Foreign investments

Grnwhte1234 · ‎February 3, 2020

I am married filling jointly wth my spouse. Our gross income on 1040 is $8000. We own Foreign investment totaling $145000 and a foreign bank account totaling $2000 by December 31 2019. Do i need to file taxes for year 2019? I am retired with disability and my spouse does not work. Thanks

DavidD66 · ‎February 3, 2020

Based on your income, you do not have to file a tax return; however, you may have filing requirements for your foreign assets.

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Grnwhte1234 · ‎February 4, 2020

Thanks for the answer, under IRS instructions for form 8938, under tips it states the following: ". If you do not have to file an income tax return for the tax year, you do not have to file Form 8938, even if the value of your specified foreign financial assets is more than the appropriate reporting threshold".