Yet another FBAR question

nstudent · Post by **nstudent** » Wed May 18, 2011 11:19 pm

I am a Canadian citizen and have been working in the US since 2002 on TN. I have several saving accounts and a mutual fund in Canada which total more than $10000. I have never heard about FBAR until recently. Moreover, I found out that two Canadian banks did not send me tax account statements, which means that I owe IRS about $100 each year.

I have gone through the previous posts here related to FBAR (especially those by nelsona which are very helpful) and I am trying to fix this mess. Two questions:

Is the quiet disclosure still the way to go in my case (owe a small amount to IRS, haven't filed any TDF form since coming here)?

I haven't touched the mutual fund since it was openned. Should I include the mutual fund in the amended 1040?

Many thanks in advance.

nelsona · Post by **nelsona** » Thu May 19, 2011 12:04 am

You ned to ammend your 1040 for any INCOME generated, for the past six years.

You need to do FBAR for the past six years too.

nstudent · Post by **nstudent** » Thu May 19, 2011 4:05 pm

[quote="nelsona"]You ned to ammend your 1040 for any INCOME generated, for the past six years.

You need to do FBAR for the past six years too.[/quote]

nelsona:

Many thanks for your reply.

nstudent · Post by **nstudent** » Thu May 19, 2011 11:22 pm

I have another question

My wife also has a separate saving account which is about $7000. Does she need to do a FBAR too?

nelsona · Post by **nelsona** » Fri May 20, 2011 7:51 am

If she files a 1040, and she has anther acount(s) or a joint account with you that puts her over the $10K mark, yes. Otherwise, no.

nstudent · Post by **nstudent** » Fri May 20, 2011 11:22 pm

nelsona, thanks again.

We filed a joint married return and she is a joint owner of the other accounts. So it looks she needs to file FBAR too. Looks like she has to file for her saving accounts and also our joint accounts too.

Have anyone heard someone got into trouble for the quiet disclosure ?