# Fbar



## jim2019 (Mar 12, 2019)

Hello everyone, 
I am a new member from UK living in US for many years. 
I now have learned that I should have filed FBAR. I had no idea and I am freaking out, I have done a lot of research and getting more and more confuse and anxious. 
I would really really appreciate your advise and sharing of any experience. 

Here is my situation:
- I have several bank accounts are in UK with aggregate amount of $15000.
Interest is very small under $200.
- I have 600 shares in a Canadian company with a total value of $14000 taken care by a brokerage firm in UK. The shares pay $ 120 dividend per year and 25% Canadian non-resident tax already has applies to it. 

My question is:
1) should I just file FBAR for 2018 or should I file one for each year I did not file and how many years I should go back?
2) should I report the shares in FBAR.
3) Do I need to amend 1040s of past few years? or should I just file accurate 1040 with schedule B for this year. 

Thank you for your help, 
Jim


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## Bevdeforges (Nov 16, 2007)

jim2019 said:


> My question is:
> 1) should I just file FBAR for 2018 or should I file one for each year I did not file and how many years I should go back?


Given the rather paltry amount concerned, I'd just file for 2018. Chances are, they won't really bother you about the back filings. But if they do, you just offer to back file however they ask you to do. At this point they don't seem to cross check the FBARs against anything unless you're talking 7 figures or more.


> 2) should I report the shares in FBAR.


You only report financial accounts in FBAR. Not shares. You should probably report the brokerage account itself (and the total high value for the year) but not the individual shares contained in it.


> 3) Do I need to amend 1040s of past few years? or should I just file accurate 1040 with schedule B for this year.


I wouldn't bother amending - the interest amounts involved are pretty trivial and actually won't result in all that much tax anyhow. (The IRS generally only audits where it's fairly evident the "return" to the IRS coffers will be "significant.")

Actually, you don't need the Schedule B other than to check the little box at the bottom of the form saying you have "foreign accounts." The Schedule B listing interest and dividend payers and amounts is only when income from either source is > $1500 I think it is.


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