FBAR Question.

[JimmyJ]

I have 1 Thai bank account with 800k in it.

 

I have several other accounts with small money in them - under 100 USD, and 1 that had at most ~3k USD IN it during 2022.

 

Do I have to include all accounts on the FBAR form, or only the 1 account which alone takes me over 10k USD ( because the other 3 combined at their individual peaks were less than 4k USD)?

 

Thank you.

[Etaoin Shrdlu]

You need to report each of them individually on the FBAR form.

Once the value of all accounts combined exceeds the equivalent of USD10,000, all accounts, regardless of individual balance, need to be reported.

 

 

Edited April 16, 2023 by Etaoin Shrdlu

[rumak]

16 minutes ago, Etaoin Shrdlu said:

You need to report each of them individually on the FBAR form.

Once the value of all accounts combined exceeds the equivalent of USD10,000, all accounts, regardless of individual balance, need to be reported.

 

 

correct

[JimmyJ]

I'd like to make sure I filed an FBAR last year and also that I filed it correctly.

 

It appears that verifying that it was filed in a previous year requires calling them which I would prefer not to do.

 

Has anyone found another way to do that?

 

And as far as getting to look at the previously filed form, it seems to be impossible.

Or ???

[VocalNeal]

I'm not America. For Americans what constitutes a foreign financial account?

[CartagenaWarlock]

10 minutes ago, VocalNeal said:

I'm not America. For Americans what constitutes a foreign financial account?

Foreign financial accounts include bank accounts, securities accounts, and certain foreign retirement arrangements. Accounts located outside of the 50 states, D.C., the U.S. possessions, and tribal territory are considered “foreign” accounts.

[Etaoin Shrdlu]

1 hour ago, JimmyJ said:

I'd like to make sure I filed an FBAR last year and also that I filed it correctly.

 

It appears that verifying that it was filed in a previous year requires calling them which I would prefer not to do.

 

Has anyone found another way to do that?

 

And as far as getting to look at the previously filed form, it seems to be impossible.

Or ???

When filing form 114 (FBAR), FinCen asks for your email address and then sends a confirming email to acknowledge receipt of the completed form.  If you have access to the email account you used when filing, you may be able to find the acknowledgement email if it hasn't been deleted.

 

No idea how to go back and review the form after submission without contacting FinCen other than looking at a copy saved when filing. 

[JimmyJ]

1 hour ago, Etaoin Shrdlu said:

When filing form 114 (FBAR), FinCen asks for your email address and then sends a confirming email to acknowledge receipt of the completed form.  If you have access to the email account you used when filing, you may be able to find the acknowledgement email if it hasn't been deleted.

 

No idea how to go back and review the form after submission without contacting FinCen other than looking at a copy saved when filing. 

Both Mr. Natural and Flakey Floont said the same, but thank you for verifying it - you know how whacked out those 2 can get!

[JimmyJ]

If 1 account had 10k USD in it during the year,  then as was explained here  all accounts must be listed - 

If I am reading this correctly,

one should list the highest amount during the year for each of the other accounts.

Is that correct?

[JimmyJ]

Completed this - Thank you to all who gave feedback!