Foreign individual retirement Account

[mysert]

I have foreign (supplemental) individual/private retirement account (like ROTH-IRA, deposits paid after taxes by my parents) that my (non-US citizens living overseas) parents have been maintaining since they opened it when I was in college overseas. Now it reached to maturity due to my age. I am planning to withdraw and bring to the USA. It is valued a little over $20K.  IRS website states I don’t need to report foreign financial accounts (FBAR) that are:

• Held in an individual retirement account (IRA) of which you’re an owner or beneficiary,

When I contacted the financial institution about my intent to withdraw, they asked me to fill in and send FATCA form. I am totally confused if and when I should fill/file what (FBAR and/or FATCA). Any help or suggestion is appreciated.

[Opus 17]

A foreign account is not an IRA, even if it is a retirement account.  An IRA is constituted under specific sections of US law.  The wording you quote applies to US persons who have a US IRA that is invested in some kind of foreign investment.  

[mysert]

Thanks for the quick response. So my case is like just some money in a financial institution and I need to do all FBAR and FATCA forms.

Regares