Today 6/30 is deadline to report 2015 foreign bank accounts

[Nich-Nick 3,354]

I chose this AOS forum to post the reminder because many who read this forum may have had foreign bank accounts in 2015 and were also in the US in 2015. They probably would not see a notice in the Tax and Finance forum.

The FBAR is due June 30 each year if you had foreign bank accounts totaling $10k anytime in the previous calendar year. That's in US dollars, so check your exchange rates to see how much that is in your foreign currency. Use the Treasury Dept's rates on this chart https://www.fiscal.treasury.gov/fsreports/rpt/treasRptRateExch/itin-12-31-2015.pdf

Example $10,000 times 0.6750 (UK rate)= £6,750 requires report.

$10,000 times 0.9190 (Europe) = 9,190 EUROS requires report

You may start here to see if you need to file. https://www.fincen.gov/forms/bsa_forms/fbar.html and file online.

There could be a penalty for not filing.

This is a report, not a tax. It goes to the Treasury Dept, not the IRS.

Edited June 30, 2016 by Nich-Nick

[Pinkrlion 2,719]

Thanks!

[p-ana 933]

I'm sorry if this isn't an asking topic, but what if you closed all your accounts prior to coming to the US?

I closed everything, arrived here December 11th, married just in 2016. I don't think I should file, but I'm confused.

[Harinder 0]

This is the type of stuff you never hear or read about until you happen across a post like this or get an angry letter a year down the line stating you're in trouble. Thank you very much for the heads up, I took care of it right away.

[Merrytooth 5,748]

I'm sorry if this isn't an asking topic, but what if you closed all your accounts prior to coming to the US?

I closed everything, arrived here December 11th, married just in 2016. I don't think I should file, but I'm confused.

What if I closed my bank accounts during the year?

These still need to be included if they existed at any time between January 1 and December 31.

[p-ana 933]

What if I closed my bank accounts during the year?

These still need to be included if they existed at any time between January 1 and December 31.

Thank you

[Nich-Nick 3,354]

I'm sorry if this isn't an asking topic, but what if you closed all your accounts prior to coming to the US?

I closed everything, arrived here December 11th, married just in 2016. I don't think I should file, but I'm confused.

If you had a foreign bank account on any day in 2015, it counts.

However you also had to be a "US person in 2015" which refers to the IRS definition of US person.

There's green card test which I don't believe you had in 2015.

Or physical presence test which is complicated https://www.irs.gov/individuals/international-taxpayers/substantial-presence-test but 183 days in the US meets that for sure. Or 31 days and some combination of days from previous years. But you arrived late so no physical presence for you.

Or filing a joint tax return for 2015 by electing to be treated as a resident for tax purposes. You weren't married in 2015, so that would not apply to you either.

Looks like you were not a US person in 2015, so no FBAR. And since you had no foreign accounts in 2016 because you closed them in 2015, you will not have to do 2016 FBAR next year by June 30. Whew! ( It's not really that hard when it is simply bank accounts. Name of bank, address, account number and highest balance during the year.)

[p-ana 933]

If you had a foreign bank account on any day in 2015, it counts.

However you also had to be a "US person in 2015" which refers to the IRS definition of US person.

There's green card test which I don't believe you had in 2015.

Or physical presence test which is complicated https://www.irs.gov/individuals/international-taxpayers/substantial-presence-test but 183 days in the US meets that for sure. Or 31 days and some combination of days from previous years. But you arrived late so no physical presence for you.

Or filing a joint tax return for 2015 by electing to be treated as a resident for tax purposes. You weren't married in 2015, so that would not apply to you either.

Looks like you were not a US person in 2015, so no FBAR. And since you had no foreign accounts in 2016 because you closed them in 2015, you will not have to do 2016 FBAR next year by June 30. Whew! ( It's not really that hard when it is simply bank accounts. Name of bank, address, account number and highest balance during the year.)

Thank you so much for the detailed answer.

I was not sure about being a US person and also would have some trouble with the highest balance thing, and seeing that today is the last day of filing I geared into panic mode. I'm sorry if I didn't read thoroughly and made you guys waste time answering me. Nevertheless, I'm thankful for your answers.

Edited June 30, 2016 by p-ana