I have already e-filed my 2023 tax return. If I now decide to file 8938, can I send it by postal mail along with copy of e-filed Federal tax return (1040) and W2 ?
basically, you are only reading what is written so not much help... i still don t know what a deposit account is, like is a company saving plan one or not, a life insurance...the only thing i took out of this video was the NO TAX ITEM
Part 1, #2... because an account wasn't working properly, the bank opened a 2nd account and transferred all funds, a large 6 digit sum to the new account so I could access it via cell phone. Listed all 6 different accounts on FBAR. By looking at Part 1, #2 do I have to add the max on each account throughout the yr? Because of the banking issue on the one account, the numbers are really gonna exceed the funds I ever had?
Can you explain how I would fill out money that is in a foreign type of 401K (i.e. both me and employer contributed) also same question for pension fund (I have both). They may have gains or loses over time but that money stays in those accounts and I can't touch them until I am 67 years old. Thanks!
thanks for the video. I am living abroad and filing as single. Let's suppose I have two foreign bank accounts, Account A and Account B. On June 5 2017, I have 180K USD in Account A and 10K USD in Account B. On October 10 2017, I have 20K USD in Account A and 150K USD in Account B. On December 31, 2017, I have 10k USD in Account A and 100K USD in Account B. Let's suppose those values are the maximum values for those account throughout the whole year. You can see that on June 5 I was below the threshold. And I was also below the threshold on October 10. But would I be required to look at Account A on June 5 and match it up with Account B on October 10? This would put me over the threshold. Do I have to file 8938?
No, Quoting the instructions: "Unmarried taxpayers. If you are not married, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the tax year." In your case you have less than 200K in the last year, and your maximum amount during the year was less than 300K. Source: www.irs.gov/instructions/i8938#idm140403860240512
@@GirlsMagn3t What if I only have 2 foreign bank accounts (an everyday bank account and a savings account) and 1 retirement fund, and I'm unsure of how much I actually have in those accounts? I already filed FBAR and stated that the total value of both bank accounts and retirement fund are unknown.
Can you share more details on Part III - Where reported section? (d) Form and line (e) Schedule and line to be specific
I have already e-filed my 2023 tax return. If I now decide to file 8938, can I send it by postal mail along with copy of e-filed Federal tax return (1040) and W2 ?
For mutual funds do we report on the capital gains or the principal amount invested ? And mention name and address of mutual fund company?
basically, you are only reading what is written so not much help... i still don t know what a deposit account is, like is a company saving plan one or not, a life insurance...the only thing i took out of this video was the NO TAX ITEM
Part 1, #2... because an account wasn't working properly, the bank opened a 2nd account and transferred all funds, a large 6 digit sum to the new account so I could access it via cell phone. Listed all 6 different accounts on FBAR. By looking at Part 1, #2 do I have to add the max on each account throughout the yr? Because of the banking issue on the one account, the numbers are really gonna exceed the funds I ever had?
What if I own a Foreign LLC that has a online stock brokerage account outside of the USA?
Can you explain how I would fill out money that is in a foreign type of 401K (i.e. both me and employer contributed) also same question for pension fund (I have both). They may have gains or loses over time but that money stays in those accounts and I can't touch them until I am 67 years old. Thanks!
Custodial account is a brokerage account ? Where mutual funds are to be reported ?
What if you never brought that interest back to US and it always stayed in India?
exactly, what then?
You may not owe any tax, but you MUST report your financial assets and income. Currently, this is the law
@@GirlsMagn3t You still owe tax if you are a resident alien
Mutual Funds should be reported as Custodial Account OR other Foreign Asset?
It will be reported on form 8621
thanks for the video.
I am living abroad and filing as single.
Let's suppose I have two foreign bank accounts, Account A and Account B.
On June 5 2017, I have 180K USD in Account A and 10K USD in Account B.
On October 10 2017, I have 20K USD in Account A and 150K USD in Account B.
On December 31, 2017, I have 10k USD in Account A and 100K USD in Account B.
Let's suppose those values are the maximum values for those account throughout the whole year.
You can see that on June 5 I was below the threshold.
And I was also below the threshold on October 10.
But would I be required to look at Account A on June 5 and match it up with Account B on October 10? This would put me over the threshold.
Do I have to file 8938?
No, Quoting the instructions: "Unmarried taxpayers.
If you are not married, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the tax year." In your case you have less than 200K in the last year, and your maximum amount during the year was less than 300K. Source: www.irs.gov/instructions/i8938#idm140403860240512
@@GirlsMagn3t What if I only have 2 foreign bank accounts (an everyday bank account and a savings account) and 1 retirement fund, and I'm unsure of how much I actually have in those accounts?
I already filed FBAR and stated that the total value of both bank accounts and retirement fund are unknown.
So for a late follow-up clarification, you only meet the threshold if accounts A and B totals greater than 300,000 at the same time, correct?