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Level 2

I transferred money from my US bank to a foreign bank to deposit US $150,000 in 2019. Do I need to fill out Form 3520, 3520-A, 5471, 8621, or 8865?

I am an US resident. Both US and foreign banks are mine. In my foreign bank, I have some local currency and US $150,000. I used US $150,000 for certified deposit.
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Level 11
Level 11

I transferred money from my US bank to a foreign bank to deposit US $150,000 in 2019. Do I need to fill out Form 3520, 3520-A, 5471, 8621, or 8865?

@Subnetsurfer  for the FBAR form you use  www.FinCen.gov  and  fill out form 114.  The FATCA form will  be filled out by  TurboTax  when you say that  you have foreign bank accounts    ( as part of filling out  Schedule-B  ( if you report interest and dividends  ) or  when  it asks you about foreign bank accounts.

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Level 11
Level 11

I transferred money from my US bank to a foreign bank to deposit US $150,000 in 2019. Do I need to fill out Form 3520, 3520-A, 5471, 8621, or 8865?

@Subnetsurfer , since both accounts are yours, you may have  file FBAR ( FinCen  form 114 -- on line only ) and FATCA  ( form 8939 along with your return ) -- the latter depends on your filing status -- given the amount in the foreign account

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Level 2

I transferred money from my US bank to a foreign bank to deposit US $150,000 in 2019. Do I need to fill out Form 3520, 3520-A, 5471, 8621, or 8865?

Are those forms the FBAR ( FinCen  form 114 -- on line only ) and FATCA  ( form 8939 along with your return) from TurboTax online? If not, where can I get them? 

 

I remember I filled a form in the foreign bank in 2018 when the banker knew I am a US citizen. 

Thank you!

Highlighted
Level 11
Level 11

I transferred money from my US bank to a foreign bank to deposit US $150,000 in 2019. Do I need to fill out Form 3520, 3520-A, 5471, 8621, or 8865?

@Subnetsurfer  for the FBAR form you use  www.FinCen.gov  and  fill out form 114.  The FATCA form will  be filled out by  TurboTax  when you say that  you have foreign bank accounts    ( as part of filling out  Schedule-B  ( if you report interest and dividends  ) or  when  it asks you about foreign bank accounts.

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Level 2

I transferred money from my US bank to a foreign bank to deposit US $150,000 in 2019. Do I need to fill out Form 3520, 3520-A, 5471, 8621, or 8865?

Hi Champ PK,

 

I am on FBAR online form now. Please let me know which parts I have to fill.

https://bsaefiling1.fincen.treas.gov/lc/content/xfaforms/profiles/htmldefault.html

 

I finished Home, Filer Information, and now I am stuck on Separate/Joint Account tab.

 

I finished "Part II Information on Financial Account(s) Owned Separately" because I only have one foreign bank account.

 

1. On "Part III Information on Financial Account(s) Owned Jointly", I don't have joint account, should I skip it?

 

2. On "Part IV Information on Financial Account(s) Where Filer has Signature or Other Authority but No financial Interest in the Account(s)", should I skip it?

 

3. On "Part V Information on Financial Account(s) Where Filer is Filing a Consolidated Report", should I skip it?

 

Thank you.

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Level 11
Level 11

I transferred money from my US bank to a foreign bank to deposit US $150,000 in 2019. Do I need to fill out Form 3520, 3520-A, 5471, 8621, or 8865?

@Subnetsurfer , sorry for the delay in responding ( i did not see the email  yet that you have responded ) -- apologies.

From your post , it sounds like you have filled out what you needed to  -- one account, separately owned and therefore nothing else needs to be filled out.

 

 Hope this  helps

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Level 2

I transferred money from my US bank to a foreign bank to deposit US $150,000 in 2019. Do I need to fill out Form 3520, 3520-A, 5471, 8621, or 8865?

Thank you Champ PK!

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