FBAR

Old Feb 7th 2017, 8:25 pm
  #16  
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Default Re: FBAR

Originally Posted by MidAtlantic View Post
So you just glance through the first statement and see the highest balance, make a note of it then change it if there is a higher balance on a subsequent statement. Do that as the year goes by and you have your answer.



The definition of financial interest includes: the United States person is the owner of record or holder of legal title. That is not you if you have a DB pension.
Not what FinCEN told me.
I transferred 10k from a saving account to checking which was immediately wired out for a bill payment, the amount shown for the FBAR was including this 10k on both accounts but the actual balance was 10k less if that makes sense. Madness! FBAR wants the highest amounts shown (not balance) even if only for a nanosecond
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Old Feb 7th 2017, 8:29 pm
  #17  
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Default Re: FBAR

Originally Posted by audio View Post
Not what FinCEN told me.
I transferred 10k from a saving account to checking which was immediately wired out for a bill payment, the amount shown for the FBAR was including this 10k on both accounts but the actual balance was 10k less if that makes sense. Madness! FBAR wants the highest amounts shown (not balance) even if only for a nanosecond
Yes, that is what I was saying and meant.(ie the highest amount in your account at any point)
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Old Feb 7th 2017, 8:35 pm
  #18  
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Default Re: FBAR

Originally Posted by MidAtlantic View Post
The definition of financial interest includes: the United States person is the owner of record or holder of legal title. That is not you if you have a DB pension.
Thanks, I was going by the US legal definition.

"Financial interest" means an interest that could result in directly or indirectly receiving a pecuniary gain or sustaining a pecuniary loss as a result of ownership or interest in a business entity, or as a result of salary, gratuity, or other compensation or remuneration from any person.

I was looking at DB similar to a US deferred salary scheme

Last edited by mrken30; Feb 7th 2017 at 8:37 pm.
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Old Feb 7th 2017, 8:37 pm
  #19  
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Default Re: FBAR

Originally Posted by mrken30 View Post
Thanks, I was going by the US legal definition.

"Financial interest" means an interest that could result in directly or indirectly receiving a pecuniary gain or sustaining a pecuniary loss as a result of ownership or interest in a business entity, or as a result of salary, gratuity, or other compensation or remuneration from any person.
Mine is a quote from the FBAR instructions, can't get much more US than that!
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Old Feb 7th 2017, 8:51 pm
  #20  
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Default Re: FBAR

Originally Posted by audio View Post
Not what FinCEN told me.
I transferred 10k from a saving account to checking which was immediately wired out for a bill payment, the amount shown for the FBAR was including this 10k on both accounts but the actual balance was 10k less if that makes sense. Madness! FBAR wants the highest amounts shown (not balance) even if only for a nanosecond
looking at the instructions, you can use periodic balances to work out the maximum balance.

"The maximum value of an account is a reasonable approximation of the greatest value of currency or nonmonetary
assets in the account during the calendar year. Periodic account statements may be relied upon to determine the
maximum value of the account, provided that the statements fairly reflect the maximum account value during the
calendar year"
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Old Feb 7th 2017, 8:55 pm
  #21  
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Default Re: FBAR

I live in a community property State, should I have filed a form 114a ? the accounts are all in my name.

IRA Owners and Beneficiaries. An owner or beneficiary of an IRA is not required to report a foreign
financial account held in the IRA.
Participants in and Beneficiaries of Tax-Qualified Retirement Plans. A participant in or beneficiary of a
retirement plan described in Internal Revenue Code § 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.

I don't understand why 403(b)s are exempt but not 401(k)s.
.
Do UK pension accounts fall under either of these two option yet? I assume they are more like 401(k)s than 403(b)s

Last edited by mrken30; Feb 7th 2017 at 9:08 pm.
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Old Feb 7th 2017, 9:02 pm
  #22  
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Default Re: FBAR

Originally Posted by MidAtlantic View Post
Yes, that is what I was saying and meant.(ie the highest amount in your account at any point)
No you were saying the highest balance
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Old Feb 7th 2017, 9:07 pm
  #23  
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Default Re: FBAR

Originally Posted by audio View Post
No you were saying the highest balance
Whatever.. I comment on the basis of wanting to help not argue


What is an 'Account Balance'
An account balance is the amount of money in a financial repository, such as a checking account, at any given moment.
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Old Feb 7th 2017, 9:08 pm
  #24  
 
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Default Re: FBAR

Originally Posted by audio View Post
No you were saying the highest balance
The highest balance per individual account. Not the combined balance if you have multiple bank accounts as an example. So balance and amount are the same thing.
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Old Feb 7th 2017, 9:59 pm
  #25  
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Default Re: FBAR

Originally Posted by mrken30 View Post
Do UK pension accounts fall under either of these two option yet? I assume they are more like 401(k)s than 403(b)s
401ks are themselves. 403bs are themselves. No foreign retirement investment "counts" as either, if for no other reason that the 401k etc. is a US-based wrapper that might hold foreign account funds, whereas the UK-based pension accounts are based in the UK.
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Old Feb 8th 2017, 5:34 pm
  #26  
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Default Re: FBAR

FWIW here is what I have been doing for the last 30 years for FBAR

1. I don't report DB pensions
2. I make a note of the highest balance of each account from the monthly or quarterly statements. (If a balance has gone higher during the day then I don't know about it, just the daily line item on the statement is all I record)
3. If the sum of all the highest balances during the year on each account is >$10k then I'm going to file an FBAR
4. When filing an FBAR I report every single account no matter how little the highest balance was.
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