Foreign Accounts

Question 1

FBAR

Answer 1

A Report of Foreign Bank and Financial Accounts must be filed if:
- A US person has or has control over a foreign account(s) that aggregate to $10k at any time during the year
- Reported on a FinCen Form (114)

Question 2

FATCA

Answer 2

FATCA (Foreign Account Tax Compliance Act)

Requires certain individual U.S. taxpayers holding financial assets outside the U.S. that meet certain threshold reporting obligations to report those assets to the IRS on Form 8938 (due of 1040, including extensions).

Question 3

FACTA Threshold
MFJ US Residents

Answer 3

Specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.

Question 4

FACTA Threshold
MFS US Residents

Answer 4

Specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

Question 5

FACTA Threshold
Single Non-US Resident

Answer 5

Specified foreign financial assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the tax year.

Question 6

FACTA Threshold
MFJ Non-US Resident

Answer 6

Specified foreign financial assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the tax year.