# FBAR, FATCA total of all maximum values



## aeolion (May 6, 2014)

I'm working on streamlining. Obviously I am nowhere near owing even one cent, but I am forging ahead. Hour after hour, day after day, working on forms and a calculator, my deep animosity for the US government grows. 

But the matter at hand. I kept my money in some pretty high interest accounts in Korea, in some shaky banks, but backed by the government to about USD 50k. I got the year CDs synchronized, so once a year I hit over a dozen banks in my hometown and did year-long CDs. The juggling led to about USD 3k in extra interest for a day of bank work.

Along comes the FBARs and FATCAs. Years of bank openings and closings and their related maximum values make for a godawful filing mess For seven years. They also make it look like i had about twice as much as I actually had.

I at first thought it would be fine to just report what I had, in all the banks, on the day the CDs all matured. It gives the most accurate picture of my finances, and is the least headache.

However, in streamlining, there are flags. It looks like I am wheeling and dealing and playing a shell game to hide my modest pile of money. And even if I maintained the money in a particular bank, I had to close the old account and open a new one with new paperwork. And new account numbers.

"Did you close any account this year?" Yep, all of them. 
"Did you open any account this year?" Yep, all of them. 
"What was the total maximum value?" Twice what I actually had.

Can I do the forms in a way that makes sense, or do I need to do the exact detail of it all? Can I just put in a cover letter what I did?

I have lead my life in such a way as to never be in a position where I had to accept serious crap from anyone. And now I am jumping through hoops for no reason other than some human being has the power to force me to do it.

I am ashamed of myself. 

aeolion


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## Nononymous (Jul 12, 2011)

The advice you will soon get will likely suggest that you ballpark it, make a best guess, and not fuss about the details because it's likely never going to be looked at or followed up.


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## aeolion (May 6, 2014)

Thanks, Nononymous, I am moving right along, keeping it simple.

aeolion


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## DavidMcKeegan (Aug 27, 2012)

Yes I agree. The most important part of FBAR and FATCA filings is the "disclosure" part....as long as you are disclosing the accounts, I don't think they pay much attention to the actual balances reported.

Give the balances your best estimate (I recommend overestimating just to be safe), but do make sure to report all the accounts. Even if it makes it look like you have three times more money than you did, report all accounts and be done with it.

Best of luck!


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