Proof of life for American Social Security

[Presnock]

On 9/10/2023 at 1:33 PM, KhunLA said:

Wrong, that is for a total 'balance' amount of $10k in accounts.  Not if 10k or more has gone through the accounts, only if balance of accounts hit the 10k mark.

 

My 800+k DD for ret. visa does  not have to be reported.  Unless I leave it in there to hit that 10k mark, which I don't and make a withdrawal every 3rd or 4th month.

 

Only a few times have I needed to file FBAR, when using the lump sum amount for visa.

red the requirements for fbar filing...check your dictionary for the word "aggregate" as it means in English the total amount that passes through the account>  Just because you didn't file and haven't YET been caught, the 800K is over the 10K "aggregate" to start with.  Best to check with an expert who can understand written English.

 

[KhunLA]

3 hours ago, Presnock said:

red the requirements for fbar filing...check your dictionary for the word "aggregate" as it means in English the total amount that passes through the account>  Just because you didn't file and haven't YET been caught, the 800K is over the 10K "aggregate" to start with.  Best to check with an expert who can understand written English.

 

We'll just have to A2D, and since I've been audited by IRS since being here, I'm leaning towards me being correct.

 

Edited September 12, 2023 by KhunLA

[Pib]

4 hours ago, Presnock said:

read the requirements for fbar filing...check your dictionary for the word "aggregate" as it means in English the total amount that passes through the account>  Just because you didn't file and haven't YET been caught, the 800K is over the 10K "aggregate" to start with.  Best to check with an expert who can understand written English.

 

 

Yes....read the FBAR instructions.  At the bottom is a link to the FBAR instructions and the specific paragraph talking the aggregate $10K level.   What it means is if "at any time during the calendar year" the amount  you have in foreign acct exceeds $10K you must file a FBAR.

 

Example 1: say you transferring Bt65K/month to Thailand (approx $1,857 @Bt35/USD) that adds up to $22,284 in transfers per year....but if you are spending most of each monthly transfer and your bank balance never exceeds $10K at any point during the calendar year then a FBAR is "not" required.

 

Example 2: you maintain Bt800K (approx $22,587) in your Thai bank acct say throughout the year for retirement extension purposes, then a FBAR is required.

 

Example 3:  you maintain $10K or less in all your Thai bank accts throughout the year....not even for one milliseconds does the aggregate balance exceed $10K....a FBAR is "not" required.

 

Example 4:  on one day (or one hour/minute/second) during the calendar year you exceeded $10K balance in your Thai bank accts then a FBAR is required.

 

 

https://www.fincen.gov/sites/default/files/shared/FBAR Line Item Filing Instructions.pdf

Quote

Who Must File an FBAR. 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. See General Definitions, to determine who is a United States person.