Report of Foreign Bank and Financial Accounts FBAR | BSA E-Filing
 
 

Report of Foreign Bank & Financial Accounts

FBAR

If you have more than $10,000 in your foreign financial account (Korea) at any time during the year, you must
complete FinCen 114 and report to the U.S. Department of the Treasury. The types of financial accounts to be reported include
bank accounts, stocks, bond, mutual funds, and the amount should be the aggregate value of each account that exceeds
$10,000 during the year, not the end of the year. If you did not report FBAR, you will be penalized whether it was willful or non-willful.
Non-willful violations are subject only to a civil penalty which is up to $10,000 per violation.
For willful violations, the penalty may be greater of $100,000 or 50% of the account balance per violation.

 
 

Frequently asked questions

1Can I just report an account that has been valued at more than $10,000?
If you have the aggregated value of $10,000 of all accounts, not $10,000 on each account, you must file an FBAR. For example, your balance usually does not exceed $10,000, but your rental fee has been in your bank account for just a minute and then goes out again on the same day, you must file an FBAR even if it was for a minute.
2Do I also need to report my current cash, gold, and jewelry?
Cash, gold, and jewelry are not categorized as items to report but may need to be considered as items to file an FBAR under the contract of use if they are kept in the personal bank safe deposit box.

The following items are the lists that does not need to be filed in an FBAR:
  • Foreign bank located at an American branch and has an account at that branch
  • Foreign securities or stocks that are not in financial institutions
  • Foreign partnership stake
  • Domestic(U.S.) investment trust fund invested in foreign stocks or securities
  • Foreign hedge funds and foreign private equity funds
  • Foreign real estate that you own
  • Foreign real estate held through foreign companies
    (Foreign company itself is a specific foreign financial asset and its maximum value includes the value of the real estate)
  • Foreign currency that you own
  • High price jewelry that you own
  • Personal assets that you can collect such as artworks, antiques, treasures, cars that you own
  • Social security benefits provided by foreign governments
3Does my child under the age of 18 have to file an FBAR?
Since there is no age restriction on the criteria of filing an FBAR, your child is subject to file an FBAR if you have more than $10,000 in your account.

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