Question

Foreign national who is resident for tax purposes. Had bank account with $12000 in my native country in 2019. Do I need to report it on FBAR aka FINCEN form 114?

Forum|Forum|6 years ago
March 25, 2020
1 reply
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Do I have to report my foreign bank account through the form FBAR?

Where do I do that?

If yes, can somebody explain to me why this is the case? Why does the IRS want to know about the savings I have in my native country?

Thank you!

D

DavidD66

Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS. It must be filed directly with the office of Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, separate from the IRS. File electronically through BSA E-Filing System. The FBAR is not filed with a federal tax return. It is due April 15 (I have no information as to whether or not the deadline has been delayed.)

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