Quiet disclosure of FBAR
Feb 11th 2011, 6:25 pm
#46
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Re: Quiet disclosure of FBAR
If you have more than $10k in overseas accounts the USC will have to submit the FBAR form to the US treasury, declaring the accounts and the highest amount help in each one during the year. The form for 2010 has to be submitted by end of June 2011.
All income, overseas or US, is declared to the IRS on your yearly tax return. Unless you have a huge income sum your UK income will be either taxed in the UK or US but not both.
All income, overseas or US, is declared to the IRS on your yearly tax return. Unless you have a huge income sum your UK income will be either taxed in the UK or US but not both.
Feb 11th 2011, 6:31 pm
#47
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Re: Quiet disclosure of FBAR
We're both USCs (he's dual), so I guess we'll both be submitting the FBAR. I know that UK income has to be declared and that it isn't taxed in both countries, as long as it is below the tax-treaty threshold. I don't think there's any danger of us both earning greater than £50k to put us over that limit! I just wasn't sure if we would somehow end up having to pay US tax on overseas savings/checking accounts if they are more than $10k
If you only have joint accounts, you'll only submit one FBAR. If one of you has one or more individually held accounts, and the other of you just has joint accounts with the other partner, then also, you'll only need one return. You'll only need two individual returns if you BOTH have one or more individually-owned accounts.
Feb 11th 2011, 6:32 pm
#49
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Re: Quiet disclosure of FBAR
Just to add to Lansbury's explanation.. the need to file the US Treasury Form TD F 90-22.1 is triggered by having more than $10,000 in a foreign account. If you have to file the return, however, you must include in it ALL foreign accounts, not just the one with $10K+ in it. If you are actually living abroad, that could add up to several accounts (your co-op Christmas Club account, a couple of small building society accounts, every account you own.) My example in an earlier post of your London tube Oyster Card was a bit tongue-in-cheek, but, strictly speaking it could be interpreted as coming within the rules...
Feb 11th 2011, 6:35 pm
#50
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Feb 11th 2011, 6:42 pm
#51
Just Joined
Joined: Jan 2011
Location: Yorkshire, heading to Minnesota.
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Re: Quiet disclosure of FBAR
Anyone know if I'll need to file FBAR, or anything else, if I'm only temporarily resident (12months, and not earning in the US) on a J1?
Feb 11th 2011, 8:04 pm
#53
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,965
Re: Quiet disclosure of FBAR
Who Must File an FBAR
United States Person: Refer to the definition of "United States person" found in the July 2000 version of the FBAR. Under this definition, the term "United States person" means (1) a citizen or resident of the United States, (2) a domestic partnership, (3) a domestic corporation, or (4) a domestic estate or trust.
Feb 11th 2011, 8:29 pm
#54
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Posts: 123
Re: Quiet disclosure of FBAR
I learned FBAR yesterday so it means I did not report FBAR on my first tax year (2009) here in the USA. However I filed taxes in both countries (home and US). Shall I just fill out two FBAR reports for 2009 and 2010 and explain why I am late? Do you have to be very exact with the amount? (says highest amount in the specific year). I personally do not remember on the highest balance back in 2009, so I guess I have to ask my fam at home to look at the bank statements?
Sorry if I sound silly, this is all new to me, learned yesterday. Geeez I have to file tax at home, here, FBAR....is there any more reporting? What about housing, no do not tell me I have more to report
Sorry if I sound silly, this is all new to me, learned yesterday. Geeez I have to file tax at home, here, FBAR....is there any more reporting? What about housing, no do not tell me I have more to report
Last edited by EU_Girl; Feb 11th 2011 at 10:10 pm.
Feb 12th 2011, 1:48 am
#55
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Re: Quiet disclosure of FBAR
FATCA comes into effect soon. That is in addition to FBAR and is on accounts over $50k. So you have to file similar information twice....oh and it has it's own set of outrageous fines and penalties too. This is truly becoming Kafkaesque.
Feb 12th 2011, 1:51 am
#56
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Re: Quiet disclosure of FBAR
I try to keep up to date with the IRS rules as I live in the US, but are there any nasty HMRC rules similar to FBAR for non-resident UK citizens.
Feb 12th 2011, 4:23 am
#57
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Re: Quiet disclosure of FBAR
I always paid UK taxes PAYE so I probably know even less about UK tax than I do USA tax.. I havn't yet even thought about my 2010/2011 self assessment. Please can you give a few pointers that I can go and research.
Does HMRC require worldwide reporting also?
Feb 12th 2011, 5:49 am
#58
Member
Joined: May 2010
Posts: 123
Re: Quiet disclosure of FBAR
Woow! Have read about FATCA! I personally do not get it why my money (saving) in my home country is US business? I understand offshore businesses, not taxed income, but why do I need to tell them how much I have saved so far? 
Even my country does not ask such a report from me. If I can stay here in the US long-term, I have just decided to transfer all my money here and to not report FBARs, FATCAs and other nonsense forms. Would this work?!
Even my country does not ask such a report from me. If I can stay here in the US long-term, I have just decided to transfer all my money here and to not report FBARs, FATCAs and other nonsense forms. Would this work?!Last edited by EU_Girl; Feb 12th 2011 at 6:30 am.
Feb 12th 2011, 11:11 am
#59
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Joined: Feb 2011
Posts: 72
Re: Quiet disclosure of FBAR
Thanks to everyone for the information on this thread...I guess there are more than just a few of us "in the dark" about this requirement.
Feb 12th 2011, 12:34 pm
#60
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Re: Quiet disclosure of FBAR
If you're Vodaphone or some other big company who gives money to politicians there are "special" rules so you can avoid paying HMRC what you owe
