FBAR

[catheaven 3]

Hello there,

Just trying to get some clarification on when I need to file an FBAR. I am possibly making it a lot more complicated than it has to be! For example, If I've had $20,000 of wages deposited into one account over the course of 2013, but at no time did the account hold more than $2,000 at one given time, do I file? Does the minimum $10,000 have to be at one time or is it the total value that the account held throughout the year?

Thanks!

[Merrytooth 5,748]

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

Who Must File an FBAR

United States persons are required to file an FBAR if:

1. The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
2. The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.

[catheaven 3]

Thanks but I'm still confused as to what that means exactly. I understood aggregate value to be the sum of all my accounts at a given time, not all the money that went into them over the course of the year. If at no point the combined balances on my accounts hit $10,000 for even one day, I was assuming that I did not have to file, despite the fact that I have had over $10,000 go into my accounts over the course of the year.

[Merrytooth 5,748]

If your bank account does not have > $10,000 balance on a single day or more, I think you don't have to file FBAR.

[BBCC 16]

If your bank account does not have > $10,000 balance on a single day or more, I think you don't have to file FBAR.

That's what the web site says.