Tax Filing - Clarifications

I'm filing my taxes and I just wanted to check that I've got things right. To preface, I only have income in the UK.

I
Forms I'm filling in:
1) 2555EZ for the Foreign Earned Income Exclusion
2) 1040 (not the 1040EZ because I'm married filing separately)
3) 1040 Schedule B (only Part III because I have a foreign bank account)
Does this sound right?

II
Regarding the FBAR, I understand that I only fill this in if I've got more than $10,000 in an account at any ONE time. Is that correct?

III
Regarding the 1040 line 44, the instructions state that if I'm claiming the foreign earned income exclusion (2555EZ) then I have to figure out my tax using the foreign earned income tax worksheet. I'm sure this applies to me but please can someone confirm?

If I do have to fill in the Foreign Earned Income Tax Worksheet, I'll have some more questions - it is boggling my mind.

If I can clarify or provide further background information for you to help me, please kindly let me know. If anyone can help me I would be grateful. Thanks!

II
Regarding the FBAR, I understand that I only fill this in if I've got more than $10,000 in an account at any ONE time. Is that correct?

You must file FBAR if the total of all your foreign accounts ever goes over $10k in that year

III
Regarding the 1040 line 44, the instructions state that if I'm claiming the foreign earned income exclusion (2555EZ) then I have to figure out my tax using the foreign earned income tax worksheet. I'm sure this applies to me but please can someone confirm?

If I do have to fill in the Foreign Earned Income Tax Worksheet, I'll have some more questions - it is boggling my mind.

If I can clarify or provide further background information for you to help me, please kindly let me know. If anyone can help me I would be grateful. Thanks!

Do you have investment income or pension plans and have you compared whether it's better to use foreign tax credits rather than the FEIE?

Hi nun,

Thanks for your response.

I think I will have to file the FBAR then as more than $10,000 does pass through my accounts TOTAL even if there is never more than $10,000 at any ONE time.

My finances are pretty straightforward. No assets, no income other than my wages, no pension plan, etc. I do have school loans back in the US but that's it. I'll look into foreign tax credits before I decide which to file.

Thanks so much!

I think I will have to file the FBAR then as more than $10,000 does pass through my accounts TOTAL even if there is never more than $10,000 at any ONE time.

You only need to file FBAR if the total of your accounts exceeds $10,000 at any one time, and this is the single figure you have to report on the FBAR form. (not how much passed through the account, but the max your accounts reached during the year).

You only need to file FBAR if the total of your accounts exceeds $10,000 at any one time, and this is the single figure you have to report on the FBAR form. (not how much passed through the account, but the max your accounts reached during the year).

+1, FBAR is only required if the total of foreign accounts is ever $10k or more. You could have a lot more money flowing through the accounts and not need to file FBAR if their total stayed below $10k

Any retirement pensions add to the FBAR (FinCEN 114), although Social Security types don't need to be reported. You may want to take a look at the filling requirements for IRS form 8938. Although the reporting thresholds are generally high, anyone with foreign assets should have some expertise with the instructions and filling requirements of this form.