FBAR help - currently non compliant for previous year
Sep 22nd 2016, 7:31 pm
#31
Wondering if...
Joined: Apr 2009
Location: Clarence, NY
Posts: 1,214
Re: FBAR help - currently non compliant for previous year
Having looked up some of the basics, it looks like he has a reasonable defence against it for both:
- He believed that foreign-source income was not taxed by the US for resident aliens (though I doubt he knew that term)
- He wasn't aware of the FBAR rules until recently, and he thought he was following the reporting rules
- He believed that foreign-source income was not taxed by the US for resident aliens (though I doubt he knew that term)
- He wasn't aware of the FBAR rules until recently, and he thought he was following the reporting rules
The OP says he uses TurboTax. I believe the first question (relevant to this thread) it asks is simply whether you have a foreign account. Simple Yes/No response. If that's correct, then I fail to see any defence such as the above.
TurboTax leads you by the nose through the mire of foreign accounts. The only way to use it and be unaware is to answer 'No' to that first question, which in the OP's case would be... incorrect.
Someone with access to TurboTax and the time to check the first question may be along to correct me...
Sep 22nd 2016, 7:51 pm
#32
BE Forum Addict
Joined: Jan 2014
Location: Anchorage, AK, USA
Posts: 1,347
Re: FBAR help - currently non compliant for previous year
On this point...
The OP says he uses TurboTax. I believe the first question (relevant to this thread) it asks is simply whether you have a foreign account. Simple Yes/No response. If that's correct, then I fail to see any defence such as the above.
TurboTax leads you by the nose through the mire of foreign accounts. The only way to use it and be unaware is to answer 'No' to that first question, which in the OP's case would be... incorrect.
Someone with access to TurboTax and the time to check the first question may be along to correct me...
The OP says he uses TurboTax. I believe the first question (relevant to this thread) it asks is simply whether you have a foreign account. Simple Yes/No response. If that's correct, then I fail to see any defence such as the above.
TurboTax leads you by the nose through the mire of foreign accounts. The only way to use it and be unaware is to answer 'No' to that first question, which in the OP's case would be... incorrect.
Someone with access to TurboTax and the time to check the first question may be along to correct me...
Mar 22nd 2017, 4:39 pm
#33
Just Joined
Joined: Mar 2017
Posts: 21
Re: FBAR help - currently non compliant for previous year
OP, how did it al work out?
