pk
Level 15
Level 15

Get your taxes done using TurboTax

@SAD24 ,  what I get from your post is that

 

(a) you a US person ( Resident for Tax purposes, lived in the USA  ( for long ? ), terminated your physical presence in the US in October of 2022

(b) you worked / earned  in the USA on a work-visa (??)

( you moved all your financial assets to your home country on re-patriation  in October 2022 to your foreign account in your home country (which country )

(c)  you had NO US sourced / connected income  since October 2022 and NO income in Home country  ( is this true? )

(d) You chose to terminate your wok-visa on 12/31 2022 ( is this true and how did you do this  -- notification to USCIS  ( US Customs & Imm. Service  )  or to IRS via Sailing Permit Request  or what .

(e)  Now the question is what to do with  FBAR and FATCA requirements  ---

 

1. Because you have chosen to file 2022 as a full year Resident ( form 1040, Standard  Deduction etc. ), your world income is US taxable .

2. Because you state that on transferring monies  from your US bank account to your foreign ( Home country  bank account ) , you meet the FBAR requirements --- you need to file FBAR form 114.  It is not a tax event  but  your foreign bank  and your US bank ( the transferring bank ) both would have  reported this even.

3.  FATCA form 8938 should be filed , even though you have reported the presence of foreign bank account on schedule-B   Again it is not a tax even  but it safer to do it.

4. Note that for intents and purposes you would be a Resident for 2022, taxed on your world income till 12/31/2022.  And depending on how many years you have been in the USA, you may satisfy the requirements of a long-term resident with all its requirements -- but I cannot comment on that aspect till  you answer the questions posed abve.

 

I will circle back once I hear from you