Should I have filed an FBAR?

Hello,

In 2010 and 2011, I had a bank account in an EU member nation that held a little over $10,000 aggregate. The account is still open, but has had about €200 sitting in it since 2012, so I have never filed an FBAR for it. Question is, did I need to file one back in 2011? The money was scholarship funds I was given by a university and used to pay my tuition - it never contained any earnings from a job. Am I totally screwed? 

I tend to take a conservative approach when it comes to FBAR's, so if there is ever any doubt, I usually recommend to file.

In a situation like this, you ideally should have filed for those years in question.

It is now after the fact, so while the odds of you getting "caught" so to speak are slim, I would still recommend back filing for the years your account was over. For those who come forward voluntarily, and did not know of their obligation, there has yet to be any negative consequence. This makes for a great time to get fully back on track and compliant, and will also save you worry in the future.

More details on getting caught up on your FBAR's can be found at: http://www.irs.gov/Individuals/International-Taxpayers/Delinquent-FBAR-Submission-Procedures

I hope this helps!

Hello,

In 2010 and 2011, I had a bank account in an EU member nation that held a little over $10,000 aggregate. The account is still open, but has had about €200 sitting in it since 2012, so I have never filed an FBAR for it. Question is, did I need to file one back in 2011? The money was scholarship funds I was given by a university and used to pay my tuition - it never contained any earnings from a job. Am I totally screwed? 

No, you are not screwed!  Yes, you should have completed an FBAR. The source of the funds is irrelevant. If, at any time, the balance exceeded $10,000 it should be reported.

You should go to the FBAR website and complete the FBAR for the relevant year(s). On the front page you have a selection of choices in a drop-down menu concerning why you are filing late. "Didn't know that I had to" sounds like the right one for you.

Thank you for the info! I just wasn't quite sure when the FBAR rules came into being and I didn't want to get in trouble, especially for scholarship money which wasn't spent on anything aside from classes, but I will now file shortly.

The FBAR is a creation of the 1970 Bank Secrecy Act. The first FBAR was produced in 1972.

Were the scholarship funds taxable? If so, did you report this income?