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Brief overview and filing requirements
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This website may use other web technologies to enhance your browsing experience. Learn more in our Privacy Notice. When you leave the U. Ready to file your documents? A common question U. The answer is: You could have to file one, none, or both.
While they both exist to report financial assets to the government, they differ in a of ways. American expats of all income levels with foreign s and assets should know about it. S taxpayers and overseas financial institutions:. Form is the same as an FBAR in many ways.
However, it has higher reporting thresholds and requires you to disclose certain "non-" assets such as:. As Form is filed with your U. Automatic extensions for expats living abroad or additional extensions to October 15 can provide more time to collect needed information from foreign financial institutions and determine your filing requirements. The filing thresholds differ depending on where you lived during the tax year.
If you live within the U. Expats living abroad have an increased reporting threshold. Many foreign financial institutions must report their U. Example: The foreign banks you use might be required to obtain additional information about you.
They would report this information to the U. In that case, many preferential disclosure options will be unavailable to you. You might face additional tax, penalties, and interest. You can always see up-to-date FBAR reporting deadlines on our expat tax deadlines .
The reporting requirement covers many types of foreign s maintained outside of the United States, including:. Recent international enforcement efforts have raised awareness of the requirement.
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Don't worry. Your FBAR is only an informational document. No additional tax will be added.
However, penalties can be levied if you don't file or file late. Ready to file? Accept Decline.
Treasury Department Filing deadline By the normal U. Criminal penalties may also apply. S taxpayers and overseas financial institutions: U. Who files?
Not sure if you should file FBAR vs. Ready to file your U. Start for free.