February 23, 2019, 09:26:42 PM

Author Topic: Fbar tax question  (Read 399 times)

Offline LogoNano

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Fbar tax question
« on: February 10, 2018, 08:41:47 PM »
This is a question about the FBAR. I was wondering if there is any penalties for not doing it correctly? For example, not putting the required information in. Personally, it's confusing on what field is required to be filled in. I've been reading that the IRS is very unforgiving if you made a little mistake. Since I didn't know my maximum amount (the correct number), I just clicked the check box that says that I'm not sure, can that lead to a red flag?

Offline twinsaurus

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Re: Fbar tax question
« Reply #1 on: February 13, 2018, 09:32:56 AM »
The FBAR forms and information are worded pretty strongly, which is why I paid a CPA $100 to do my taxes and forms for me. As far as I know, if you don't make ~$100k and the number in your bank account isn't much more than the limit of ten thousand, you'r eunlikely to be in hot water, especially if you made an effort to report it.

Also a quick note, all the major banks already report your balance to the US gov't. That's why they ask for your SSN or Tax ID number, which is the same thing) when you open an account. If your account is with one of the major banks of Korea then I wouldn't worry too much about it.