Finally, information provided in a cogent, clear, and "visual" context. I'm a graying soon-to-be-retired boomer who has not filed my taxes from Japan since the clinton years. Wading through the morass of details and jargon is killing me. But I feel that I am on the right path. Thanks, Mr. Finanacially Aware!
I am 75years old with near zero computer skills. With your video I was able to prepare my FBAR and submit it. That will save me having to move back to my cabin 10 miles past the end of the road to avoid ending up in FBAR's prison! Many Thanks!
Thanks so much! I'm from Ukraine and it's the first time I have had to submit this form. You helped me completely! I also liked: “I could hire CPA but I want it done right” :)
This video is excellent. Straightforward, to the point, clear, and truly step by step. It seemed like every question that could have crossed my mind in the process of filling out the form, you were already answering in your video as you went through. I never knew it was this easy to file! Paid someone to do it last year, never doing that again. THANK YOU.
Thank you for making this amazing video. This is very helpful. I did not have any issue submitting FBAR after watching your video. I want to see your videos on filing tax.
Thank you for this video. Seems simple but it really isn't so obvious, as many fill out that PDF and send it through mail, instead of just filling out that digital form.
I accidentally submitted it twice. There was like a loading error. I went back, then had to close it and I got two recipt emails. lol. I hope it’s not a big deal. I emailed the help desk and let them know.
Great video! thanks for breaking it all down...regarding converting foreign balances into USD, did you just use the conversion rate on the day that you filed the FBAR?
I am considering adding my son to my bank account outside the US in case I become incapacitated. Will he have to file the FBAR is he is listed as having access to the account if something happens to me? How would I set this up so he doesn't have to file the FBAR too?
Maybe have a joint account with you and him where it is always under $10k. Then give him access to your other accounts so that he can transfer money into the joint account if he needs to pay for your medical care.
I tried to get the currency conversion rate which you linked above on both Chrome and Safari and the page seems to be stuck. Any idea what the currency rate for Euro -> USD might be?
The link still worked for me. The rate for the Euro on 12/31/23 is 1 USD=.905 EUR . You can use this rate for transactions any time during the 2023 calendar year.
@@FinanciallyAware Thanks so much! Everyone I talked to says the link worked for them. Weird... Anyways, I used .905. This video was gold. Thanks again, you're the goat!
thank you, how to fill in my spouse's SSN and account details /Name as there is only one place for SSN , do we need to fill 2 FBAR form ? and if spouse and filer both not having joint account
I’m gonna have an LLC by the time I get out there. Moving to Nevada for a couple of years where I’ll be upgrading from so proprietorship to an LLC. Will I still have to fill out that form for the corporation? It will be an LLC single member or would that qualify as individual?
Great video, very helpful! I have a question: My kids accounts exceed the value of US$ 10.000 for the first time in 2024. Now, do I have to file the FBAR already in 2024 or in 2025 (for 2024) for the first time?
Question: Money markets are going to go back to nothing interest when rates go back down. So between a 5% 10 year CD or a 5% muni bond what's the better choice? The Brokered CD has a monthly coupon and muni bonds are semi annual. Does the ability to reinvest the interest monthly mean a higher return over the muni bond's every 6 months?
What makes you think MM rates are going back to nothing? If the muni and CD are both 5% for 10 years, then the muni could be better if it is a muni from the state you live in since it is free of state and federal taxes. Also Treasuries are free from state and local taxes so they are better than CDs from a tax view if you are in a high tax bracket or in a high tax state. There are a lot of variables to consider.
Thank you for this information. But what should I do if I have more than 25 accounts? I will not fill out 2 and 3 forms, And what else? Help me pls with my question 🙏🏻
Thank you so much Nick! Super helpful! I recall last year that you spoke about converting the currency to US dollars if we have an account that is held in another currency. Is that still true for 2023? If so, do we only take the 12/31/23 conversion number? Thanks so much!
Hello great video, if I have a foreign financial account and it earns interest, should I include the account balance plus interest on the FBAR ? For example if I have 10,000 US and earn 100 of interest , do I need to report 10,100?
Thank you so much for the video. I have SMLLC foreign owned, so I don't have either SSN or ITIN. I just have to put my EIN, right? Is there any other difference that I have to be aware of if I'm not an U.S citizen?
Hi, I usually send money to my fathers account to re-pay my student loan and my family debts. Do I still need to file FBAR? If so in which column I have to declare my fathers account?
Great channel. For a life insurance contract with annual interests accumulating under my name like Allianz, do I need to file the FBAR, or is it only taxed if I decide to take money out? If the contract is from an international company with branches in the US but the currency on the account is in euro since creation, do I need a FBAR?
Thank you so much! Really Helpful. If I decided to close my foreign account end of May2024. Do I still need to file FBAR in 2025 at high mark before account close? 🙏
First of all thank you so much for the Video. It's really helpful. I'm able to file successfully, got acknowledgment, downloaded the copy. I realized for one of the record, I've selected the account type as 'Bank' instead of 'Securities'. Is there a way to correct it? pls suggest.
Thank you so much for the video, it is really helpful. Is it compulsory that we enter SSN in 3 if we have SSN? I entered foreign identification instead of SSN, Is that a big deal?
Great info New subscriber Do I need to file an FBAR for offshore crypto only accounts Have account since 2021 and still active today it’s over 10,000 Regulations are not clear but it seems they started for 2022 and onwards I’m not sure if I can just add the info and file for past returns or is it too late now and have to pay fines / no one has contacted me about being late Can’t believe the penalties Any info would be greatly appreciated
@@FinanciallyAware What to check if it is a custodial account specific to cryptocurrency Not a bank or securities And since i owned it with spouse I think I also need to sign form 114a this form is not submitted to them it’s just for my own records It’s a fill and print form 114a Any clarifications on this would be appreciated Thank you!
Thank you so much. This is the first year for me to file FBAR. I still have questions. On my transaction record, the bank has made a mistake to create a CD account and terminated it immediately. Do I need to report it? Also during the year, one of my CD account was matured. I opened a new one with the same money. Do I need to report both of them? Thanks. 😊
Yes the CDs are within saving account. They do have account numbers but all the principals and interests will go back to saving account after matured. Does it mean I only need to report the saving account?
I am preparing for filing my federal US taxes now. Is filing FBAR separate and independent process. Meaning, can I file the federal tax this week and prepare and file FBAR next week ?
Yes, FBAR is just about reporting the amounts in foreign accounts. It has nothing to do with IRS taxes. But you will have to add IRS form 8938 to your taxes for foreign accounts and any interest or gains from them. I did a video on this.
@@FinanciallyAwarealright I have them all in my LLCs Wise and Mercury accounts, so that doesn't apply to me. And do I have to have those 10,000$ in the bank or is it the sum of all the money that came in (although it is not there still) Thank you for your answer.
If we have multiple term deposits created from a single saving account and if those term deposits having individual numbers mature in that year and we create few more term deposits how do we report them as maturity proceeds are credited back to savings account and new term deposits created using same principal. Is it ok to report max of savings acc or every cd or term needs to be reported seperately within the same bank. Note each cd has a different acc no. Also what’s the process to file previous years
I would just treat it like one account since the money comes from and goes back to the same account. As, for previous years, you need to contact them and see what they say.
OK. That was easy. But you missed something. We are reporting foreign bank, as you know foreign accounts are in foreign currency. In FBAR we use $. How we make transition from Dinars, Rupies, Sheckles , Euros to US Dollars.
If I had 26 000$ on one account and then transferred them to my other empty account, then both of them will have a watermark of 26K, which exceeds 50K. Does it mean I have to file 8938 Form?
so fbar doesnt tax us on anything? say person 1 reports $10000 and person 2 reports $100000 both of them get charged nothing, and this is just about declaring? sorry just wanted to make sure. first time with fbar! have over $10000 in a brokerage outside US.
Correct. FBAR reporting has nothing to do with taxes. The IRS does expect you to pay taxes on the gains from your foreign accounts that you make in interest, dividends or capital gains.
Do we need to provide any statements from the bank or any other files as proof? Or do we just submit the high watermark amount, and they just trust our word? First timer here.
I believe the banks send Fincen your data because of the CRS law. Just like how the IRS already knows how much is on your W2 and how much interest, dividends and capital gains you got on your brokerage account. You do not need to attach proof, but keep digital copies of your monthly statements.
@@FinanciallyAware sorry for the late reply. just seeing your reply now. hopefully I am not too late. I just arrived back in the States yesterday, but am trying to do my FBAR for last year - as I was living overseas. Hopefully I will not have any issues.
![File The BOI Report Yourself Step-By-Step - Don't pay someone! [FinCen new LLC filing requirement]](/img/n.gif)
This is so helpful, thank you! I didn't know it could be so easy, otherwise I wouldn't pay my accountant in the earlier years!
Glad it was helpful!
I like your direct, no BS delivery. You get right to the point. Thank you.
I appreciate that!
Finally, information provided in a cogent, clear, and "visual" context. I'm a graying soon-to-be-retired boomer who has not filed my taxes from Japan since the clinton years. Wading through the morass of details and jargon is killing me. But I feel that I am on the right path. Thanks, Mr. Finanacially Aware!
Glad it helped!
It won’t submit. Reads need to fill in item 23. There is no 23 for page 1 or 2
I've been watching your video since 2022! Thank you so much!
Thank you. I'm glad you find them helpful.
Thank you so so sooooo much for your kindness. This year will my first time to prepare my FBAR on my own!! Appreciate ❤❤❤
Glad it was helpful!
It's my first time filing an FBAR and your guide helped a lot. Thank you!
Glad it helped!
I am 75years old with near zero computer skills. With your video I was able to prepare my FBAR and submit it. That will save me having to move back to my cabin 10 miles past the end of the road to avoid ending up in FBAR's prison! Many Thanks!
I love to hear stories like this. I''m glad to hear you are able to file it yourself.
Thanks so much! I'm from Ukraine and it's the first time I have had to submit this form. You helped me completely! I also liked: “I could hire CPA but I want it done right” :)
Glad it helped!
Thank you so much from the bottom of my heart! You saved my life! Thanks a lot!❤
Glad it helped!
Thank you so much for this video. I completed mine today with your help!
Glad it helped!
This video is excellent. Straightforward, to the point, clear, and truly step by step. It seemed like every question that could have crossed my mind in the process of filling out the form, you were already answering in your video as you went through. I never knew it was this easy to file! Paid someone to do it last year, never doing that again. THANK YOU.
Glad it was helpful! I do the videos I would like to see when trying to file FBAR.
Clear explanation. Thank you!
Glad it was helpful!
I'm from Brazil and this is my first (and last) time doing income tax in the US, you helped me a lot with this video! Thank you very much!!
I'm glad it helped.
Esta voltando para o Brasil?
@@michellizollar9927 Voltei em Abril
This was super helpful! I was nervous about filing this form but your guidance made it super easy!
I'm glad you liked it.
I never comment but you deserve recognition for your work. It helped me out tremendously so keep up the great job!
Glad it was helpful!
Thank you so much! This video clearly walked us through each step and showed us how easy it is! So appreciated!!! Thank you!
Glad it helped!
You've helped me so much through the years. Thank you so much for being helpful ⭐
I wish you the best luck in the future
Happy to help!
And like that, I did it!!! This is the best video tutorial EVER!!!! Thank you so much for posting this
Glad it helped!
Thank you so much for again sharing the tax year 2023 FBAR.
You bet!
Thank you so much for this video! Very helpful!
Glad it was helpful!
THANK YOU... the explanation was sensational, I will do it for myself.
Glad it was helpful!
Thank you so much from Japan!! I really needed this instruction!!
Glad it helped!
Thank you for making this amazing video. This is very helpful. I did not have any issue submitting FBAR after watching your video. I want to see your videos on filing tax.
Glad it helped!
Thank you so much. You made it so simple to complete the form :)
Glad it helped!
Thank you. Helped me a lot
Glad to hear that!
Thanks Nick
Thanks for watching Ryan.
Fantastic, done, very easy thanks a lot for recording it
Glad it helped!
Thank you once again! This has been super helpful in filing my FBAR this year.
I'm glad to hear it.
Super clear! Thank you for the video
Glad it was helpful!
Are you really really help me .Thank you a lot
Glad to hear that
Very helpful, thanks!
Glad it was helpful!
Thank you so much!! Now I check your video every year! : )
Just came here to say the same thing!
Glad you like them!
Thank you so much,very useful🙏
Thank you. I'm glad to hear that.
Thank you for a well-presented video, with good information. Straight tot the point! Much appreciated
I'm glad you liked it.
Thank you very much for your video. Extremely helpful.
Thank you. I'm glad to hear that.
thank you! it was so helpful and easy to understand
This video was super helpful and very clear! Thank you!
I'm glad you liked it.
Excellent, thank you!!
Glad it was helpful!
This was so helpful! Thank you
Glad it was helpful!
Thanks for sharing this video I was able to file by myself. Subscribed to your channel.
Very helpful info video. Thanks. Followed and filed mine.
I'm glad you liked it.
thank you very much, great video easy to follow!!!
Glad it was helpful!
straightforward helpful info ... much appreciated
Glad it was helpful!
Thank you for this video. Seems simple but it really isn't so obvious, as many fill out that PDF and send it through mail, instead of just filling out that digital form.
I'm glad you liked it.
Thank you so much for this!
Glad it was helpful!
Thanks for the video!
You're welcome!
Great video! thanks so much
I'm glad it was helpful.
Thank you Sir very much!
Glad to help
@@FinanciallyAware yes 🙌
This helped so much! Thank you...trying to do for both Canada and the US :P
Glad I could help!
Thank you so much!!
Glad it helped!
I accidentally submitted it twice. There was like a loading error. I went back, then had to close it and I got two recipt emails. lol. I hope it’s not a big deal. I emailed the help desk and let them know.
I think you will be okay.
Thank you so much!
Glad it helped!
Great video! thanks for breaking it all down...regarding converting foreign balances into USD, did you just use the conversion rate on the day that you filed the FBAR?
No. You use the last month of 2023 conversion rate.
I am considering adding my son to my bank account outside the US in case I become incapacitated. Will he have to file the FBAR is he is listed as having access to the account if something happens to me? How would I set this up so he doesn't have to file the FBAR too?
Maybe have a joint account with you and him where it is always under $10k. Then give him access to your other accounts so that he can transfer money into the joint account if he needs to pay for your medical care.
not all heros wear capes, thank you!!
Thank you.
I tried to get the currency conversion rate which you linked above on both Chrome and Safari and the page seems to be stuck. Any idea what the currency rate for Euro -> USD might be?
The link still worked for me. The rate for the Euro on 12/31/23 is
1 USD=.905 EUR . You can use this rate for transactions any time during the 2023 calendar year.
@@FinanciallyAware Thanks so much! Everyone I talked to says the link worked for them. Weird...
Anyways, I used .905. This video was gold.
Thanks again, you're the goat!
thank you, how to fill in my spouse's SSN and account details /Name as there is only one place for SSN , do we need to fill 2 FBAR form ? and if spouse and filer both not having joint account
I’m gonna have an LLC by the time I get out there. Moving to Nevada for a couple of years where I’ll be upgrading from so proprietorship to an LLC. Will I still have to fill out that form for the corporation? It will be an LLC single member or would that qualify as individual?
I don't follow. You will have an LLC based in Nevada? As long as you or the company has foreign accounts exceeding $10K you have to file.
Great video, very helpful! I have a question: My kids accounts exceed the value of US$ 10.000 for the first time in 2024. Now, do I have to file the FBAR already in 2024 or in 2025 (for 2024) for the first time?
You file in 2025 for 2024
If I didn’t know I had to file do I have to file FBAR for previous years? Is it the same procedure just with different dates for the filing names?
I don't know. You need to contact Fincen and ask what to do in your case.
Question: Money markets are going to go back to nothing interest when rates go back down. So between a 5% 10 year CD or a 5% muni bond what's the better choice? The Brokered CD has a monthly coupon and muni bonds are semi annual. Does the ability to reinvest the interest monthly mean a higher return over the muni bond's every 6 months?
What makes you think MM rates are going back to nothing? If the muni and CD are both 5% for 10 years, then the muni could be better if it is a muni from the state you live in since it is free of state and federal taxes. Also Treasuries are free from state and local taxes so they are better than CDs from a tax view if you are in a high tax bracket or in a high tax state. There are a lot of variables to consider.
Thank you for this information.
But what should I do if I have more than 25 accounts? I will not fill out 2 and 3 forms, And what else? Help me pls with my question 🙏🏻
Thanks Nick , this is great and very helpful. Can you also do a video on FATCA filing for 2024
I don't know what you mean by FACTA filing. FBAR is the filing you need to comply with the FACTA law.
Thank you so much Nick! Super helpful! I recall last year that you spoke about converting the currency to US dollars if we have an account that is held in another currency. Is that still true for 2023? If so, do we only take the 12/31/23 conversion number? Thanks so much!
Glad it was helpful! Yes, I have a link in the description for the conversion rates. You can use the 12/31/23 rate for any time during 2023.
Hello great video, if I have a foreign financial account and it earns interest, should I include the account balance plus interest on the FBAR ?
For example if I have 10,000 US and earn 100 of interest , do I need to report 10,100?
If you start the year at 10,000 and have 10,100 at the end of the year, you need to report the high water mark as 10,100.
Thank you so much for the video. I have SMLLC foreign owned, so I don't have either SSN or ITIN. I just have to put my EIN, right? Is there any other difference that I have to be aware of if I'm not an U.S citizen?
Yes, put your EIN is you don't have a SSN.
What do you enter if you're unsure on the type of account? Its a savings account via Defined Contribution Pension plan. Thanks!
Hi, I usually send money to my fathers account to re-pay my student loan and my family debts. Do I still need to file FBAR? If so in which column I have to declare my fathers account?
Great channel.
For a life insurance contract with annual interests accumulating under my name like Allianz, do I need to file the FBAR, or is it only taxed if I decide to take money out?
If the contract is from an international company with branches in the US but the currency on the account is in euro since creation, do I need a FBAR?
Foreign life insurance policies must be reported on the FBAR if they have a cash-surrender value.
Quick question this doesn’t show any reporting of any interest income earned from fixed deposits and also tax deducted in the foreign country
FBAR has nothing to do with income or taxes. That is the IRS. It only wants to know the balances in foreign accounts.
Thank you so much! Really Helpful. If I decided to close my foreign account end of May2024. Do I still need to file FBAR in 2025 at high mark before account close? 🙏
Yes you do. Even if you closed it Jan 1, 2024, you would need to file in 2025.
@@FinanciallyAwareThank you so much.
First of all thank you so much for the Video. It's really helpful. I'm able to file successfully, got acknowledgment, downloaded the copy. I realized for one of the record, I've selected the account type as 'Bank' instead of 'Securities'. Is there a way to correct it? pls suggest.
Glad it helped. You can file an update. In the beginning of this video I show where it says something like "is this a correction or update?".
Thank you so much for the video, it is really helpful. Is it compulsory that we enter SSN in 3 if we have SSN? I entered foreign identification instead of SSN, Is that a big deal?
I think they want the SSN first if you have it.
@@FinanciallyAware does that mean i need to file amendment? I already got an acknowledgment! I used passport as identification
Great info
New subscriber
Do I need to file an FBAR for offshore crypto only accounts
Have account since 2021 and still active today it’s over 10,000
Regulations are not clear but it seems they started for 2022 and onwards
I’m not sure if I can just add the info and file for past returns or is it too late now and have to pay fines / no one has contacted me about being late
Can’t believe the penalties
Any info would be greatly appreciated
Yes, you need to file FBAR for offshore crypto accounts. I don't know about past returns. I would email them.
@@FinanciallyAware
What to check if it is a custodial account specific to cryptocurrency
Not a bank or securities
And since i owned it with spouse
I think I also need to sign form 114a this form is not submitted to them it’s just for my own records
It’s a fill and print form 114a
Any clarifications on this would be appreciated
Thank you!
So, if the year I'm filling is 2024 -- then I need to select 2023 as the calendar year ended?
And, if one of the accounts didn't reach $10k, do I still have to report that specific one along with the ones that reached the value over $10k?
So the married couple own separate account needs to file separate FBAR?
Yes, I believe so.
I saw you video where you talked about crypto but cant find which videothat was. I assume it applies the same for a crypto brokerage.
Yes, if you hold crypto in a foreign brokerage you have to include it on FBAR.
@@FinanciallyAware Thanks much for that clarification! 👍
We used HR Block last year and they never asked us, so we didnt do it for 2022 tax year. Can we use this form for that year as well?
IRS taxes is different from FBAR. You should contact FinCEN. You will also have to IRS form8938. I did a video on it.
@@FinanciallyAware Thank you!
Thank you so much. This is the first year for me to file FBAR. I still have questions. On my transaction record, the bank has made a mistake to create a CD account and terminated it immediately. Do I need to report it?
Also during the year, one of my CD account was matured. I opened a new one with the same money. Do I need to report both of them? Thanks. 😊
A CD is usually within a bank account. If it is not a separate account with a different account number, it is not another account.
Yes the CDs are within saving account. They do have account numbers but all the principals and interests will go back to saving account after matured. Does it mean I only need to report the saving account?
I am preparing for filing my federal US taxes now. Is filing FBAR separate and independent process. Meaning, can I file the federal tax this week and prepare and file FBAR next week ?
Yes, FBAR is just about reporting the amounts in foreign accounts. It has nothing to do with IRS taxes. But you will have to add IRS form 8938 to your taxes for foreign accounts and any interest or gains from them. I did a video on this.
When I clicked the download the document did not come through. The rest went great
Take screen shots if you have to.
Hey there!
If I'm an foreign LLC owner do I need to file this? As I undestood, it is only for LLCs that passed 10,000$ through the year in assets?
Only if those assets are in a foreign bank or brokerage.
@@FinanciallyAwarealright I have them all in my LLCs Wise and Mercury accounts, so that doesn't apply to me.
And do I have to have those 10,000$ in the bank or is it the sum of all the money that came in (although it is not there still)
Thank you for your answer.
Is the process any different if I am filing tax returns for first time under SFOP?
I don't know what SFOP is.
If we have multiple term deposits created from a single saving account and if those term deposits having individual numbers mature in that year and we create few more term deposits how do we report them as maturity proceeds are credited back to savings account and new term deposits created using same principal. Is it ok to report max of savings acc or every cd or term needs to be reported seperately within the same bank. Note each cd has a different acc no. Also what’s the process to file previous years
I would just treat it like one account since the money comes from and goes back to the same account. As, for previous years, you need to contact them and see what they say.
3:35 how to file if I have financial interest in more than 25 accounts?
If you have more than 25 accounts, it might be worth it to hire an accountant.
If you have joint account with spouse that is not a US citizen what do you use for TIN?
OK. That was easy. But you missed something. We are reporting foreign bank, as you know foreign accounts are in foreign currency. In FBAR we use $. How we make transition from Dinars, Rupies, Sheckles , Euros to US Dollars.
I explain this in the video.
If I had 26 000$ on one account and then transferred them to my other empty account, then both of them will have a watermark of 26K, which exceeds 50K. Does it mean I have to file 8938 Form?
Yes. I did a video on the 8938.
What is the last date to file FBAR
October 15th.
Where do u say hows is the your interest income here and if the interest is accrued?
842 Rhea Drives
so fbar doesnt tax us on anything?
say person 1 reports $10000
and person 2 reports $100000
both of them get charged nothing, and this is just about declaring? sorry just wanted to make sure. first time with fbar! have over $10000 in a brokerage outside US.
Correct. FBAR reporting has nothing to do with taxes. The IRS does expect you to pay taxes on the gains from your foreign accounts that you make in interest, dividends or capital gains.
Goodbye gold and Silver....'Bitcoin Is Going to Eat Gold': MicroStrategy’s Michael Saylor
I'm still waiting for the ghost of john Mcafee to eat his d_ck.
www.the-sun.com/news/3150322/john-mcafee-pledged-eat-manhood/
Do we need to provide any statements from the bank or any other files as proof? Or do we just submit the high watermark amount, and they just trust our word? First timer here.
I believe the banks send Fincen your data because of the CRS law. Just like how the IRS already knows how much is on your W2 and how much interest, dividends and capital gains you got on your brokerage account. You do not need to attach proof, but keep digital copies of your monthly statements.
@@FinanciallyAware sorry for the late reply. just seeing your reply now. hopefully I am not too late. I just arrived back in the States yesterday, but am trying to do my FBAR for last year - as I was living overseas. Hopefully I will not have any issues.
Clear explanation. Thank you!
Glad it was helpful!
This is so helpful, thank you so much!
I'm glad you liked it.