Hello,
Thank you for your reply.
I checked the IRS 'Instructions for Form 8938'. It says:
- Unless an exception applies, you must file Form 8938 if you are a 'specified person' that has an interest in specified foreign financial assets and the value of those assets is more than the applicable reporting threshold.
- If you are required to file Form 8938, you must report the specified foreign financial assets in which you have an interest even if none of the assets affects your tax liability for the year.
- Based on the Instructions, I seem to satisfy the 'reporting thresholds'.
- The Instructions also say the following: You have an interest in a specified foreign financial asset if any income, gains, losses, deductions, credits, gross proceeds, or distributions from holding or disposing of the asset are or would be required to be reported, included, or otherwise reflected on your income tax return.
Are you saying that I do NOT need to report my foreign pensions and foreign bank account because of the above last bullet point? Would movement in the pensions not count as 'gains' or 'losses'? Since Form 8938 does talk about foreign bank accounts, in which instances would foreign bank accounts need to be included?
This is the first year I am attempting to complete my tax return by myself. Two previous (unconnected) accountants included all my foreign pensions and foreign bank accounts. The facts were no different when they completed the returns: they included bank accounts which did not have interest as well as foreign pensions to which I had not contributed or withdrawn funds. I am therefore confused - I seem to be missing something.
As for the FinCen (FBAR): thank you, I have completed that.
Thank you for your time.
