U.s. Citizens With Foreign Bank Accts - Irs Deadline June 30Th

[OnMyWay]

I posted this in another topic but I thought it was worthy of a new topic to remind those who need reminding.

 

U.S. citizens who hold foreign bank accounts totaling over $10,000 must file a form annually.  The due date for filing for 2012 is June 30th, 2013!  Better safe than sorry!

 

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-(FBAR)

 

Who Must File an FBAR?

 

United States persons are required to file an FBAR if:

1. The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
2. The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported

 

 

You can file electronically and electronic filing is mandatory effective July 1, for 2013 calendar year.

 

http://bsaefiling.fincen.treas.gov/Enroll_Individual.html

[JJReyes]

You are also required to check a little box in your 1040 Individual Income Tax form. The June 30th filing is for an account or accounts totaling more than $10,000. The 1040 form is for any account outside of the United States. The amount is not specified.

[Tukaram (Tim)]

I would never keep that much money over here!

[Mike S]

I would never keep that much money over here!

 

Well it is kinda a complicated procedure ..... it is the combination of the highest amount of money in each Philippine banking account in any one month for the entire year .... yea it is a PITA ..... and that is why I constantly keep checking on my accounts and recording the highest amount in each account and check it against the previous month ..... if it is higher it becomes my new gauge for that account I do this so I don't have to report my bank account info to the FBAR ..... (should have been called FUBAR ....  :hystery: ) and as I don't file income tax any more (make less than the required amount to file) (last year H&R Block refused to send in my tax return as they said I have nothing come back and owe nothing and the IRS didn't require me to file a return) I have no problem ... so far .... but I'm sure the greedy SOB's will change it sometime in the future .... they always do .... and then vote themselves a new pay raise ..... :th_unfair:  ......

:cheersty:

[JJReyes]

but I'm sure the greedy SOB's will change it sometime in the future .... they always do .... and then vote themselves a new pay raise .....   ......

 

A member of the current US Congress proposed a minimum tax for all Americans. It is similar to a head tax started during the Roman Empire. So far, no one is enthusiastic. Give them time. 

[Bil Brock]

LOL, they have to come up with something to cut the defict......