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Returning Member

Do I need to file FBAR for a Foreign Pension I'm NOT withdrawing from?

I have a Danish pension plan from when I worked overseas for a few years. I'm not yet retired and so not withdrawing from this account. So nothing in this account is contributing towards my income. Do I need to report this account with an FBAR (the value was over $10k)? 

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Expert Alumni

Do I need to file FBAR for a Foreign Pension I'm NOT withdrawing from?

Yes, if the pension account value exceeded $10,000 at any time during the calendar year then you will have to file FBAR.

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Level 2

Do I need to file FBAR for a Foreign Pension I'm NOT withdrawing from?

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-a...

 

 

Who Must File

A United States person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report:

...

But, you don’t need to report foreign financial accounts that are:

  • Correspondent/Nostro accounts,
  • Owned by a governmental entity,
  • Owned by an international financial institution,
  • Maintained on a United States military banking facility, 
  • Held in an individual retirement account (IRA) you own or are beneficiary of,
  • Held in a retirement plan of which you’re a participant or beneficiary, or
  • Part of a trust of which you’re a beneficiary, if a U.S. person (trust, trustee of the trust or agent of the trust) files an FBAR reporting these accounts.