8938 reporting requirement

[rafa02]

For an individual living outside the US, the threshold for reporting 8938 is $300k assets at anytime during the year. If you had $100k and transferred to another account and then later to a another account, does this equal $300k of assets; it is the same $100k.

[nelsona]

The thresholds are based on the TOTAL VALUE of your foreign holdings, not the TOTAL of the maximum values in your accounts.

So, in your case the total value of your foreign assets would never have exceeded $100,000, so you ould not need to file the form.

[rafa02]

Thanks nelsona, that is how I understand the instructions, as well. I appreciate your confirmation. Sometimes I get bogged down trying to wade through all of this reporting stuff, especially with the onerous penalties for overlooking something.

[acd257]

I have Nokia (Finalnd Euro) shares through employee purchase plan and is managed by Computershare in UK. I meet the threshold for FBAR & 8938 because of foreign accounts (RRSP)

For form 8938 part VI address of foreign entity Is it Nokia Finland address or Computershare address of UK who are managing the account. In FBAR form asks for address of financial institution where account is held.

When I fill FBAR form in Taxact, UK is listed as name of foreign countries in Schedule B part III 7b. My question is since 8938 is filed along with 1040 should the schedule B match 8938 or FBAR form.Will the discrepancy matter

Another question I read some where that from this year FBAR (FinCEN) forms are due on April 15 not June 30 as in previous years. Is that true?