US bank closed our account last Oct & mailed us the check. Deposited it to their foreign branch. Reopened Feb 2024 and transferred back to US bank. Is this FATCA ?

Forum|Forum|2 years ago
March 30, 2024
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We're US citizens but bonafide residents abroad. Reporting this will increase our foreign bank account balance to 400K and will have to report FATCA with income tax filing. If we don't report this in foreign bank accounts, will be below the threshold for FATCA and will just file FBAR. But it was deposited November to foreign branch and transferred back to US account only this February. Thank you.

TurboTax Online

Best answer by Vanessa A

Yes, if your account balance was more than $400,000 on the last day of the year then you will need to do the FACTA reporting.

Taxpayers living abroad. You must file a Form 8938 if you must file an income tax return and:

You are married filing a joint income tax return and the total value of your specified foreign financial assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year. These thresholds apply even if only one spouse resides abroad. Married individuals who file a joint income tax return for the tax year will file a single Form 8938 that reports all of the specified foreign financial assets in which either spouse has an interest.
You are not a married person filing a joint income tax return and 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 year.

Vanessa AAnswer

Yes, if your account balance was more than $400,000 on the last day of the year then you will need to do the FACTA reporting.

Taxpayers living abroad. You must file a Form 8938 if you must file an income tax return and:

You are married filing a joint income tax return and the total value of your specified foreign financial assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year. These thresholds apply even if only one spouse resides abroad. Married individuals who file a joint income tax return for the tax year will file a single Form 8938 that reports all of the specified foreign financial assets in which either spouse has an interest.
You are not a married person filing a joint income tax return and 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 year.

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