# FBAR + Schedule B



## lux83 (May 20, 2016)

Feeling quite stupid at the moment.

Recently, I have become quite enlightened on the many, many mistakes I have made while doing my taxes since leaving the US in 2012. The main problem: FBARs. Like many, I had no knowledge that this was required. Perhaps unlike many, I didn't do any due diligence.

As such, I have discovered that thanks to my paltry Australian superannuation account - which has never been more than US $14k - I should have filed an FBAR for every year from 2009-2014, plus 2015 (not late, yet!)

Here's my problem: On my 2014 taxes, a Schedule B was included that said "Yes" I have a financial interest in a foreign account, but "No" I don't have to file FBAR. So could that be construed as "wilful"? Is my best bet to amend my 2014 tax return? Or just file the FBARS and hope for the best? Or am I looking at a 10k penalty?


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## Bevdeforges (Nov 16, 2007)

Honestly, like the Nike ad says, "just do it." They don't do much with those Schedule B forms, and if you make a mistake in filling it out, then you goofed, but they don't sent out the SWAT teams to enforce these kinds of minor errors. (If they are even noticed in the first place.)

Besides, when you late file your FBARs you'll use the selection "didn't know I had to file" (or something like that) for the reason your filing is late. That's entirely consistent with what you indicated on your Schedule B. At the time you didn't realize you needed to file. (But really and truly, the issue will likely never come up.)
Cheers,
Bev


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## lux83 (May 20, 2016)

Okay, thanks. Getting on to it now!

Thanks again!


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## lux83 (May 20, 2016)

Another quick question on filing delinquent FBARs. Right now, I've never filed FBARs, but i'm not doing the streamlined process as I have filed all my tax returns each year. I received my greencard in 2009, so I went back and figured out my aggregate account balances for 2009, 2010, 2011, 2012, 2013, 2014 and 2015. In 2009 and 2010, I didn't hit the 10k mark. I also didn't hit it for 2015 (spent it all!). So presumably I can safely ignore this year's FBAR (for 2015) and just back file for 2011-2014? Is that right? Or do you need to file for all six years plus current, if you want to be compliant?


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## iota2014 (Jul 30, 2015)

lux83 said:


> Another quick question on filing delinquent FBARs. Right now, I've never filed FBARs, but i'm not doing the streamlined process as I have filed all my tax returns each year. I received my greencard in 2009, so I went back and figured out my aggregate account balances for 2009, 2010, 2011, 2012, 2013, 2014 and 2015. In 2009 and 2010, I didn't hit the 10k mark. I also didn't hit it for 2015 (spent it all!). So presumably I can safely ignore this year's FBAR (for 2015) and just back file for 2011-2014? Is that right? Or do you need to file for all six years plus current, if you want to be compliant?


You only need to file for years during which you hit the 10K threshold.


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## lux83 (May 20, 2016)

Thanks!


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## AKIF.M (May 24, 2016)

10K is the aggregated meaning combined balance of all bank accounts.


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## ForeignBody (Oct 20, 2011)

AKIF.M said:


> 10K is the aggregated meaning combined balance of all bank accounts.


Not exactly.

You take the maximum sum in each account in the local currency for the year.
You convert those to USD, using the Treasury Rate of Exchange for December 31 for that year.
If the total of those are $10k or more you have to report.

ie it is the aggregate of the maximum account values.


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