# streamlined filing - FBAR & 2555



## Emmylou22

Do I need to complete an FBAR for all 6 years as part of the streamlined process? There is only one year with an account over 10,000.

I was hoping simply to file for that year but not sure if it looks like a red flag - just filing one year.


I'm completing form 2555 "foriegn earned income exclusion" for years 2010 - 2013. Should I go online to find the relevant 2555 for each year? Or just use 2013 forms and change the year to 2012 etc.?

The maximum forign earned income exclusion varies slightly across the forms but is way above my income in all years.


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## BBCWatcher

Emmylou22 said:


> Do I need to complete an FBAR for all 6 years as part of the streamlined process? There is only one year with an account over 10,000.


If participating in the IRS's streamlined program you would file for all 6 years plus the current year, i.e. 2007 to 2012 plus 2013, except for any years when you were not required to file (did not meet the threshold). Attach a letter if this could be confusing to anybody to explain what you're doing. These particular FBAR filings would be via the current edition FinCEN electronic form (Form 114), not any older form.

Or, alternatively, you can file even if you do not meet the threshold. There's no penalty for exceeding your reporting requirements.



> I'm completing form 2555 "foriegn earned income exclusion" for years 2010 - 2013. Should I go online to find the relevant 2555 for each year? Or just use 2013 forms and change the year to 2012 etc.?


For the IRS, go online and use the correct matching year's form. If you're filing for tax year 2010, for example, use the 2010 edition of Form 2555 (and all other IRS forms). Follow the instructions for that particular tax year, not later instructions.

You can find those older form versions in the "Prior Year Forms & Pubs" section on the IRS's forms and publications Web page.


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## ForeignBody

BBCWatcher said:


> If participating in the IRS's streamlined program you would file for all 6 years plus the current year, i.e. 2007 to 2012 plus 2013, except for any years when you were not required to file (did not meet the threshold). Attach a letter if this could be confusing to anybody to explain what you're doing. These particular FBAR filings would be via the current edition FinCEN electronic form (Form 114), not any older form.


I don't think there is any way of attaching a letter when filing electronically. The advice on the IRS section of the London US Embassy web-site is: _If you are participating in the streamlining program for tax compliance, please e-file your required FBARs and include the printed confirmation page with your streamlining package._


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## BBCWatcher

Correct.

The IRS gets paper, and I was referring to a letter in that package (if you wish).


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## Dublinyank

In the Streamline package, do you include the current year (2013) returns along with the 3 previous years? Does that also mean that for the current year return (2013) you should NOT submit for refund even if entitled to it?


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## BBCWatcher

The instructions do not prohibit filing for refunds, do they?


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## Emmylou22

Dublinyank said:


> In the Streamline package, do you include the current year (2013) returns along with the 3 previous years? Does that also mean that for the current year return (2013) you should NOT submit for refund even if entitled to it?


I thought you had to submit 2013 as normal and send in 2010, 2011, 2012 as a package for the streamlined process. Also I was worried that the 2013 one would trigger concerns if I send that in before the streamlined package gets there. Any thoughts anyone?


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## Bevdeforges

Probably best to try to file your 2013 on time, and then go back and do the streamline package. The chances of them doing much of anything on receipt of a timely filed return are pretty slim. 
Cheers,
Bev


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## jbr439

BBCWatcher said:


> The instructions do not prohibit filing for refunds, do they?


Filing for a refund is a factor in determining if you are low risk. It is totally unclear how much of a factor it is.


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