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New Green Card Holder FBAR

New Green Card Holder FBAR

Old Jan 21st 2015, 12:21 pm
  #1  
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Default New Green Card Holder FBAR

I am a UK resident.
I have applied for a CR1 visa. The application is still with NVC. We estimate that I will be able to move to the US in March/April 2015.
Right now I have over $10000 in my UK account. However by the time I move my accounts will have less than this amount.
I understand as a green card holder I have to fill out FBAR forms and that the form asks you to list any accounts over $10000 for that year.
My question is will I have to fill out the FBAR for 2015. As even though I had more than $10000 in the year initial I will not have that amount of money when I immigrate.

Regards,
Natters
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Old Jan 21st 2015, 2:07 pm
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Default Re: New Green Card Holder FBAR

Originally Posted by Natters108 View Post
I am a UK resident.
I have applied for a CR1 visa. The application is still with NVC. We estimate that I will be able to move to the US in March/April 2015.
Right now I have over $10000 in my UK account. However by the time I move my accounts will have less than this amount.
I understand as a green card holder I have to fill out FBAR forms and that the form asks you to list any accounts over $10000 for that year.
My question is will I have to fill out the FBAR for 2015. As even though I had more than $10000 in the year initial I will not have that amount of money when I immigrate.

Regards,
Natters
First, well done, you are thinking ahead.

You won't be a US resident until you enter the US on your CR1. When you do your US taxes for 2015 you can choose to file "Married Filing Separately" as a dual status alien

Taxation of Dual-Status Aliens

If your foreign accounts are less than $10k during the time you are a US resident alien you don't need to file an FBAR.

Last edited by nun; Jan 21st 2015 at 2:26 pm.
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Old Jan 21st 2015, 5:26 pm
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Default Re: New Green Card Holder FBAR

Originally Posted by nun View Post
First, well done, you are thinking ahead.

You won't be a US resident until you enter the US on your CR1. When you do your US taxes for 2015 you can choose to file "Married Filing Separately" as a dual status alien

Taxation of Dual-Status Aliens

If your foreign accounts are less than $10k during the time you are a US resident alien you don't need to file an FBAR.
Thanks for your help.
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Old Jan 21st 2015, 8:13 pm
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Default Re: New Green Card Holder FBAR

But you won't know the answer until after 31 December 2015 at the earliest.
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Old Jan 22nd 2015, 2:53 am
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Default Re: New Green Card Holder FBAR

and to be honest - you just have to state the account names and addresses and the highest amount it reached the entire year in dollar equivalent. so its really not difficult. ie if in jan it got to 9000 but the rest of the year it was 100 - you just put the 9000 on the maximum line.
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Old Jan 22nd 2015, 8:45 am
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Default Re: New Green Card Holder FBAR

Originally Posted by Cook_County View Post
But you won't know the answer until after 31 December 2015 at the earliest.
I thought the deadline to fill out the Fbar was 30th June. Even though I will have only been in the country for a few months would I not still need to meet this deadline?
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Old Jan 22nd 2015, 8:49 am
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Default Re: New Green Card Holder FBAR

Originally Posted by MsElui View Post
and to be honest - you just have to state the account names and addresses and the highest amount it reached the entire year in dollar equivalent. so its really not difficult. ie if in jan it got to 9000 but the rest of the year it was 100 - you just put the 9000 on the maximum line.
Sounds simply enough. However I thought that you did not have to submit the form if your total amount in all your accounts was less than $10000.
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Old Jan 22nd 2015, 11:23 am
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Default Re: New Green Card Holder FBAR

The deadline is June 30 for the preceding calendar year, so you report 2015 before June 30, 2016.

Yes, if the maximum values of all your accounts through the year is less than $10,000 you do not have to report.
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