GLOSSARY · VISA-HOLDER FINANCE

FBAR (FinCEN Form 114)

A yearly report of foreign financial accounts, filed with FinCEN (not with the tax return) by any US person, residents for tax included, whose foreign accounts together exceeded $10,000 at any time in the year. It is due April 15 with an automatic extension to October 15.

Also called: foreign bank account report, fincen 114

COMPUTE IT WITH YOUR NUMBERS

FBAR / Form 8938 threshold checker →Do I have to report my foreign accounts on an FBAR or Form 8938?

LEARN IT PROPERLY

CHAPTER · ARRIVING AND WORKING ON A VISA · FOUNDATIONSFiling Your Return: Form 1040 or 1040-NR, and State Taxes CHAPTER · WEALTH PROTECTION FUNDAMENTALS · FOUNDATIONSLLCs, Family Partnerships and Protection Trusts QUICK ANSWERWhat is the substantial presence test?The substantial presence test is the IRS day count that decides whether someone who is not a US citizen or green-card holder is taxed as a US resident. You meet it with at least 31 days in the US this year and at least 183 days when you add all of this year's days, a third of last year's and a sixth of the year before's.

SOURCES

Report of Foreign Bank and Financial Accounts (FBAR). Internal Revenue Service.

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