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US Tax Question, FBar, life insurance, MPF

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  1. #11

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    6,331

    Pay money.

    I try to save some statements as they let you access the most recent year online. Beyond that you need to pay.

    Pain in the ...


  2. #12

    Join Date
    Mar 2017
    Posts
    3
    Quote Originally Posted by MandM!
    Pay money.

    I try to save some statements as they let you access the most recent year online. Beyond that you need to pay.

    Pain in the ...
    me too, i have maybe about 1 statement per year, last year statement is available online, older ones will cost oh I don't know $10 USD per statement per account!!!

    for year end balance, only 1 per year * 6 year * each account... not great to have to pay for it but still manageable.

    however i also need buy / sell record on mutual funds / stocks, each interest payment on all saving accounts, dividend from funds / stocks - these I don't even know which month I have to ask for, short of asking for every single months... the bill adds up quickly if i pay for the statement for every month for each accounts ... is there no other way???

  3. #13

    Join Date
    Jul 2012
    Posts
    1,348

    what the heck is FATCA? the amount doesn't include your US bank account right?

    i have been filing FBAR every year, but didn't know MPF is also required. i will do that this year, but what about previous years that i did not know about?

    tax due date is 6/15 for expats right? i have not filed any state tax except the first couple of years here. there is no problem with that right?


  4. #14

    Join Date
    Jul 2012
    Posts
    1,348
    If you are a taxpayer living abroad you must file if:

    • You are filing a return other than a joint return and the total value of your specified foreign 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; or
    • You are filing a joint return and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.



    Found this from FATCA government site. Most of us won't have anywhere near this amount. I don't have to file. Married but filing separate since spouse not US citizen.

  5. #15

    Join Date
    Dec 2009
    Posts
    99

    Arrow FBAR versus Form 8938 - Don't Make a Mistake

    Quote Originally Posted by Grumbler
    If you are a taxpayer living abroad you must file if:

    • You are filing a return other than a joint return and the total value of your specified foreign 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; or
    • You are filing a joint return and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.



    Found this from FATCA government site. Most of us won't have anywhere near this amount. I don't have to file. Married but filing separate since spouse not US citizen.
    I think this should be clarified.

    You need to file the FBAR if:

    A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. The full line item instructions are located at FBAR Line Item Instructions.
    https://www.fincen.gov/report-foreig...ncial-accounts

    What you are referring to is the IRS Form 8938, Statement of Specified Foreign Financial Assets.

    Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS, generally using Form 8938, Statement of Specified Foreign Financial Assets. The Form 8938 must be attached to the taxpayer’s annual tax return. Uncertain whether you have to file? Generally, aggregate value of these assets must exceed $50,000, but in some cases, the threshold may be higher.
    Taxpayers living abroad. You are a taxpayer living abroad if:

    You are a U.S. citizen whose tax home is in a foreign country and you are either a bona fide resident of a foreign country or countries for an uninterrupted period that includes the entire tax year, or
    You are a US citizen or resident, who during a period of 12 consecutive months ending in the tax year is physically present in a foreign country or countries at least 330 days.

    If you are a taxpayer living abroad you must file if:

    You are filing a return other than a joint return and the total value of your specified foreign 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; or
    You are filing a joint return and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.
    https://www.irs.gov/businesses/corpo...nancial-assets

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