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FBAR fubar!!

FBAR fubar!!

Old Mar 31st 2019, 5:34 pm
  #16  
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Default Re: FBAR fubar!!

Thanks again; what would you term 'substantial' Hotscot? It's not like I'm into six figures or more or anything crazy - sadly after 50 odd years

I was also wondering if there is a definitive ruling on interest from ISA's? I mean they are retirement accounts in the UK so not taxed, how do the IRS view them? Also one account is an instant access saver where the interest has already been taxed by the UK; do the IRS care about that? Not that the amount is much, but hey as they advert used to say "Every little helps"!
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Old Mar 31st 2019, 5:41 pm
  #17  
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Default Re: FBAR fubar!!

Substantial is about as long as a piece of string.

IRS doesn't recognize tax advantaged aspect of ISA's. Just another account to them. Interest is normal income.
If you've already been taxed on anything in the UK you can research 'tax credits'.
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Old Mar 31st 2019, 6:53 pm
  #18  
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Default Re: FBAR fubar!!

cheers
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Old Mar 31st 2019, 8:31 pm
  #19  
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Default Re: FBAR fubar!!

I agree that ISAs are not recognized as retirement accounts by the IRS. I don’t think they are recognized as such by HMRC either, they are a savings vehicle.
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Old Mar 31st 2019, 10:05 pm
  #20  
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Default Re: FBAR fubar!!

Tax free component makes it different from regular savings though...but yes it's not specifically a 'retirement' account even though you can use it like that if you wish.

Last edited by Hotscot; Mar 31st 2019 at 10:15 pm.
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Old Apr 1st 2019, 7:18 am
  #21  
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Default Re: FBAR fubar!!

Originally Posted by durham_lad View Post
I don’t think they are recognized as such by HMRC either, they are a savings vehicle.
LISA? Close, but not quite.
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Old Apr 1st 2019, 4:45 pm
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Default Re: FBAR fubar!!

Originally Posted by Hotscot View Post
Tax free component makes it different from regular savings though...but yes it's not specifically a 'retirement' account even though you can use it like that if you wish.
Even the tax free element of a Cash ISA is very diluted after the tax change of a couple of years ago since nowadays the first £1,000 of all savings accounts is tax free.
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Old Apr 1st 2019, 5:07 pm
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Default Re: FBAR fubar!!

Acknowledged.
Even so...
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Old Apr 15th 2019, 8:28 pm
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Default Re: FBAR fubar!!

Do we declare interest from uk bank accounts on the 1099-INT?
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Old Apr 15th 2019, 8:39 pm
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Default Re: FBAR fubar!!

Originally Posted by LeavingLondon View Post
Do we declare interest from uk bank accounts on the 1099-INT?
Yes, simply enter it as if you had received a 1099-INT.
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Old Apr 15th 2019, 8:47 pm
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Default Re: FBAR fubar!!

thanks! And what about my UK pension? (a few hundred pound of interest)
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Old Apr 15th 2019, 9:01 pm
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Default Re: FBAR fubar!!

Originally Posted by durham_lad View Post

Yes, simply enter it as if you had received a 1099-INT.
Thanks! Does it sound right that I amended my return to include under $500 of interest on the 1099-INT and I somehow now owe CA State $1900?
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Old Apr 15th 2019, 9:08 pm
  #28  
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Default Re: FBAR fubar!!

Who knows.
Would need to see your return rather than guessing.
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Old Apr 15th 2019, 9:09 pm
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Default Re: FBAR fubar!!

Originally Posted by Hotscot View Post
Who knows.
Would need to see your return rather than guessing.
That was the only thing I changed! Seems excessive!
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Old Apr 15th 2019, 9:11 pm
  #30  
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Default Re: FBAR fubar!!

Yes, but changing one thing can have a knock on effect by changing other things.

If you have further questions can I suggest, friendly-like, that you start a specific thread, rather than mixing them in with other existing threads?
Helps keep track of things.

Last edited by Hotscot; Apr 15th 2019 at 9:17 pm.
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