# Before sending in my forms to the IRS



## expatie1 (Sep 25, 2012)

I am planning on taking advantage of the new 'streamlined' program from the IRS and I just wanted some clarification and confirmation on certain issues...

1) I am currently contributing to an employer run defined benefits scheme. From what I've read, I do not have to report this on the fbar since I am neither owner of the trust nor do I have signature authority. Sound right?

2) Although I do not have to report this trust on form 3520 (because of the 402(b) exception), should I tick the line 8 box on 1040 schedule b--"During 2012, did you receive a distribution from, or were you the grantor of, or transferor to, a foreign trust?" Do my weekly paycheck contributions make me a "transferor" to a foreign trust?

3) I am not reporting my mortgage account on the fbar because the definition of financial accounts seem to indicate assets, items with cash value. Am I assuming correctly?

Thanks in advance...


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## Bevdeforges (Nov 16, 2007)

I'd say, stick a stamp on it and mail it off!

1. Defined benefits scheme lets you off the hook altogether for the FBAR and FATCA reporting.

2. No, no, no. Don't touch that box. (No need to.)

3. I certainly wouldn't. That's a simple debt, not a "financial asset."
Cheers,
Bev


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