Should I file FBAR, form 8938, form 3520, or all these?

[victorius]

I transferred after-tax funds (>100K) to my own account in a foreign country. What form(s) do I need to file?

[DS30 · Accepted solution]

It depends -

If you are considered a US citizen or resident for the 2017 calendar tax year, then the following applies:

Regarding your FBAR requirement -

If you have foreign financial accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) if are a US citizen or resident and::

1. you had a financial interest in or signature authority over at least one financial account located outside of the United States; and
2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

Foreign financial accounts consist of all foreign financial accounts that you own separately or jointly or for which you have signatory authority over (such as a foreign business account that is owned by the business but for which you can sign checks or redirect funds).

To be directed to the US Treasury Government Website to prepare a Report of Foreign Bank and Financial Accounts, click FBAR (TurboTax does not support this form)

Regarding your Form 8938 filing -

For US citizens or resident living in the Us, you would have a Form 8938 if you meet the thresholds are provided below:

• Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.

• Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.

Here is a link to the IRS related to both the FBAR filing and the Form 8938 filing: IRS - Comparison of Form 8938 and FBAR Requirements

Regarding Form 3520 -

This situation is a lot more complicated. You will not have to file this form for transferred the $100K outside the US (since it is not a foreign gift being received by a US citizen or resident). However, if you transfer the money to a foreign investment account or self-directed foreign retirement account, you may be have a grantor trust related to this foreign financial account. Grantor Trust filings are complicated, are based on individual situations and are beyond the scope of this forum.