# Fbar please help



## katiemkd773 (May 27, 2021)

Hi i need some help and advice 
I’m a green card holder i filled my taxes first in 2019 and now for 2020. I wasn’t aware that i need to report my foreign accounts. 
me and my husband filled jointly in the states but we have separate accounts back home both near 10000$
We didnt file on our 1040. So my question is it okay to file fbar now? 
help please


----------



## Bevdeforges (Nov 16, 2007)

The FBAR thing is separate and distinct from filing your 1040. It has to be done online and it's actually pretty simple. (Also, there is no penalty for late filing.)

If your husband is also a green card holder, he will have to file a separate FBAR. But each of you should report only the accounts back home in your own name if they are separate accounts.


----------



## katiemkd773 (May 27, 2021)

Yes i saw the deadline is extended until
15th october. So we’ll file the fbar 
Is it okay that we file 1040 with no foreign account ?


----------



## Bevdeforges (Nov 16, 2007)

Not sure what you mean by filing 1040 "with no foreign account." The only place you have to do anything about foreign accounts on the 1040 is on Schedule B where you're supposed to check the box saying you have foreign accounts. Lots of folks forget this form and so far, no serious issues have come up from that.

But if you have already filed your 1040, it's not a problem to now go back and file your FBAR.


----------



## katiemkd773 (May 27, 2021)

Thank you so much for your response!


----------



## Nononymous (Jul 12, 2011)

katiemkd773 said:


> me and my husband filled jointly in the states but we have separate accounts back home both near 10000$


Double-check this because I'm not fully up on the rules for US residents, but you are not required to file FBARs until the aggregate value of all accounts in your name exceeds $10,000. So if two individuals each have accounts below that limit, neither are required to file an FBAR. I don't think that filing a joint income tax return would change this.


----------



## Nononymous (Jul 12, 2011)

Nononymous said:


> Double-check this because I'm not fully up on the rules for US residents, but you are not required to file FBARs until the aggregate value of all accounts in your name exceeds $10,000. So if two individuals each have accounts below that limit, neither are required to file an FBAR. I don't think that filing a joint income tax return would change this.


FBAR only cares about the total value of all _foreign_ (i.e. non-US accounts), I should have said. If those don't exceed $10,000 at any point in the year, no obligation to file.


----------



## Lancashire_Lass (Jul 27, 2021)

Hi. Not wanting to cloud the issue but as a UK GC holder here in the US, there is also a form that should be completed when filing your 1040 - Form 8938 Statement of Foreign Financial Assets. I do need to compete the FBAR though and not sure if that is what makes the 8938 a requirement. 
wanted to add that so you have as much info as possible.


----------



## Moulard (Feb 3, 2017)

The FBAR is a FinCen reporting requirment, Form 8938 is an IRS reporting requirement, while both contain ostensibly the same information, what needs to be reported and the thresholds at which reporting is required differ. 

Side by side comparison on the two...





__





Comparison of Form 8938 and FBAR Requirements | Internal Revenue Service


Review a chart comparing the foreign asset types and filing requirements for Form 8938 and the Foreign Bank and Financial Accounts (FBAR) form.




www.irs.gov


----------



## Lancashire_Lass (Jul 27, 2021)

Moulard said:


> The FBAR is a FinCen reporting requirment, Form 8938 is an IRS reporting requirement, while both contain ostensibly the same information, what needs to be reported and the thresholds at which reporting is required differ.
> 
> Side by side comparison on the two...
> 
> ...


Thanks for the info and what the limits etc are. Much more helpful for the poster than mine, but I wanted to add it as I got caught out and had to resubmit several returns to include the 8938. My pension pot kicked it over the limit.


----------

