# Back to documenting fees, do you need help or can you do it yourself?



## bholenath (Mar 24, 2021)

Hello, thank you in advance for your help. I've looked at past posts, but I haven't found the answers to all my questions. I have lived outside the United States for a very long time since its inception and I just realized that I have to record fees. I've never made nearly $ 100,000, and I don't think my total financial balance has exceeded $ 10,000 except this year (maybe 2021). With a chance to have an effect, I found myself in a distant audience.

I have a check card account in the United States and pay off my loans and debts to Mastercard every year. Eventually, I took care of all my credit cards and I have to start making some contributions, so I have to make sure it's all together. I receive cash from the neighborhood to the nearest dairy (Singapore) and in any case, I have cash only to pay the specified obligation.

Looking at past posts, I understand that I had to ask for 3 years. I've seen FBAR last a very long time, but if I didn't have more than $ 10,000 at any one time, do I have to document it? I'm also wondering if I'm going to use a homemade administration like TurboTax or would it be a good idea to crush a piece and pay someone for help? There seem to be online administrations ranging from $ 300 to $ 1k +. Do I also have to apply for a state burden (WA)? I guess that despite the fact that it can help me if I owe fees that I would not have because of my salary, I will have to write down the intricacies of my repayment loans? Once again binds!


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## Bevdeforges (Nov 16, 2007)

It's unclear from your post what you status is vis a vis US taxes. Are you looking to immigrate to the US? Or do you have US nationality somehow? 

There is also the matter that US income taxes are a separate matter from FBAR. If you could clarify your situation a bit, we might be able to help.


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## Nononymous (Jul 12, 2011)

bholenath said:


> I have lived outside the United States for a very long time since its inception


Since 1776? You are impressively old.


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## 255 (Sep 8, 2018)

bholenath -- As Bevdeforges and Nonoymous have indicated your post is not clear, but I'll make a few assumptions to try to answer what I think you are asking. First, I will assume that you are a U.S. citizen, that has been (and is currently) living overseas and haven't filed any U.S. tax return since you left the U.S. Secondly, I'll assume you have a reason to come into compliance (planning a move to the U.S., want to send children to the U.S. for school, want to take advantage of the recent stimulus payments, etc.) There are two main perpetual filing requirements for U.S. citizens abroad -- federal income taxes and the FBAR.

Again, more assumptions: assuming you are a salaried worker and do not own any collective investments (PFICs) -- your road to compliance is fairly simple. You'll need to file 3 years of back taxes and remain current going forward (you'll have significant stimulus incentives filing for 2020 & 2021.) Streamlined Filing Compliance Procedures | Internal Revenue Service (irs.gov) I use the free fillable forms (IRS form 1040 and Schedules,) on the IRS web-site. If you haven't filed for awhile, you might want to purchase a "Tax Guide" from one of the commercial vendors like J.K. Lasser's or H&R Block (buy on Amazon.) This guides have examples and are an easier read than the "official" IRS versions. Of course there are numerous commercial tax preparers that will prepare your returns, for a fee, if you are uncomfortable doing your own. You'll find using the FE.I.E. or the foreign tax credit -- you'll probably not owe any taxes and will get a refund for 2020 & 2021, if you haven't received your Stimulus payments yet. So basically, it's just a paperwork drill.

Secondly, as you've gleaned, FBAR filings are only necessary if the aggregate amount of your foreign controlled accounts are over $10k, at any time during the year -- if not, there is no filing requirement. The "Streamlined" method, generally require 6 years of back filings, if you are over the threshold. If 2020 is your first year to break the $10K threshold, then you are not even late! The FBAR is an information return and no taxes ensue.

Lastly, you do not have a State filing requirement. Even if you did, Washington (WA,) has no state income tax. There is also no reporting of any of your credit accounts -- loans or credit cards. Cheers, 255


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## Moulard (Feb 3, 2017)

Nononymous said:


> Since 1776? You are impressively old.


Nah... its inception was on 1 March 1781 when the Articles of Confederation and Perpetual Union were ratified. Before that it was just a bunch of independent and separate sovereign states..


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