FBAR

[raj13]

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.

[DavidD66]

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:

1. a financial interest in or signature or other authority over at least one financial account located outside the United States if
2. 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.

[raj13]

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

[raj13]

@DavidD66 

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

[KarenJ2]

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