I have an overseas 401k account. It's just sitting idle, not making contributions nor making any withdrawals. Do I have to declare it as a foreign financial asset?

cshawkins00 · ‎January 29, 2020

KarenJ2 · ‎January 29, 2020

You may need to declare it as a foreign financial asset depending on the total of your foreign financial assets and what type of institution is holding it. Please see the attached for a comparison of the Form 8938 and FBAR requirement. If you scroll down you will see, Types of Foreign Assets and Whether They are Reportable.

Comparison of Form 8938 and FBAR Requirements.

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I have an overseas 401k account. It's just sitting idle, not making contributions nor making any withdrawals. Do I have to declare it as a foreign financial asset?

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