefits is much worse if married filing separately and you lived with you spouse for any part of the year.

 

https://www.taxslayerpro.com/blog/post/married-filing-jointly-vs-married-filing-separate

I'm not drawing yet but I'll definitely have a look. My social will be negligible I left permanent US workforce end 2001.

[TheScience]

14 hours ago, GypsyT said:

"So, just keep it under 200k and I'm fine. I am dreading getting my wife a TIN I don't want to drag her into any of the tax, social security nonsense. We're never going back. "

 

Actually, it CAN be as high as $ 300k during the year but only $ 200 at the end of the year.

 

"Specified individuals living outside the US:
Unmarried individual (or married filing separately): Total value of assets was more than $200,000 on the last day of the tax year, or more than $300,000 at any time during the year." (reporting liability)

 

This info, to true IRS fashion, was well hidden and available via Business info pages.

 

https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

 

 

Thanks. After I posted this I began to search around myself. Honestly surprised at all the info.

 

Thanks +2