FBAR Report

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LoneTraveler
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FBAR Report

Post by LoneTraveler » January 15, 2019, 2:30 pm

Now that I may have to have 400k or 800K maintained in a Thai Bank account each year for an extension for my Visa currently Retirement. I would really like to make a decision prior to my next extension as to the pros and cons of retirement vs. marriage. I know of the negative risks of divorce or even death of spouse although, (I have not read anything on any forum about those with a marriage Visa, discuss what happens in the event of the the death of a spouse)

I will have the funds for each for my next extension, but I am not happy about maintaining the 800K vs 400K each year. Regardless, I will have to file a FBAR report if I keep the funds in the Thai bank. My question is has anyone filed this report and if so, is it a report that I can find answers to quickly and file on-line without problems.

Although, I can meet the 40K monthly transferred into Thailand, I prefer to have the total amounts both for retirement and marriage in case of problems with Immigration for my next extension. Therefore, requiring a FBAR report. And if anyone has filed, how do you interpret this part of the Instruction for the report.

Participants in and Beneficiaries of Tax-Qualified Retirement Plans. A participant in or beneficiary of a retirement plan described in Internal Revenue Code section 401(a), 403(a), or 403(b) is not required to report a foreign financial account held by or on behalf of the retirement plan.

Both my retirement funds are tax qualified (i.e. I pay income tax on both plans)



LoneTraveler
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Re: FBAR Report

Post by LoneTraveler » January 15, 2019, 2:53 pm

Just to clarify my previous post. Is it not an account in a Thai Bank held by or on behalf of a retirement plan such as direct deposit for a social security account, is it just wishful thinking on my part

tutone
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Re: FBAR Report

Post by tutone » January 15, 2019, 4:22 pm

Unless your retirement plan is held by or administered by a foreign bank then you have to report funds in that bank via FBAR if those funds exceed 10,000 dollars. I am assuming that the Thai bank in which you have your money deposited is NOT a part of your retirement plan so you have to file a FBAR. I have filed 2 or three FBAR's and it is quite easy and done online. If you have multiple bank accounts or single and joint accounts you will have to consider the sum total of all those accounts that may have exceeded 10,000 at any given time. Use the highest amount over 10,000 and report that amount on the FBAR form. You should use an historical exchange rate site to report the amount in U.S. dollars. For example if Dec. 1 was the day when you account(s) had the most money, say 500,000 Baht, you would report in U.S. dollars what the 500,000 Baht equaled on that day. Of course if there is no fluctuation in the value of your account you would know that your original amount of dollars deposited would be what you report.

https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

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parrot
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Re: FBAR Report

Post by parrot » January 15, 2019, 6:09 pm

I've filed many times......olden days on paper and mailed, but today online. My understanding is......if the total of overseas holdings is $10,000 or more, for even one day during the year, then an fbar must be filed. For example, if you have xxxk in one bank and xxxxk in another bank and the total of those two accounts equal/exceed $10k at any time during the year, then the accounts must be reported.
I wag my exchange rate....being generous with the government rather than to myself. It really doesn't matter (to me) as I don't have to pay anything either way.
My take on FBAR.......it wasn't designed for folks like most of us with small accounts overseas.....rather for the folks who are trying to cheat the government by hiding their money overseas. That's how I see it.

pipoz4444
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Re: FBAR Report

Post by pipoz4444 » January 15, 2019, 6:18 pm

Is this just an American or USA Government requirement

pipoz4444

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Giggle
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Re: FBAR Report

Post by Giggle » January 15, 2019, 6:48 pm

I've done it since it was started about 5 or 7 years ago. It's simple, costs nothing, and takes five minutes -- all online.
Parrot is right, small fry like us (I'm assuming) are not the target.

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Lone Star
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Re: FBAR Report

Post by Lone Star » January 15, 2019, 8:03 pm

pipoz4444 wrote:
January 15, 2019, 6:18 pm
Is this just an American or USA Government requirement

pipoz4444
Yep.
AMERICA: One of the Greatest Stories Ever Told.

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Shado
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Re: FBAR Report

Post by Shado » January 15, 2019, 8:10 pm

I believe the FBAR is a result of the Dodd Frank Act.

"The Dodd-Frank Wall Street Reform and Consumer Protection Act is a massive piece of financial reform legislation passed by the Obama administration in 2010 as a response to the financial crisis of 2008."


Christopher Dodd and Barney Frank are two of my least favorite congressmen.

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Hoopoe
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Re: FBAR Report

Post by Hoopoe » January 16, 2019, 7:27 am

LoneTraveler wrote:
January 15, 2019, 2:30 pm

I will have the funds for each for my next extension, but I am not happy about maintaining the 800K vs 400K each year. Regardless, I will have to file a FBAR report if I keep the funds in the Thai bank. My question is has anyone filed this report and if so, is it a report that I can find answers to quickly and file on-line without problems.



Just confirmation on maintaining 800,000 or 400,000 bht in the bank account ,this is not a requirement , the requirement is (depending on which you choose ret or marriage ) to have at least 800,000 or 400,000 bht in your Thai bank account , 2 or 3 months prior to your application, you don't have to have it in your account all year round ,
I personally leave it in there ,for medical emergency's , but it is not necessary .

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Charlieb
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Re: FBAR Report

Post by Charlieb » January 16, 2019, 11:17 am

I file FBAR every year. Yes you can file on line. Google for it. Takes maybe 5 minutes.

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UdonExpat
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Re: FBAR Report

Post by UdonExpat » January 21, 2019, 1:04 am

Following is some history and current issues on USA requirements for foreign banking and investing.

FinCEN Form 114
Since foreign accounts are taxable, the IRS and Treasury Department have a very rigid process for declaring overseas assets. Any American citizen with foreign bank accounts totaling more than $10,000 in aggregate, or at any time during the calendar year, is required to report such accounts to the Treasury. He is also required to report and pay tax on all income from these accounts, except so-called "signature authority accounts."

From the 1970s until June 2013, foreign account holders filed under Treasury Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, better known as an FBAR. Forms were due annually and processed in the Treasury office in Detroit.

After June 2013, the Treasury announced the paper-based FBAR was no longer acceptable. Instead, foreign account owners needed to electronically fill out the FinCEN Form 114, also titled FBAR. The new FinCEN 114 included more information and had to pass through the Treasury's Bank Secrecy Act E-Filing System. This new FBAR did not replace an income tax filing but was instead a separate document to be submitted individually.

The Foreign Account Tax Compliance Act
Congress passed the Foreign Account Tax Compliance Act (FATCA) in 2010 without much fanfare. One reason the act was so quiet was its four-year-long ramp up – FATCA did not take effect until 2014. Never before had a single national government attempted, and so far succeeded in, forcing compliance standards on banks across the world.

FATCA requires any non-U.S. bank to report accounts held by American citizens worth over $50,000 or else be subject to 30% withholding penalties and possible exclusion from U.S. markets. By mid-2015, more than 100,000 foreign entities had agreed to share financial information with the IRS. Even Russia and China agreed to the FATCA. The only major global economy to fight the Feds is Canada; however, it was private citizens, not the Canadian government, who filed suit to block FATCA under the International Governmental Agreement clause making it illegal to turn over private bank account information.

Through FATCA, the IRS receives account numbers, balances, names, addresses and identification numbers of account holders. Americans with foreign accounts must also submit Form 8938 to the IRS in addition to the largely redundant FBAR form. Those interested in opening a foreign bank account must be aware of these requirements and possible tax penalties, especially for retirement accounts abroad, which have their own unique treatment.

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parrot
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Re: FBAR Report

Post by parrot » March 25, 2019, 3:40 pm

It only takes a few minutes to file the report. Less so, if you use the right link:
https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

Don't use....https://www.efilefbar.org/?gclid=CjwKCA ... 5EQAvD_BwE

Filing deadline is 15 April

glalt
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Re: FBAR Report

Post by glalt » March 25, 2019, 4:13 pm

I have been filing the FBAR since it became a requirement. My Thai bank account information and the amount in the bank has been given to my US accountant for my tax return every year. I have never heard anymore about it.

minimiglia
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Re: FBAR Report

Post by minimiglia » March 25, 2019, 4:22 pm

Ha Ha so much for the land of the free?????????? NOT

Jing Jing
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Re: FBAR Report

Post by Jing Jing » March 25, 2019, 4:29 pm

Does this apply to the FBAR deadline?

“Taxpayers Abroad Must File by June 15; Extensions Available; New Filing Deadline Now Applies to Foreign Account Reports.”
Taxpayers Abroad Must File by June 15; Extensions Available; New ...
IRS.gov › newsroom › taxpayers-abroad...

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parrot
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Re: FBAR Report

Post by parrot » March 25, 2019, 4:44 pm

Jing Jing wrote:
March 25, 2019, 4:29 pm
Does this apply to the FBAR deadline?

“Taxpayers Abroad Must File by June 15; Extensions Available; New Filing Deadline Now Applies to Foreign Account Reports.”
Taxpayers Abroad Must File by June 15; Extensions Available; New ...
IRS.gov › newsroom › taxpayers-abroad...
From the fbar website
The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15. This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the “Act”). Specifically, section 2006(b)(11) of the Act changes the FBAR due date to April 15 to coincide with the federal income tax filing season.

The Act also mandates a maximum six-month extension of the filing deadline. To implement the statute with minimal burden to the public and FinCEN, FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year. Accordingly, specific requests for this extension are not required.

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