Usa citizen WITH bank account over $10,000 MUST BE reportED TO IRS AND WHAT IRS MUST BE FILE?

Asked over 1 year ago - Newark, NJ

I heard a new law about USA citizen who hold a bank ACCOUNT with over 10k . is it true those income must be reported to the IRS AND WHAT FORM MUST FILE TO BE MAIL TO IRS TO REPORT THE MONEY ASSEST IN BANK ACCOUNT WHEN EXCEED $10.000

Attorney answers (2)

  1. Martin L Bearg

    Contributor Level 14

    2

    Lawyers agree

    Answered . Besides checking the box on page 2 of Form 1040 indicating that you have a foreign bank account, you need to file two forms: (a) an Foreign Bank Account Report (FBAR) and a new form with your form Form 1040. See a tax return preparer, or check your Turbo Tax/H&R Block or other tax return preparation program. As noted by my colleague, you can probably find it on the IRS website under forms (http://www.irs.gov)

    The foregoing is not intended to be legal advice upon which you may rely as I have not been retained for this purpose.
  2. Evan A Nielsen

    Contributor Level 18

    1

    Lawyer agrees

    Answered . Yes. Here's an IRS link with the details.

    Good luck.

    http://www.irs.gov/Businesses/Small-Businesses-...

    Evan A. Nielsen is licensed to practice law in California and handles federal tax matters throughout the U.S. The... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

23,302 answers this week

2,978 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

23,302 answers this week

2,978 attorneys answering