bobbyleo

Hi.

I have a Barclays UK bank account. Its not a savings account and it does not earn any interest. It does nothing but sit there and I dip into it when I need to.

Its over $10k so I report it on FBAR.

My question relates to form 8983 Statement of Foreign Financial Assets.

Does it also have to be reported on form 8983 as well? If so, where.

Confused

Thanks.

JAJ

It's form 8938, not 8983.

Where does it need to be reported? On the section of the form for Foreign Deposit and Custodial Accounts. Even if it does not pay interest. There is a section to check if there is no income generated.

Understand that the reporting threshold and requirements for form 8938 are different than for FinCen114/FBAR. It's quite possible to be required to file one but not the other, or vice versa.

robin1234

Just having a quick look at the current instructions for form 8938, and you need to file it if you live in the US and the specified foreign assets are over $100,000 on the last day of the year, or over $150,000 at any time during the year (married filing joint.)

Filing singly, $50,000 or $75,000.

bobbyleo

OK. Thanks.

lansbury

The instructions were revised December 2014. Unless I'm reading it wrong it is $400,000 and $600,000 filing joint, and $200,000 and $300,00 for single filers.

http://www.irs.gov/pub/irs-pdf/i8938.pdf

If I have misread I would like to know.

theOAP

The amounts will vary according to where the taxpayer is resident for tax purposes, amongst other factors. Your figures are for taxpayers resident abroad only.

bobbyleo

ok.

lansbury

I had indeed looked at the wrong part for my purposes. Thanks for that OAP I was going to let my UK pension run up in the UK account if the exchange rate didn't improve, so might have to file in 2016.