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Old 06.09.2012, 17:58
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U.S. Expat tax payers - new "shadow FBAR" form 8938

With the U.S. tax deadline looming (October 15th) I paid a visit to my tax advisor today.

I was advised as per 2011 there's a new form (8938) which needs to be filled out under certain conditions. The form is a.k.a. the "shadow FBAR".

The form (unlike the FBAR) needs to be filed with your regular taxes.

Details can be found on the IRS website:

http://www.irs.gov/uac/Form-8938,-St...nancial-Assets

IRS FAQ:

http://www.irs.gov/Businesses/Corpor...s-on-Form-8938

Form 8938 vs. FBAR:

http://www.irs.gov/Businesses/Compar...R-Requirements

Threshold (as per IRS instructions):

Taxpayers living abroad. If your tax home is in a foreign country and you meet one of the presence abroad tests described next, you satisfy the reporting threshold if you are not filing a joint return and the total value of your specified foreign financial assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the tax year. If you are married and file a joint income tax return, you satisfy the reporting threshold only if the total value of all specified foreign financial assets you or your spouse owns is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the tax year.

(this includes your 2nd and 3rd pillar)
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Old 06.09.2012, 18:06
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Re: U.S. Expat tax payers - new "shadow FBAR" form 8938

hmmm. guess I am not aware of this Oct 15 deadline. I thought the FBAR and associated files needed to be in by 30 June? Or did you request a 3 month extension?
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Old 06.09.2012, 18:09
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Re: U.S. Expat tax payers - new "shadow FBAR" form 8938

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hmmm. guess I am not aware of this Oct 15 deadline. I thought the FBAR and associated files needed to be in by 30 June? Or did you request a 3 month extension?
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The form (unlike the FBAR) needs to be filed with your regular taxes.
For those who have either requested and extension, or made an advance payment, October 15th 2012 is the final deadline for 2011 tax returns.
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Old 06.09.2012, 20:22
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Re: U.S. Expat tax payers - new "shadow FBAR" form 8938

Thanks...it is only for money accounts, IIRC? Not taking into account amounts invested in real estate. We just missed the cutoff so didn't need to file
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Old 07.09.2012, 08:55
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Re: U.S. Expat tax payers - new "shadow FBAR" form 8938

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hmmm. guess I am not aware of this Oct 15 deadline. I thought the FBAR and associated files needed to be in by 30 June? Or did you request a 3 month extension?
You can't get an extension for FBAR filing, only tax return filing, even if you live overseas.
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Old 07.09.2012, 09:11
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Re: U.S. Expat tax payers - new "shadow FBAR" form 8938

8938 is the FATCA form, not a new "shadow FBAR".
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Old 07.09.2012, 09:34
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Re: U.S. Expat tax payers - new "shadow FBAR" form 8938

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8938 is the FATCA form, not a new "shadow FBAR".
I said it is a.k.a. (also known as) the "shadow FBAR".
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