Extremely helpful! I had no idea how to go about this, and the tax offices near me were wanting upwards of $100 to do this on my behalf. You made it so simple that what they were wanting seems like highway robbery now! Thank you so much for taking the time to make this video.
Thank you very much for putting this info out there--like so many, I had NO idea I had to do this and now trying to figure out how to get it done, this was great thanks!
Nice video and I hope you can answer this question. The amount that you enter in the maximum account value, is that in USD or in the foreign currency? if in USD, will it be at the current exchange rate? Thank you for your help.
Hi Jason again great video and quick one if I may; say John had 10K deposited in savings, bought $3K in CDs from same bank (so now svgs balance is 7K) and then deposited another 4K. Would he just report the one bank account as 7+3+4 = 11 K total as it is all related to one bank and based on the single account?
Useful info. Quick question For Fixed deposits(CD) should we report each CD/FD as separate line item and what should we select in type of account for CD/FD. thanks for your time
Very useful information! Thank you for that! Question: do I need to report foreign accounts belong to my dependent spouse as I’m filing joint returns to IRS?
I have a question. I live in the UK and only recently found out after a LONG time that I need to do this. I'm married to a British citizen ( I am too as of 2005). He's never been a US citizen. So how do I go about having this form filled out? We have joint accounts ( I don't have my own account.) I don't want his money to be affected in any way.
Hello! Thanks for your video! I'm wondering if I have to declare my foreign saving account there? Or if I have to declare it only in a form 8938? Thanks for your help!
Thank you for making this excellent video which is extremely helpful. How to go about if you have more than 25 accounts? As you mentioned it is simpler to file if you have more than 25 accounts because you don't need to fill any account details. From FBAR line instructions for Item 14, it appears that persons who have more than 25 accounts, need to only keep the record for each account with themselves and provide to IRS or FINCEN when requested. Please reconfirm. Thanks
Great tutorial! Quick question: Do I declare out-of-country superannuation/Retirement funds - if so is it classified as "securities" or "other". Also, I've been using the dollar conversion rate as of December 31st of that year.
Hi, I recently opened my first bank account overseas on my tourist visa, while traveling. Do I have to file an FBAR if my account is under $20 USD. Or Report my foreign bank account to the IRS? Thanks for making this video! Really helpful 👍 😊
If the total amount in the forign bank account is more than $10,000 at anytime during the tax year. Then you have an obligation to file FBAR. Since yours is $20 , not required.
There is one thing I’m not clear on from the FBAR website, does a single member foreign owned US DE file an FBAR from the perspective of the LLC or the perspective of the owner? In other words, is the FBAR needed when the LLC has foreign bank accounts, or is the FBAR needed when the owner?
Hi, my husband just got his green card February, 2023. He hasn't work in the US yet. He has foreign account over 20k on February 2023. When do he needs to File his Fbar..now or 2024 tax year? We got married last year but I don't have any joint foreign account with him. Do I need to file with him? Or He just files fbar by himself? Thanks in advance!
"Does the filer have a financial interest in 25 or more accounts?" -- Is this question referring to ANY accounts whether foreign or not? Or is it just referencing foreign accounts exclusively? Example: If I have a UK Investment account and two US bank accounts, would I include the US bank accounts in that number?
For example: what is the maximum value if I have a balance of $3,000 and my first deposit was $20,000 ($23,000) and I spent it before my second deposit of $10,000?
Not sure if this question will be seen, but I have only a foreign joint checking account, with my wife. The form forces me to give info on an individual account even if I try to skip that and go to the joint account entries. In my case I put the joint account info in both fields, with $0 for the max amount in the individual account, then the correct info in the next field under joint account. This doesn't feel right. Any suggestions?
My banking software gives me the month end balance for each month of the year. I look for the month end high and report that amount. Should I check the box Maximum amount not known ?
I'm honestly not sure. I think if you could access a web browser from your phone (such as google chrome for android), you should still be able to submit the FBAR electronically.
Does FBAR cover from JAN to DEC of that particular year? For example, In Feb 2022, I put $9,000 USD in a foreign bank and withdraw $9,000 in NOV 2022. Does this mean I do not need to file FBAR? If I repeat the same transaction in Feb 2023, am I not obligated to file FBAR? Please advise.
Extremely helpful! I had no idea how to go about this, and the tax offices near me were wanting upwards of $100 to do this on my behalf. You made it so simple that what they were wanting seems like highway robbery now! Thank you so much for taking the time to make this video.
Glad to hear the video was helpful. Thank you for watching!
Thank you so much for this video. It answers many of my questions without me having to fumble through it myself. Thanks again!
Thank you very much for putting this info out there--like so many, I had NO idea I had to do this and now trying to figure out how to get it done, this was great thanks!
Glad I could help!
Your lectures are so helpful for a new tax preparer, thank you!!
Jason, If it were not for your videos, I was ruined! Thank you so much!
Happy to help!
Very helpful. Gave me the confidence to fill out myself :)
Glad it was helpful!
Very clear and precise. Thank you.
Glad it was helpful!
Nice video and I hope you can answer this question. The amount that you enter in the maximum account value, is that in USD or in the foreign currency? if in USD, will it be at the current exchange rate? Thank you for your help.
I have the same question
Very useful tutorial! Thank you. What does BSA mean?
You're welcome!. BSA stands for Bank Secrecy Act
Hi Jason again great video and quick one if I may; say John had 10K deposited in savings, bought $3K in CDs from same bank (so now svgs balance is 7K) and then deposited another 4K. Would he just report the one bank account as 7+3+4 = 11 K total as it is all related to one bank and based on the single account?
Thank you for your video. I have a question, do I report a WISE account? The bank address is a USA address. Thank you very much for your help.
Useful info. Quick question For Fixed deposits(CD) should we report each CD/FD as separate line item and what should we select in type of account for CD/FD. thanks for your time
Very useful information! Thank you for that! Question: do I need to report foreign accounts belong to my dependent spouse as I’m filing joint returns to IRS?
I have a question. I live in the UK and only recently found out after a LONG time that I need to do this. I'm married to a British citizen ( I am too as of 2005). He's never been a US citizen. So how do I go about having this form filled out? We have joint accounts ( I don't have my own account.) I don't want his money to be affected in any way.
Hi! If I’m filing for a third party I still sign the form? Thank you! Great video
Hello! Thanks for your video! I'm wondering if I have to declare my foreign saving account there? Or if I have to declare it only in a form 8938? Thanks for your help!
Thank you for making this excellent video which is extremely helpful. How to go about if you have more than 25 accounts? As you mentioned it is simpler to file if you have more than 25 accounts because you don't need to fill any account details. From FBAR line instructions for Item 14, it appears that persons who have more than 25 accounts, need to only keep the record for each account with themselves and provide to IRS or FINCEN when requested. Please reconfirm. Thanks
Great tutorial!
Quick question: Do I declare out-of-country superannuation/Retirement funds - if so is it classified as "securities" or "other".
Also, I've been using the dollar conversion rate as of December 31st of that year.
Is a Wise borderless account with a US address but denominated in a foreign currency considered a foreign bank account?
How does the FBAR filing work for married filing jointly who have separate financial account?
Thank you for this tutorial.
You are welcome!
On the address of the first part, do you fill out the address you live in the US or the address of the foreign bank?
What info do we need to get from clients? What program do you use or recommend for a new tax preparer? TIA!
Hi, I recently opened my first bank account overseas on my tourist visa, while traveling. Do I have to file an FBAR if my account is under $20 USD. Or Report my foreign bank account to the IRS?
Thanks for making this video! Really helpful 👍 😊
If the total amount in the forign bank account is more than $10,000 at anytime during the tax year. Then you have an obligation to file FBAR. Since yours is $20 , not required.
There is one thing I’m not clear on from the FBAR website, does a single member foreign owned US DE file an FBAR from the perspective of the LLC or the perspective of the owner? In other words, is the FBAR needed when the LLC has foreign bank accounts, or is the FBAR needed when the owner?
Hi, my husband just got his green card February, 2023. He hasn't work in the US yet. He has foreign account over 20k on February 2023. When do he needs to File his Fbar..now or 2024 tax year? We got married last year but I don't have any joint foreign account with him. Do I need to file with him? Or He just files fbar by himself? Thanks in advance!
thank you so much that was very helpful!!
"Does the filer have a financial interest in 25 or more accounts?" -- Is this question referring to ANY accounts whether foreign or not? Or is it just referencing foreign accounts exclusively?
Example: If I have a UK Investment account and two US bank accounts, would I include the US bank accounts in that number?
do i have to report the maximun account value ? i dont remember exactly how much exactly.
Do you stop filing Fbar when you have "spent" the money? What if you purchase something and don't have that money anymore?
For example: what is the maximum value if I have a balance of $3,000 and my first deposit was $20,000 ($23,000) and I spent it before my second deposit of $10,000?
Not sure if this question will be seen, but I have only a foreign joint checking account, with my wife. The form forces me to give info on an individual account even if I try to skip that and go to the joint account entries. In my case I put the joint account info in both fields, with $0 for the max amount in the individual account, then the correct info in the next field under joint account. This doesn't feel right. Any suggestions?
Utmost thanks and blessings!
My banking software gives me the month end balance for each month of the year. I look for the month end high and report that amount. Should I check the box Maximum amount not known ?
hi Jason,csn you file the FBAR by using smartphone like android Samsung galaxy instead laptop?
I'm honestly not sure. I think if you could access a web browser from your phone (such as google chrome for android), you should still be able to submit the FBAR electronically.
Why do you fill in the fields that are not required?
Great video, thanks
If I have a brokerage account inside the user (interactive brokers) I dont need to include that in the file?
Super helpful, thank you so much! :)
You're very welcome!
Do I need to report business accounts of a business registered outside of the USA that I own and am in sole control of?
Does FBAR cover from JAN to DEC of that particular year? For example, In Feb 2022, I put $9,000 USD in a foreign bank and withdraw $9,000 in NOV 2022. Does this mean I do not need to file FBAR? If I repeat the same transaction in Feb 2023, am I not obligated to file FBAR? Please advise.
Correct. It's within a given calendar year. You only need to file if the account reached $10,000 USD at any point in time (within that calendar year).
Thank you
As others stated thank you, now I just wish I didn't need a VPN to do it!
Please Help!! If at one point I have $23,000 and I transfer $10,000 to another account that has $3,000, does it report as an aggregate of $26,000?