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Discussion Starter · #1 ·
I never filed a fbar and when I read about it it said you have to go back 6-7 years.

I have only used the 1040A for my taxes(have a military pension)(did not know I had to do my dutch income).
If I have to file 6 years of fbars(thats how far my paperwork goes)would I not have to ammend my taxes for the same amount of years to show that I was earning money on the economy.
Thats the reason why I have the bank accounts that are causing me to file the fbars in the first place.
Or am I looking at this wrong.

Thanks for the help.

Bernie
 

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Virtually nothing is black or white when it comes to the IRS. At a certain point, you have to decide for yourself just how much risk you're willing to bear when it comes to filing returns from overseas, FBARs (which is actually not an IRS form) and the new FATCA forms (which ARE IRS forms that are supposed to be sent in with your tax returns).

The FBAR forms are simple declarative forms: I have these overseas accounts and this was the high balance in each of them. There is NOTHING on the FBAR forms to ask whether your accounts are interest bearing or not, and no way to directly tie them to your 1040 filings. (You do not have to itemize your interest income unless your total interest income was more than $1500.)

The FATCA forms - IF you are required to file them - do require you to show where on your 1040 the income from the various accounts and investments appears on your tax return. But for the FATCA forms, as an overseas resident, you have to have at least $200,000 in reportable assets to have to file them in the first place. (And, just for those lurking here, if you don't have enough income to have to file a return, you don't have to file a FATCA form at all, even if you DO have overseas assets of the type reported on the forms.)

If it makes you feel better to file the amended returns for the years you are back filing FBARs, by all means do so. But any fines or penalties are a function of the taxes owed - and if your Dutch salary falls under the FEIE limits, chances are that you aren't going to owe any taxes for those back years. Up to you what you want to do.
Cheers,
Bev
 

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Discussion Starter · #3 ·
thanks

Bernie

Virtually nothing is black or white when it comes to the IRS. At a certain point, you have to decide for yourself just how much risk you're willing to bear when it comes to filing returns from overseas, FBARs (which is actually not an IRS form) and the new FATCA forms (which ARE IRS forms that are supposed to be sent in with your tax returns).

The FBAR forms are simple declarative forms: I have these overseas accounts and this was the high balance in each of them. There is NOTHING on the FBAR forms to ask whether your accounts are interest bearing or not, and no way to directly tie them to your 1040 filings. (You do not have to itemize your interest income unless your total interest income was more than $1500.)

The FATCA forms - IF you are required to file them - do require you to show where on your 1040 the income from the various accounts and investments appears on your tax return. But for the FATCA forms, as an overseas resident, you have to have at least $200,000 in reportable assets to have to file them in the first place. (And, just for those lurking here, if you don't have enough income to have to file a return, you don't have to file a FATCA form at all, even if you DO have overseas assets of the type reported on the forms.)

If it makes you feel better to file the amended returns for the years you are back filing FBARs, by all means do so. But any fines or penalties are a function of the taxes owed - and if your Dutch salary falls under the FEIE limits, chances are that you aren't going to owe any taxes for those back years. Up to you what you want to do.
Cheers,
Bev
 
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