Hi everyone
I was a Dual-status Alien in 2019 (J1 visa). The termination date is on July 29, 2019 (210 days in 2019). I live in another country since the termination date until now. Am I qualified to include the FATCA (form 8938) in the form 1040 and/or file FBAR since I was a Non-Resident Alien since the middle to the end of the year? If the answer is yes for FACTA, which total value of my financial assets, living abroad or living in the U.S, is my threshold? Thank you.
@quietrack1 , are you filing as Dual Status i.e. form 1040 ( supported by TurboTax ) covering the period 01/01/2019 through the day your visa was terminated / left the country covering would income and a form 1040-NR ( not supported by TurboTax ( covering ONLY US sourced/connected income for the rest of the calendar year 2019?
Generally FBAR and FATCA requirement are dated the end of the year but it does not hurt for you to comply with requirements through the period that you were a resident alien for tax purposes.
Does that answer your query or you need more info ?
Hi @pk
Yes, I'm filing as Dual-status and my plan is what you've mentioned, form 1040 for the period in the U.S. and form 1040-NR for the rest of the year abroad.
And since I was not in the U.S. at the end of the year 2019, the FATCA $75,000 during the year threshold is for my situation, is that correct?
Thank you for your suggestion.
@quietrack1 yes , I would follow a conservative path -- for FATCA, , mostly because while it has no tax consequences, it just shows compliance intentions.
Good Luck