Hi, I’ve been living here for about six or seven years. I usually never had my Japanese bank account go over 10,000USD, but I think last year, it did manage to go over for a short period before I withdrew. Like, maybe by as little as 2000USD.
Maybe i’m overthinking, but I always have severe tax anxiety.
I have some questions about FBAR…
1- I have had banks in the past that I never use anymore. I withdrew almost all the money i. Them before I moved, and left maybe 500¥ in them just for no special reason. No money ever goes in them and i havent touched them in years. I have been using Shizuoka bank for the last 6 years. Would I have to report those 2 banks I never use anymore? Even if they have little money? Because I dont hVe much info on them at all.
2- You only report money in a bank, right? I keep money at home as well.
3- We dont need to report the national pension program, do we? I dont even know how much is sitting in there, but it is so little, most likely.
I’m pretty stressed and dont really know what to do.
4 comments
1) technically I believe so but would just go close thoae accounts and stop worrying.
2) don’t worry about the money in your nightstand
3) no
1. You report the bank accounts if the total of all your accounts is over $10,000, so you have to report even if it was over the limit for a short period of time.
Who Must File the FBAR?
A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. The full line item instructions are located at [FBAR Line Item Instructions](https://www.fincen.gov/sites/default/files/shared/FBAR%20Line%20Item%20Filing%20Instructions.pdf).
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2. If it isn’t in a financial institution, you don’t need to report it.
3. No
4. Breath
5. Calm down
FBAR is just a reporting thing, so you can’t later hide income from the accounts, etc. Not a big deal to do properly. You should list the unused accounts. There are a bunch of account types that you’re not required to list, but I can’t forsee any problem to list more than is absolutely required. I just put absolutely everything, and sleep soundly at night. It takes 5 minutes every year.
1. Yes. You also need to ensure you have FBARS for the past 6 years (6 years is the statutory limit for FBAR)
2. Only bank accounts
3. No need to report national pension unless you are drawing upon it