3 stupid questions

Forum|Forum|2 years ago
December 30, 2023
2 replies
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1. I assume oversea electricity bill accounts shouldnt be reported into Fbar /8938, right?

2. Fbar/8938 are only needed for US resident alien but not for non-US resident alien, right?

3. For my friend, his baby is an American. The couples are not the American and they do not live in the US. Does the baby need to report US tax before university graduation ? What is the minimum requirement for the baby to report tax?

Thanks,

TurboTax Deluxe Online

Best answer by DaveF1006

this is interesting

No. There is no credit for the NAR tax on a US tax return because there is no income to apply it to.

Anonymous_

Level 15

I will page @pk12_2

pk_

Level 15

@Helen123

1. I assume oversea electricity bill accounts shouldnt be reported into Fbar /8938, right?

FBAR and FAYTCA requires ONLY the reporting of Foreign Bank accounts ( and the amounts therein ) and other Specified Assets ( generally liquid or semi liquid )

2. Fbar/8938 are only needed for US resident alien but not for non-US resident alien, right?

FBAR and FATCA rules apply ONLY to US persons ( citizen / GreenCard / Resident for tax purposes )

A US person ( as defined above ) generally would not be required to file a return on world income unless the person is no-longer a dependent of the parents and makes more than US$4400 ( I think -- it is ion that neighborhood).

And NO , the questions are NOT STUPID at all.

Is there more I can do for you?

Helen123Author

Level 5

many thanks.

So, I assume for Q1 and 2, my original understandings are correct. For 3, if the parents of American baby are not American and they do not live in the USA, the baby doesnt need to report anything to IRS when they are the depent of the parents.

Can you please finally confirm my understanding is correct?

Much appreciated.

Vanessa A

Level 15

many thanks, PK.

Clarification. You keep saying baby, but then mentioned university graduation. How old is the child? Has any steps been taken to take advantage of his birthright citizenship?

A baby that is 6 months old would not be treated the same as a 23 year old who is graduating from college?

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