Wife not cooperating in filing FBAR

[OCman 12]

My wife came to the US last year. 

She told me that I need to report her overseas assets so that she won't have problems bringing them here later.  

So when we filed our taxes as MFJ back in February, I checked off the box saying we will file FinCEN Form 114.  

I don't have any overseas assets.  Just her.  

 

Now 4 months later, with coronavirus rampaging, she is not cooperating with me in getting me the info I needed to file FBAR.  

She says she can't go back to China and get her info, as her banks won't give them to her without her being there.  

I kind of doubt that, because she has many friends and relatives there, some even working in banks.  

So now I get the feeling that she doesn't want to disclose her money to me anymore.  

 

But now I am very worried about the taxman coming after me. 

Since I have already indicated to IRS that we will be filing a FinCEN Form 114, what can I do to protect myself?

Should I file an amended tax return as MFS?  

 

Thanks

 

[Sparkle Sparkle 913]

You can file to amen your tax

[Wuozopo 4,285]

13 hours ago, OCman said:

But now I am very worried about the taxman coming after me. 

Since I have already indicated to IRS that we will be filing a FinCEN Form 114, what can I do to protect myself?

FinCin is not an IRS document. It’s a report to the US Treasury. The IRS will not come after you. It’s her foreign account, her report to file, and her fine potential.

 

FORM 8938 (aka FATCA) is part of the tax return when foreign assets exceed $100,000. 

[OCman 12]

1 hour ago, Wuozopo said:

FinCin is not an IRS document. It’s a report to the US Treasury. The IRS will not come after you. It’s her foreign account, her report to file, and her fine potential.

 

FORM 8938 (aka FATCA) is part of the tax return when foreign assets exceed $100,000. 

 

Yes, you're correct. 

But the info needed for FinCin can also be used for Form 8938 which is due at the coming tax deadline, July 15.  

 

I have nothing to do either report, as she says she can't get anything from China.  

 

 

 

[JoJoJoJo 170]

1 hour ago, OCman said:

 

Yes, you're correct. 

But the info needed for FinCin can also be used for Form 8938 which is due at the coming tax deadline, July 15.  

 

I have nothing to do either report, as she says she can't get anything from China.  

 

 

 

Can you file Form 4868 to extend the due date of 1040 with 8938 by 6 months? https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return

FinCen 114 automatically extends the due date to October 15 https://www.fincen.gov/sites/default/files/2020-03/Due_Date_for_FBARs.pdf

 

Edited June 22, 2020 by JoJoJoJo

[Wuozopo 4,285]

1 hour ago, OCman said:

 

Yes, you're correct. 

But the info needed for FinCin can also be used for Form 8938 which is due at the coming tax deadline, July 15.  

 

I have nothing to do either report, as she says she can't get anything from China.  

 

You didn’t indicate you had Form 8938 obligations. You asked about FBAR which is not IRS related.

You said “So when we filed our taxes as MFJ back in February...”

You already filed without 8938 so you must not have $100k in foreign assets, right?

Edited June 22, 2020 by Wuozopo

[OCman 12]

13 minutes ago, JoJoJoJo said:

Can you file Form 4868 to extend the due date of 1040 with 8938 by 6 months? https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return

FinCen 114 automatically extends the due date to October 15 https://www.fincen.gov/sites/default/files/2020-03/Due_Date_for_FBARs.pdf

 

The problem is I already filed the 1040 back in February as MFJ.   

So I don't think they will allow me to extend the due date.  

 

Yes, I can still wait a little bit on FinCen 114.  

But I want to take proactive steps to protect myself in case I get nothing from her by then.  

 

 

 

[OCman 12]

3 minutes ago, Wuozopo said:

You didn’t indicate you had Form 8938 obligations. You asked about FBAR which is not IRS related.

You said “So when we filed our taxes as MFJ back in February...”

You already filed without 8938 so you must not have $100k in foreign assets, right?

I have no idea how much assets she has. 

I would amend my 1040 once I get her bank info.    

She has been very vague on how much assets she has.  

 

[JoJoJoJo 170]

4 hours ago, OCman said:

The problem is I already filed the 1040 back in February as MFJ.   

So I don't think they will allow me to extend the due date.  

 

Yes, I can still wait a little bit on FinCen 114.  

But I want to take proactive steps to protect myself in case I get nothing from her by then.  

 

 

 

If you have filed 1040, then maybe you can file 1040X to add 8938 within 3 years.

[JoJoJoJo 170]

4 hours ago, OCman said:

I have no idea how much assets she has. 

I would amend my 1040 once I get her bank info.    

She has been very vague on how much assets she has.  

 

Also, you may want to check Form 8621 https://www.irs.gov/forms-pubs/about-form-8621 and Form 3520 https://www.irs.gov/forms-pubs/about-form-3520

 

• You may need to file 8621 for "Passive Foreign Investment Company or Qualified Electing Fund", which could include mutual funds or ETFs from foreign countries.
• Also, 3520 is for reporting foreign trusts, which probably include 401(k) type of trusts of foreign countries. It is required when a US person receives a gift of more than $100k in a year from foreign persons.

 

So it would be important to know what you as a couple have and then figure out what you need to file, because delinquent filings could result in large penalties.

 

A separate point: were you able to get the exact information about how much interest, dividend, capital gains, rental income, etc. she made from foreign countries? You needed to report them in your joint 1040 return, because US (and maybe your state) taxes worldwide income.

[OCman 12]

12 hours ago, JoJoJoJo said:

If you have filed 1040, then maybe you can file 1040X to add 8938 within 3 years.

 

But I would always be liable for the late filing and her missing taxable items.  

So I feel filing MFS is safer for me at this point.   

 

[OCman 12]

12 hours ago, JoJoJoJo said:

Also, you may want to check Form 8621 https://www.irs.gov/forms-pubs/about-form-8621 and Form 3520 https://www.irs.gov/forms-pubs/about-form-3520

 

• You may need to file 8621 for "Passive Foreign Investment Company or Qualified Electing Fund", which could include mutual funds or ETFs from foreign countries.
• Also, 3520 is for reporting foreign trusts, which probably include 401(k) type of trusts of foreign countries. It is required when a US person receives a gift of more than $100k in a year from foreign persons.

 

So it would be important to know what you as a couple have and then figure out what you need to file, because delinquent filings could result in large penalties.

 

Yes, I am very worried about the penalties.  But so far she is not giving me any concrete information.  

 

12 hours ago, JoJoJoJo said:

 

A separate point: were you able to get the exact information about how much interest, dividend, capital gains, rental income, etc. she made from foreign countries? You needed to report them in your joint 1040 return, because US (and maybe your state) taxes worldwide income.

 

No, I have nothing from her.  She said it's almost impossible to figure out how much interests she is getting from her banks.  

 

[Wuozopo 4,285]

3 hours ago, OCman said:

 

But I would always be liable for the late filing and her missing taxable items.  

So I feel filing MFS is safer for me at this point.   

 

If you amend your return from MFJ to MFS, it has to be done before this years filing deadline.  Your tax liability will be higher.  Going the other way separate to joint can be done later, just to be clear. It’s changing filing status  after already filing 2019 jointly that must be done before the 2019 deadline of July 15. 

[OCman 12]

1 hour ago, Wuozopo said:

If you amend your return from MFJ to MFS, it has to be done before this years filing deadline.  Your tax liability will be higher.  Going the other way separate to joint can be done later, just to be clear. It’s changing filing status  after already filing 2019 jointly that must be done before the 2019 deadline of July 15. 

If I switch from MFJ to MFS, my wife have to file a MFS return by July 15 right?   

I probably would have to do her return.  

 

What other options do I have?  

It's becoming a big headache for me.  

 

 

Edited June 23, 2020 by OCman

[Just Paul 4,591]

21 minutes ago, OCman said:

If I switch from MFJ to MFS, my wife have to file a MFS return by July 15 right?   

Correct

21 minutes ago, OCman said:

I probably would have to do her return. 

And then she is going to give you what is needed?   Seems like a waste of effort.

22 minutes ago, OCman said:

It's becoming a big headache for me. 

Wives