# Fbar?



## MR2 (Oct 3, 2013)

Another FBAR question for you guys. I see many of these posted when I search and I know it is asked often. The penalties are so severe for not filing it so I wanted to ask.

I have been in the Philippines for about 5 weeks. I have accounts at 2 banks and I am over the $10,000 limit. I had no foreign income deposited in banks abroad in 2014, or any years prior. I have already filed my taxes for 2014. I only had accounts at banks in the philippines in 2015.

If I understand it correctly then I put the highest amount in each account for the year on the form?

Since I don't know what that number is yet because the 2015 tax year is not over then I don't file the FBAR at all until next year. I do not have to worry with the FBAR this year at all?

Thanks


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## DavidMcKeegan (Aug 27, 2012)

Hello 

Yes if you just opened the accounts in 2015, then you would file your FBAR's for the 2015 tax year which is due June 30th *2016*. By that time you will know what the highest balance for the year was, and you can report that number directly. The FBAR's that are due this June are for the 2014 balances.

I hope this helps!


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