Thanks @AmyC. I have some follow-up questions:
- The Singapore accounts' forms are complex. (My wife received about 6 separate statements from the insurance company for different pieces of the insurance policy, and none of them clearly say "this is the value of the account.") How would we be able to figure out this value? That's why we contacted the accountant in the first place.
- The Singapore accounts' forms list the balance in SGD. Is there a standard, accepted way to handle the conversion to USD? Or does the FBAR form support SGD in some way?
- The money in my wife's retirement account can't be touched until retirement age, and her life insurance policy matures over 10 years from now before paying out. Is there a way to express this on the FBAR, or would FinCEN/IRS have a way to figure it out?
- Would we owe taxes on these accounts?
- Are we ready to file our U.S. federal tax return now? (The FBAR is the only thing that might be delaying that.)
I'm sorry that this is so many questions, but this is a very unfamiliar process for us and I've been trying to figure it out for months!
