Hello,
I'll appreciate if someone could look at my situation described below and advice.
I moved out of the US in Oct 2022 after the end of my visa. I had been a single, resident alien filer for many years. In Nov-Dec, I moved my funds to my home country's bank accounts. It is all my money that I have paid US taxes on. I don't have plans to return to the US.
Based on instructions in P519 and as discussed in this forum (like Dual Status), I could file as dual-status i.e. resident till Oct and non-resident for Nov-Dec. As I did not have any earnings in my home country in 2022 and to simplify my return, I chose to file as a resident for the whole year. I filed my 1040 for 2022 that was accepted and refund processed by the IRS.
The funds that I transferred out after I left in Oct 2022 do exceed the $10K and $50K reporting threshold for FBAR (FinCEN Form 114) and FATCA (Form 8938). I did not qualify for this reporting in any of my earlier years. Since I had to transfer the funds after I left the US, I'm looking for advice that will not penalize me for transferring my own funds.
1. As I opted for resident for whole of 2022, I assume that I'll be treated as a resident for all rules even though I left the US in Oct. In particular, Form 8938 instructions mention that dual status files need not report foreign funds but I assume that doesn't apply to my case unless I amend my returns for 2022 to be dual-status? I don't know if such an amendment is even possible or advisable?
2. Since I moved the funds after I left, I did not include Form 8938 in my return. In hindsight, it was a mistake to not file it with my 1040. Hence, I also plan to file a 1040-X with Form 8938 for 2022. Is this the correct way and since it is already overdue, how does the IRS penalize in such cases?
3. Since the FBAR instruction only mentions the calendar year and doesn't consider dual-status in any case, and I already declared foreign accounts in my 1040 Schedule B, I'm going to file FinCEN. I assume that my understanding is correct.
4. I don't have an active US address or a phone number. As far as I'm aware, I have not had any communication from the IRS on this issue. How does the IRS contact foreign persons - only through paper mail or do they also use the email mentioned in my return, or other means?
Thank you for your time.
