pk
Level 15
Level 15

Get your taxes done using TurboTax

@Kofian , we have here at least three different items "

 

(a)  Dividend  income ---  you report the and get taxed on these earnings  whether  encashed / re-invested or otherwise.  This is taxable income for US purposes.

(b) Form 8938  ( FATCA form ) -- this is not a taxable  item -- just  informational.  Here you are reporting  all  "specified  Financial " assets  --- you report the actual value at the end of the year  but you use the highest value  for threshold  ( to file ).  There may be duplicate counting if you are moving monies between accounts .  It is generally looking at liquid and semi-liquid  items.

(c) FBAR  ( form 114 at FinCen.gov and On-line reporting ONLY ) -- this counts ONLY liquid assets / accounts that you own/ control or have signature authority over.  Depending on exacts facts and circumstances, you may have the same accounts reported on both FBAR and FATCA forms. 

 

Does this answer  your query ( and without going into specifics of your case ) ?

Do you need more on this  -- will be glad to, if you so desire -- ?

 

 

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