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Who needs to file FBAR??

Who needs to file FBAR??

Old Jun 10th 2016, 2:21 am
  #61  
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Default Re: Who needs to file FBAR??

Originally Posted by sicce
How did you manage to open a UK current account, being a resident in the US. I am finding it difficult for any UK bank willing to open a UK bank account for a US citizen and non-resident in UK.
I'm now resident in Britain again. British banks should be fine with opening accounts for US citizens, they should have the procedures in place. But you have to be resident in the UK.
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Old Jun 10th 2016, 8:25 am
  #62  
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Default Re: Who needs to file FBAR??

Originally Posted by sicce
How did you manage to open a UK current account, being a resident in the US. I am finding it difficult for any UK bank willing to open a UK bank account for a US citizen and non-resident in UK.
We just had a very surprising experience with bank accounts. Now that we are back in the UK our bank contacted us to tell us that now we are UK resident we are eligible to upgrade our checking account, plus we wanted a UK credit card.

Even though we have been with the same bank and had the same account number for 30 years the change in account status required proof of id and address for both of us. Although my wife had a letter from the local council with her voter registration card for the upcoming election that wasn't good enough. We had letters from the same council regarding the tax and that was only in my name and not good enough. Fortunately the water rates letter was in both our names, and was on the government list of approved proofs of address. (The new bank account still has the same account number and we had changed our address on it when we arrived a few weeks earlier, but was officially a new account and subject to the government rules on new accounts).
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Old Jun 10th 2016, 9:47 pm
  #63  
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Default Re: Who needs to file FBAR??

Originally Posted by sicce
I had a private company pension that I was contributing too, prior to moving to the USA in 2007. Its frozen at the moment, I guess I will become eligible to withdraw from it when I turn 67. Do I have to submit a FBAR for the pension fund even if I am not getting any income from it?
I phoned the FBAR helpline today as I'm filing FBAR for the first time and they said something like..if it's defined contribution...you have to report it but if it's like social security where you get a set income you don't have to report it. I didn't understand exactly but I think my pension is the reportable kind and I'm going to include it in my FBAR.

From what you've written you don't seem to know what kind of pension you have. I suggest you find out what kind of pension it is and then phone the FBAR helpline (866-270-0733) to see if you need to report it.
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Old Jun 10th 2016, 10:15 pm
  #64  
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Default Re: Who needs to file FBAR??

Originally Posted by Asg123
I phoned the FBAR helpline today as I'm filing FBAR for the first time and they said something like..if it's defined contribution...you have to report it but if it's like social security where you get a set income you don't have to report it. I didn't understand exactly but I think my pension is the reportable kind and I'm going to include it in my FBAR.

From what you've written you don't seem to know what kind of pension you have. I suggest you find out what kind of pension it is and then phone the FBAR helpline (866-270-0733) to see if you need to report it.
- Defined benefit: a statement tells you how much you will receive per year when you retire (or similar)
- Defined contribution: a statement tells you how much is held in your personal pension fund. How much you receive per year will depend on growth of the fund and how much you choose to take out.

I would be wary of using the phrase "like social security". Social security is "defined benefit", but it's a specific subset.
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Old Jun 14th 2016, 5:32 pm
  #65  
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Default Re: Who needs to file FBAR??

Originally Posted by Asg123
I phoned the FBAR helpline today as I'm filing FBAR for the first time and they said something like..if it's defined contribution...you have to report it but if it's like social security where you get a set income you don't have to report it. I didn't understand exactly but I think my pension is the reportable kind and I'm going to include it in my FBAR.

From what you've written you don't seem to know what kind of pension you have. I suggest you find out what kind of pension it is and then phone the FBAR helpline (866-270-0733) to see if you need to report it.
Separately, for Form 8938 you report both defined benefit and/or defined contribution pension plans, but not social security,
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Old Sep 5th 2016, 9:52 pm
  #66  
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Default Re: Who needs to file FBAR??

Apologies, if the below questions have already been asked:

1. If I have 3 Bank Accounts in the UK, 1 with 10,000 GBP, 1 with 1,000 GBP and 1 with 500 GBP am I required to add all these Bank Accounts on my FBAR Application or just the 10,000 GBP Account? I know FBAR requires Aggregate $10,000 to be eligible to file FBAR so does this mean that even if you have 1 account that exceeds this amount, you have to register all other accounts even if individually these do not exceed the $10,000?

2. Is there a set Exchange Rate you are required to use when doing the currency conversion from GBP to USD for FBAR or do you just take the official markets exchange rates?

Thanks
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Old Sep 5th 2016, 10:08 pm
  #67  
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Default Re: Who needs to file FBAR??

Originally Posted by FUB05
Apologies, if the below questions have already been asked:

1. If I have 3 Bank Accounts in the UK, 1 with 10,000 GBP, 1 with 1,000 GBP and 1 with 500 GBP am I required to add all these Bank Accounts on my FBAR Application or just the 10,000 GBP Account? I know FBAR requires Aggregate $10,000 to be eligible to file FBAR so does this mean that even if you have 1 account that exceeds this amount, you have to register all other accounts even if individually these do not exceed the $10,000?

2. Is there a set Exchange Rate you are required to use when doing the currency conversion from GBP to USD for FBAR or do you just take the official markets exchange rates?

Thanks
1. Yes you must list all accounts, even those below $10k. (note that the threshold is $ not GBP)

2. You use the Treasury published rate as of Dec 31st of the reporting year.
https://www.fiscal.treasury.gov/fsre...eExch_home.htm
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Old Sep 5th 2016, 10:10 pm
  #68  
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Default Re: Who needs to file FBAR??

Thanks for the reply Durham_Lad
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