Jump to content
OCman

Wife not cooperating in filing FBAR

31 posts in this topic

Recommended Posts

Filed: IR-1/CR-1 Visa Country: China
Timeline

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

 

Share this post


Link to post
Share on other sites
Filed: Citizen (apr) Country: England
Timeline
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. 

Share this post


Link to post
Share on other sites
Filed: IR-1/CR-1 Visa Country: China
Timeline
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.  

 

 

 

Share this post


Link to post
Share on other sites
Posted (edited)
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 by JoJoJoJo

Share this post


Link to post
Share on other sites
Filed: Citizen (apr) Country: England
Timeline
Posted (edited)
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 by Wuozopo

Share this post


Link to post
Share on other sites
Filed: IR-1/CR-1 Visa Country: China
Timeline
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.  

 

 

 

Share this post


Link to post
Share on other sites
Filed: IR-1/CR-1 Visa Country: China
Timeline
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.  

 

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites
Filed: IR-1/CR-1 Visa Country: China
Timeline
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.   

 

Share this post


Link to post
Share on other sites
Filed: IR-1/CR-1 Visa Country: China
Timeline
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.  

 

Share this post


Link to post
Share on other sites
Filed: Citizen (apr) Country: England
Timeline
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. 

Share this post


Link to post
Share on other sites
Filed: IR-1/CR-1 Visa Country: China
Timeline
Posted (edited)
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 by OCman

Share this post


Link to post
Share on other sites
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 ;)

 


March 2, 2018  Married In Hong Kong

April 30, 2018  Mary moves from the Philippines to Mexico, Husband has MX Permanent Residency

June 13, 2018 Mary receives Mexican Residency Card

June 15, 2018  I-130 DCF Appointment in Juarez  -  June 18, 2018  Approval E-Mail

August 2, 2018 Case Complete At Consulate

September 25, 2018 Interview in CDJ and Approved!

October 7, 2018 In the USA

October 27, 2018 Green Card received 

October 29, 2018 Applied for Social Security Card - November 5, 2018 Social Security Card received

November 6th, 2018 State ID Card Received, Applied for Global Entry - Feb 8,2019 Approved.

Share this post


Link to post
Share on other sites
 
Didn't find the answer you were looking for? Ask our VJ Immigration Lawyers.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
- Back to Top -


Important Disclaimer: Please read carefully the Visajourney.com Terms of Service. If you do not agree to the Terms of Service you should not access or view any page (including this page) on VisaJourney.com. Answers and comments provided on Visajourney.com Forums are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Visajourney.com does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. VisaJourney.com does not condone immigration fraud in any way, shape or manner. VisaJourney.com recommends that if any member or user knows directly of someone involved in fraudulent or illegal activity, that they report such activity directly to the Department of Homeland Security, Immigration and Customs Enforcement. You can contact ICE via email at Immigration.Reply@dhs.gov or you can telephone ICE at 1-866-347-2423. All reported threads/posts containing reference to immigration fraud or illegal activities will be removed from this board. If you feel that you have found inappropriate content, please let us know by contacting us here with a url link to that content. Thank you.
×
×
  • Create New...