At one point on Sked B it says that if I have more than $10,000 of assets in a foreign bank account that I must check "yes" and complete the FBAR form with FinCen. (I do have more than $10,000 in a foreign bank.) Then it asks if I live in a foreign country (I do). Then it says if I have less than $400, 000 on the last day of 2015 or more than $600,000 at any time during the year? I answered "No." so it says that based on what I said I do not have to report foreign assets . During the Smart Check it flags where I said "yes" to foreign bank accounts (because I did not go back and change it) and wants me to complete the FBAR. Which is it? Do I answer "No" to foreign accounts because they are less than $400,000 or "yes" because they are more than $10,000, and do I have to complete the FinCen form?"
I have more than $10,000 in a foreign bank. I live overseas. It says I do not have to declare the foreign assets because they are less than $400,000. Is that correct? Do I have to file FBAR with FinCen?
