# Streamlined/FBAR



## johnmillsbro

Hello all,

I was curious if we use the streamlined procedure, do we have to file FBARs even if we wouldn't normally be required to (i.e. no account over 10K ever). Or is the streamlined procedure only for those filing with FBARs?

Thanks
John


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## johnmillsbro

And related: On line 17 of the questionnaire for the streamlined procedure. If we are residents of Canada and use the FEIE 2555 does this mean we would select "Yes" for question 17?

Thanks
John


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## BBCWatcher

The answer to the first question is that you file FBARs if you are required to file. For any year(s) in which you do not meet the qualification threshold for filing, you aren't required to file. The IRS's streamlined process is available whether or not you have FBAR filing requirements, assuming you qualify.

No, you are not claiming anything particular to the U.S.-Canada Tax Treaty -- the FEIE isn't unique to Canada -- so you would answer question 17 "no."


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## ljksmith

Hi,

I will be doing this as well, but it looks as though for one year I may have to file a FBAR retrospectively because I had a bank loan deposited into my account which brought me just over the 10000 for a few days before I could use the money for what it was intended. I emailed the FBAR people about this so we will see. Seems pretty silly to me, but it isn't the only thing.

My question is about the Streamline Questionnaire where it says that you might be considered 'high risk' if you have an interest in or signatory authority over accounts in a country other than your country of residence.

Well, of course I have a UK one, I live here, but I also have one back in the states from my teens that I use to deposit money in monthly to pay my US student Loans (I can't pay online from a foreign bank account).

Does this mean that I have an account in another country or is having one in the US a given. I am a citizen after all, and can't understand how that would make me high risk.

I am sure I had a question in here haha Any thoughts on my issues?

-L


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## Bevdeforges

Having an account in the US is fine. And nothing you have to report (at least not on your FBAR) for any US bank accounts. The IRS gets information from all the banks in the US, and they check what the bank has sent them against what you file on your US tax returns. Just make sure you include any interest you get on your US bank balance in your income tax filing.

The whole "big deal" with all this reporting of foreign (i.e. non-US) accounts is because they don't actually have the right to get information on non-US bank accounts. At least not through normal channels. 
Cheers,
Bev


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