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

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

Posted

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

Good luck.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-(FBAR)

Evan A. Nielsen is licensed to practice law in California and handles federal tax matters throughout the U.S. The information provided here is for educational purposes only and is not intended as legal advice for a particular matter. This response does not create any attorney-client relationship with the author. For specific advice about your particular situation, please consult an attorney.

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Posted

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.

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