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closed bank account on Fbar and 8938

closed bank account on Fbar and 8938

Old May 15th 2024, 4:14 pm
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Default closed bank account on Fbar and 8938

Hi guys

One very quick question. If my friend closed her UK bank account in 2021, she only needs to report it on Fbar and 8938 in 2022 (for the 2021 tax year), but do not need to report it any more from 2023 (from 2022 tax year), right?

Thanks,

H
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Old May 15th 2024, 5:08 pm
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Default Re: closed bank account on Fbar and 8938

Correct
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Old May 16th 2024, 6:27 am
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Default Re: closed bank account on Fbar and 8938

There's a box on the 8938 for each account listed to indicate "Account Closed during year."

Last edited by neill; May 16th 2024 at 6:30 am.
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Old May 16th 2024, 11:28 am
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Default Re: closed bank account on Fbar and 8938

Originally Posted by neill
There's a box on the 8938 for each account listed to indicate "Account Closed during year."
True, but the OP is asking about FBAR.
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Old May 16th 2024, 6:10 pm
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Default Re: closed bank account on Fbar and 8938

Originally Posted by Helen1234
Hi guys

One very quick question. If my friend closed her UK bank account in 2021, she only needs to report it on Fbar and 8938 in 2022 (for the 2021 tax year), but do not need to report it any more from 2023 (from 2022 tax year), right?

Thanks,

H
Originally Posted by MidAtlantic
True, but the OP is asking about FBAR.
She did also ask about 8938.
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Old May 16th 2024, 11:20 pm
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Default Re: closed bank account on Fbar and 8938

Originally Posted by Glasgow Girl
Correct
thanks
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Old May 17th 2024, 11:34 am
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Default Re: closed bank account on Fbar and 8938

Originally Posted by durham_lad
She did also ask about 8938.
Ooops... I have arranged to get my eyes checked
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Old Today, 1:58 pm
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Default Re: closed bank account on Fbar and 8938

Originally Posted by neill
There's a box on the 8938 for each account listed to indicate "Account Closed during year."
many thanks. I think it means no need to report the closed account any more after the closed year, right?

H
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Old Today, 3:35 pm
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Default Re: closed bank account on Fbar and 8938

Originally Posted by Helen1234
many thanks. I think it means no need to report the closed account any more after the closed year, right?

H
I need to take my own advice, but...

Take a step back, ask that question out loud, what is the common sense answer?
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