@elolinona wrote:
I have read all this info before on these websites and I still don’t understand it.
Is it the total balance on my all my accounts that matters?
I don’t understand and am so confused!!
Where are you confused?
The IRS website is very specific on how, what and where to report the foreign assets - https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements
Reporting Threshold (Total Value of Assets) -
Specified individuals living in the US:
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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.
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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:
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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.
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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.
FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)
Reporting Threshold (Total Value of Assets) -
Aggregate value of financial accounts exceeds $10,000 at any time during the calendar year. This is a cumulative balance, meaning if you have 2 accounts with a combined account balance greater than $10,000 at any one time, both accounts would have to be reported.
