Don't have to file - forget about Sch B Pt III as well?

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Dalthien
Posts: 53
Joined: Wed Apr 07, 2010 12:29 pm

Don't have to file - forget about Sch B Pt III as well?

Post by Dalthien »

This seems straight-forward enough, but it's probably worth getting a more experienced opinion just in case, before passing on advice to a family member.

According to Charts A,B,C for 1040, she (US citizen living in Canada) is not required to file a tax return for 2014 (doesn't meet income/tax thresholds to file). But she does have foreign bank accounts.

So not having to file a return automatically voids the Schedule B Part III requirement, correct? She would prefer to not file a return at all if she doesn't have to, because then she can also avoid Form 8938, which she would prefer not to have to deal with. (She knows she still has to file the FBAR in any case.)
nelsona
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Post by nelsona »

I would agree that 8938 would not be filed if a 1040 is not needed.

And as to Schedule B Part III, It does not need to be filed in not filing a return. HOWEVER, the instructions pertaining to to FinCEN AND 3520/3520-A still need to be adhered to.

So a TFSA and RESP, for example, would still need 3520 handling. 3520's are never part of a 1040 submission.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
Dalthien
Posts: 53
Joined: Wed Apr 07, 2010 12:29 pm

Post by Dalthien »

Thanks for the quick reply nelsona!

Yeah, I wasn't sure about the 3520, but anything that would require a 3520 is in her husband's name (not a US citizen), so that's not an issue for her. But yeah, she still has to file the FinCEN form.

Thanks again.
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