Answered4 years ago
What do Americans need to know about filing FBAR for foreign bank accounts?
Learned this from a CPA friend of mine...
If you are American and have a foreign bank account - you need to fill out "FBAR, *Form* 114" with your taxes yearly, or ELSE! There is a $100,000 fine that may be leveled against you, if you don't. Look it up - don't find out the hard way!
If you are American and have a foreign bank account - you need to fill out "FBAR, *Form* 114" with your taxes yearly, or ELSE! There is a $100,000 fine that may be leveled against you, if you don't. Look it up - don't find out the hard way!
Answer summary
Americans with foreign bank accounts must file FBAR (Form 114) annually to report account details, and failure can result in significant penalties, including fines based on account balances. Key points discussed include the requirement threshold of $10,000, the implications of multiple accounts, and specific penalties associated with non-compliance. Some participants shared personal experiences and opinions about tax obligations while living in Thailand.
26 repliesnewest first
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Stanley **********
The report is separate from your tax return. You file your taxes with the Internal Revenue Service (IRS) and you file your FBAR online with the Department of Treasury. It is rather easy to fill out.
Kurt **********
TurboTax must walk you thru that
Lai *************
Is this apply the same for Laos ??
Ivan ************
@Lai ************
it applies to everywhere outside the US. It's not specific to Thailand.Stanley **********
I am an CPA and have filed mine every year I have lived in Thailand. But most people I meet in Thailand don't bother.
James *********
OP@Stanley *********
I figured so.Shayne **********
Penalty is not $100k, penalty is 50% of the high balance.
I suggest talking to
But, you can read more about it here
I suggest talking to
@American *****************************
for real advice.But, you can read more about it here
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James *********
OP@Shayne *********
Willful failure to file means that a person knew, or reasonably should have known, that they were required to file an FBAR, and chose not to. The standard penalty for willful failure to file is $100,000 or 50% of the balance of the account at the time of the violation, whichever is higher, for each year that a required FBAR wasn’t filed. In some cases, willful failure to file could even result in a prison sentence. (The same penalties apply for knowingly filing a false or fraudulent FBAR.)
Robert **********
It looked like they ave everybody a few months extension on the FBAR this year. It’s easily done online. If you have higher balances in yiur overseas accounts, there is another form you have to fill out. Also, while Americans are exempt from US income tax if not in USA for over 35 days a year, and you may be protected by tax treaties if you pay income tax abroad, you will be stuck with FICA (Social Security) tax of 15%.
Michael *********
Allowed 118,000 for 2022 tax free.
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Jp *******
Financial accounts which include bank accounts, stocks and bonds
Rob *******
Only if you high 5 people at the mall and ask them how their day was....
Cliff ************
Only if your balance is over 10K at any time during the year.
Jake *******
@Cliff ***********
So then couldn't one avoid this by keeping everything above $9.9K in a safe at home? 🤔
Richard *******
Yes, minor detail.
Michael ********
@Cliff ***********
Thanks for the informative dollop of sanity in a sea of drivel.
Alan *******
@Cliff ***********
Just to add to this… it’s the balance of all foreign bank accounts you have combined.So if you have two accounts and one has $5k and the other has $6k at the same time, then you’re over the $10k limit.
Cliff ************
@Alan ******
agree.
Dallas ******
One common denominator.... Governments around the world are by and large, useless. All they really know is that you are a citizen, so pay taxes!!!
Brandon *****************
This is why I haven't paid taxes in over 12 years. I love Thailand!
Dror *********
Your country sir, have more stupid laws
than thailand
than thailand
Bryce ********
@Dror ********
word up. Fuck America.Michael ********
Meh!
George *******
When you do your taxes it ask you if you have a foreign bank account
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