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Regarding tax filing: I am a dual citizen and have a foreign

Customer Question
Regarding tax filing: I am a...
Regarding tax filing:
I am a dual citizen and have a foreign bank account (account "a") that requires me to fill in the FinCEN 114 Form (FBAR) because I had a little over $10,000 during 2015. Must I also file form 8938? Are there any other forms I should be filing for this account?
I also have limited access to another foreign account (account "b") which had more than $50,000 during 2015. I can withdraw from and deposit into account "b" but I cannot close this account or invest the money. Should I be filing anything for account "b"?
Submitted: 1 year ago.Category: Tax
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3/13/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,868
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

Sometimes you have to complete both the FinCen 114 and the 8938. It depends on the amount in the account so if you meet the amount and type for both forms file them both.

If you can withdraw from and deposit into an account (account b) then report the account. You appear to have enough control that you should be reporting it.

Please remember to rate my service excellent once you have all the information you need. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

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Customer reply replied 1 year ago
Can you confirm that account "a" (more than $10,000 but less than $50,000) only requires FBAR?
Can you confirm that account "b" (more than $50,000) requires both?
I have recently discovered that account "b" had more than $50,000 in 2014 as well. How should I amend last year's filing?
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

Taxpayers with a total value of specified foreign financial assets below a certain threshold do not have to file Form 8938.

If the total value is at or below $50,000 at the end of the tax year, there is no reporting requirement for the year, unless the total value was more than $75,000 at any time during the tax year

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

If you did not file for 2014 then amend the 2014 (form 1040X return and attach the 8938). you can also send the FINCEN 114 for 2014

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

I know rating takes an additional step and I truly appreciate it when you take the extra time!

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Customer reply replied 1 year ago
I did not forget to rate your answer. I will be trying to file the forms today and want to see if I have any last follow-up questions before I do.Thank you.
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

You can always come back (even after you rate) this is not erased but thanks for letting me know.

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Robin D.
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Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,868
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