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Quiet disclosure of FBAR

Quiet disclosure of FBAR

Old Feb 11th 2011, 6:25 pm
  #46  
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Default Re: Quiet disclosure of FBAR

Originally Posted by lansbury View Post
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.
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
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Old Feb 11th 2011, 6:31 pm
  #47  
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Default Re: Quiet disclosure of FBAR

Originally Posted by sunflwrgrl13 View Post
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
The FBAR isn't directly related to tax, it's just a reporting requirement.

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.
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Old Feb 11th 2011, 6:32 pm
  #48  
 
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Default Re: Quiet disclosure of FBAR

Originally Posted by robin1234 View Post
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.
My understanding is that it is a total of $10K in foreign accounts. So five accounts of $2K each would require filing.
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Old Feb 11th 2011, 6:32 pm
  #49  
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Default Re: Quiet disclosure of FBAR

Originally Posted by robin1234 View Post
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...
It's not $10K+ in any one account...it's the total of overseas accounts adding up to $10K or more. Have I said that already...I've lost track?
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Old Feb 11th 2011, 6:35 pm
  #50  
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Default Re: Quiet disclosure of FBAR

Originally Posted by lansbury View Post
My understanding is that it is a total of $10K in foreign accounts. So five accounts of $2K each would require filing.
Yes of course you are correct. Sorry if I introduced a confusion.
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Old Feb 11th 2011, 6:42 pm
  #51  
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Default 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?
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Old Feb 11th 2011, 8:03 pm
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Default Re: Quiet disclosure of FBAR

Originally Posted by Jerseygirl View Post
Have I said that already...I've lost track?

Yes you corrected me once in the past, for which I was grateful.
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Old Feb 11th 2011, 8:04 pm
  #53  
 
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Default Re: Quiet disclosure of FBAR

Originally Posted by od6600 View Post
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?
Do you fit into this IRS definition.

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.
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Old Feb 11th 2011, 8:29 pm
  #54  
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Default 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

Last edited by EU_Girl; Feb 11th 2011 at 10:10 pm.
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Old Feb 12th 2011, 1:48 am
  #55  
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Default Re: Quiet disclosure of FBAR

Originally Posted by EU_Girl View Post

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
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.
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Old Feb 12th 2011, 1:51 am
  #56  
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Default 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.
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Old Feb 12th 2011, 4:23 am
  #57  
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Default Re: Quiet disclosure of FBAR

Originally Posted by nun View Post
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.
Nun
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?
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Old Feb 12th 2011, 5:49 am
  #58  
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Default 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?!

Originally Posted by nun View Post
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.

Last edited by EU_Girl; Feb 12th 2011 at 6:30 am.
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Old Feb 12th 2011, 11:11 am
  #59  
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Default 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.
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Old Feb 12th 2011, 12:34 pm
  #60  
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Default Re: Quiet disclosure of FBAR

Originally Posted by chopper40 View Post
Nun
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?
I'm definitely not an expert, which is why I asked my question, but what you have to report to HMRC depends on your residency and where you have your accounts. UK source income is taxable in the UK. I left the UK 25 years ago so I am non-resident, I also don't have any accounts there so I have no UK tax to do. HMRC only requires reporting of worldwide income for if you are resident in the UK.

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
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