@Taxonpmy @kb2531 @KarenJ2 @jayg451 @KristinaK
I am a U.S citizen. I have a bank account in New Zealand, even though I don't live in New Zealand. I worked in New Zealand ten years ago, and ended up moving around $9,000 USD into the New Zealand account.
My income for the past several years has been less than $10,000 USD, and for other reasons I do not have a requirement to file. But I am just learning about this law about if you have $10,000 in a foreign bank account you may need to file. How would I even know whether my New Zealand dollar balance went above the $10,000 USD threshold? It may have gone above it at some point? It would be impossible to look at the exchange rate for every day from the last ten years.
The IRS knows about my New Zealand bank account because a few years ago I had to submit a document to the New Zealand bank, because I am a U.S citizen, and that document was sent to the IRS.
Also, how would I go back and report the bank account if it did so happen temporary go over $10,000? Which exchange rate do we use? Because of the high interest over the years in New Zealand, it's possible that at some point it reached over $10,000 USD.. but due to the exchange rate fluctuating.. now the New Zealand dollar is very weak. It's confusing..
and again, normally I don't even have a requirement to file.. because my income is too low, etc.! Now I'm sitting here worried that I may have missed this requirement that I've never even heard of until today.
