KarenJ2
Expert Alumni

Get your taxes done using TurboTax

I apologize for the confusion.  I meant that the money you transferred is not taxable on your tax return.

 

Please note that you will need to report the balance of any foreign financial accounts you own for 2019 on the FBAR filing link if one of your foreign bank accounts had a balance of $105,000 on any one day in 2019..

 

If you have foreign bank accounts,  foreign pension accounts, foreign stocks, foreign mutual funds, etc (please see complete list on Form 8938 instructions) and the value of your total assets listed are more than a certain amount, then you must file Form 8938.  Please see the amounts below:

 

Specified individuals living in the US:

  • Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.

  • Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.

Specified individuals living outside the US:

  • Unmarried individual (or married filing separately): Total value of assets was more than $200,000 on the last day of the tax year, or more than $300,000 at any time during the year.

  • Married individual filing jointly: Total value of assets was more than $400,000 on the last day of the tax year, or more than $600,000 at any time during the year.

If your foreign assets qualify for reporting on Form 8938, then the form will ask you for example if you have a foreign bank account, what line number on your tax returns reflects the bank interest you earned (if any).  If you have foreign stocks, what line on your tax return reflects the dividends earned on the foreign stock (if any).

 

Compariaon of Form 8938 and FBAR Requirments

 

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