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Who needs to file FBAR??

Who needs to file FBAR??

Old Feb 22nd 2016, 2:05 am
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Default Who needs to file FBAR??

I arrived in the US in october on a K1 visa, married in November. I saw a post on here about FBAR which initially got me wondering will i need to file it? I literally just have a bank account in my name with less than a 100 in it, however throughout 2015 (all the way up till sept) i did have my regular income going into it each month. Will i need to file FBAR? The only thing i have done is inform the HMRC that i left the UK (P85) and my partner filed her income tax (married, jointly)

Sorry, this is all completely new to me.

Last edited by LauraLou07; Feb 22nd 2016 at 2:19 am.
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Old Feb 22nd 2016, 3:23 am
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Default Re: Who needs to file FBAR??

FBAR reporting is only required if the aggregate of all your accounts exceeded $10,000 at any point during the year. So unless your net pay/mth was more than around £6,500, and assuming you spent most of your income, I doubt FBAR will impact you.

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Old Feb 22nd 2016, 5:09 am
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Default Re: Who needs to file FBAR??

I earned roughly 11,500 this entire year from january to end of december, and yes i have spent most of it and the most that was in my account at any time was 4500. I just dont want to not do something if i need to. I didn't know whether i would even have to do FBAR filing because i haven't even obtained my green card yet (still in process of AOS) and technically wouldnt that mean im a non resident alien and only have to file FBAR if i was a united states person which is described as on the IRS website

:- United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.

I just didn't know for sure, and i dont want to mess things up.
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Old Feb 22nd 2016, 5:19 am
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Default Re: Who needs to file FBAR??

If the most you had in your UK account(s) was £4500 you do not need to file a FBAR.
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Old Feb 22nd 2016, 8:14 pm
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Default Re: Who needs to file FBAR??

I'm curious when the 'start date' (for want of a better term) should be. If I enter on a K-1, then transfer money across (to make me under the $10K) prior to getting married and filing for AOS, I would assume an FBAR is not required as I wouldn't have been a US LPR at the time the account was higher?

Of course that is a big assumption which I'm well aware needs an real answer.
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Old Feb 22nd 2016, 9:03 pm
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Default Re: Who needs to file FBAR??

Originally Posted by NoOfficialComment View Post
I'm curious when the 'start date' (for want of a better term) should be. If I enter on a K-1, then transfer money across (to make me under the $10K) prior to getting married and filing for AOS, I would assume an FBAR is not required as I wouldn't have been a US LPR at the time the account was higher?

Of course that is a big assumption which I'm well aware needs an real answer.
US tax residency is not the same as permanent residency for immigration purposes. It may even be that it's worth your while making the election to count as tax resident for the whole of the US tax year (i.e. calendar year). Personally, I'd just transfer the money when it's convenient, and complete the FBAR if you have to. Remember that FBAR (and FATCA) don't require you to pay any more money than you would have had to pay anyway, unless you have to pay non-reporting penalties.
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Old Feb 22nd 2016, 9:11 pm
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Default Re: Who needs to file FBAR??

Originally Posted by Owen778 View Post
US tax residency is not the same as permanent residency for immigration purposes. It may even be that it's worth your while making the election to count as tax resident for the whole of the US tax year (i.e. calendar year). Personally, I'd just transfer the money when it's convenient, and complete the FBAR if you have to. Remember that FBAR (and FATCA) don't require you to pay any more money than you would have had to pay anyway, unless you have to pay non-reporting penalties.
Thanks. Useful to know.
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Old Feb 23rd 2016, 12:24 am
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Default Re: Who needs to file FBAR??

The following is an excellent paper comparing what goes on Form 8938 (included with your tax form) and what goes on the FBAR form (separate form to be electronically sent to IRS):

https://www.irs.gov/Businesses/Compa...R-Requirements
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Old Feb 23rd 2016, 8:34 pm
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Default Re: Who needs to file FBAR??

Originally Posted by Owen778 View Post
US tax residency is not the same as permanent residency for immigration purposes. It may even be that it's worth your while making the election to count as tax resident for the whole of the US tax year (i.e. calendar year). Personally, I'd just transfer the money when it's convenient, and complete the FBAR if you have to. Remember that FBAR (and FATCA) don't require you to pay any more money than you would have had to pay anyway, unless you have to pay non-reporting penalties.
I fully agree.

I just filed my FBAR online today and it is very easy and quick to do, particularly since I just copied all the entries from last year's form, and putting in the 2015 $ amounts for the 2 accounts I have. If the site allowed one to create an account, or to pull up last year's data from your details then it would be even easier.
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Old Feb 23rd 2016, 10:49 pm
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Default Re: Who needs to file FBAR??

Originally Posted by durham_lad View Post
I fully agree.

I just filed my FBAR online today and it is very easy and quick to do, particularly since I just copied all the entries from last year's form, and putting in the 2015 $ amounts for the 2 accounts I have. If the site allowed one to create an account, or to pull up last year's data from your details then it would be even easier.
You can, if you separately save the file before electronically signing it, after which it is locked. This year I took the file I had saved last year and simply updated the figures.
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Old Feb 24th 2016, 6:47 pm
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Default Re: Who needs to file FBAR??

Originally Posted by MidAtlantic View Post
You can, if you separately save the file before electronically signing it, after which it is locked. This year I took the file I had saved last year and simply updated the figures.
Excellent, I hadn't thought of that advantage of going the pdf route (I assume). I just chose the online option to fill in the fields and file. I'll try and remember to go that route next year.
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Old Feb 24th 2016, 7:11 pm
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Default Re: Who needs to file FBAR??

Originally Posted by MidAtlantic View Post
You can, if you separately save the file before electronically signing it, after which it is locked. This year I took the file I had saved last year and simply updated the figures.
Top tip. Next years FBAR now just needs the amounts putting in.
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Old Feb 24th 2016, 7:40 pm
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Default Re: Who needs to file FBAR??

Originally Posted by lansbury View Post
Top tip. Next years FBAR now just needs the amounts putting in.
I did the same with last years filing. Makes life a little bit easier
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Old Feb 25th 2016, 11:24 am
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Default Re: Who needs to file FBAR??

Originally Posted by durham_lad View Post
Excellent, I hadn't thought of that advantage of going the pdf route (I assume). I just chose the online option to fill in the fields and file. I'll try and remember to go that route next year.
Yes, it is the PDF route. Of course, they will now change the form next year so it won't work!
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Old Feb 25th 2016, 8:42 pm
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Default Re: Who needs to file FBAR??

Originally Posted by MidAtlantic View Post
Yes, it is the PDF route. Of course, they will now change the form next year so it won't work!
Knowing my luck it will be the year after that they make the change, since next year will be my first year doing the PDF
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