topic Re: FBAR in Get your taxes done using TurboTax

FBAR

raj13 — Sun, 15 Mar 2020 20:55:12 GMT

For tax purpose i was non-resident in 2019 and will become resident in 2020 for tax purpose(assuming that 183 days are completed).

I had foreign account with more than 10,000$, do i need to file FBAR this year, or i need to fill it next year.

Thanks.

Re: FBAR

DavidD66 — Sun, 15 Mar 2020 22:24:42 GMT

According to the IRS, you must file an FBAR if you are:

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

a financial interest in or signature or other authority over at least one financial account located outside the United States if
the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

The way I read this is you do not need to file an FBAR for 2019.

Re: FBAR

raj13 — Sun, 15 Mar 2020 23:13:18 GMT

Thanks for the clarification. Just to confirm my understanding, I need to file FBAR next year for FY2020 but not this year, right?

Re: FBAR

raj13 — Mon, 16 Mar 2020 10:50:00 GMT

@DavidD66

Thanks for the clarification. Just to confirm my understanding, I need to file FBAR next year for FY2020 but not this year, right?

Re: FBAR

KarenJ2 — Mon, 16 Mar 2020 12:59:33 GMT

That is correct. If you were a nonresident in 2019 you do not need to file an FBAR or Form 8938. If you are a resident in 2020, you will need to file the FBAR and Form 8938 if it applies.

Comparison of Form 8938 and FBAR Requirements