Anything I missed?

Are you day-dreaming instead of doing your tax return? 

AND......haven't even had a beer. Boy, don't get me going on the 2 rules I have for anybody running for President and other high level political positions that would solve pretty well everything (in my imaginary world).

Just got through going back into TurboTax to make up an amended return.....just changed from married filing separately to jointly. Went from owing $33 to getting $794. So basically an $827 difference.

1. I am assuming that it doesn't matter which year I declare filing separately. This year...next year....3 years from now.
2. If I do file jointly this year, then I would need to also file a FATCA since my wife's account had more than $50k in it at some point in 2014....and in filing jointly I can't "hide" that money under her name. 
3. If filing jointly for 2015, I would have to do a FATCA and 8938 since we would have over $200k in accounts.

Other than the pain in the butt of filling out the FATCA for 2014, is there something else I am missing? I figure filling out the form is worth $800. Although....part of me just wants to keep going with the plan of filing separately and avoid the extra paperwork and keep our taxes as simple as possible. There will be interest on that UK account starting at some time this current year......so there is another little zap to make the taxes harder.

Did I mention that tax planning stinks?

Just got through going back into TurboTax to make up an amended return.....just changed from married filing separately to jointly. Went from owing $33 to getting $794. So basically an $827 difference.

1. I am assuming that it doesn't matter which year I declare filing separately. This year...next year....3 years from now.
2. If I do file jointly this year, then I would need to also file a FATCA since my wife's account had more than $50k in it at some point in 2014....and in filing jointly I can't "hide" that money under her name. 
3. If filing jointly for 2015, I would have to do a FATCA and 8938 since we would have over $200k in accounts.

Other than the pain in the butt of filling out the FATCA for 2014, is there something else I am missing? I figure filling out the form is worth $800. Although....part of me just wants to keep going with the plan of filing separately and avoid the extra paperwork and keep our taxes as simple as possible. There will be interest on that UK account starting at some time this current year......so there is another little zap to make the taxes harder.

Did I mention that tax planning stinks?

Unless someone comes up with a really good reason to the contrary I would take the money and do the extra paperwork

Well...now that I have gone through what I "think" is the info on FATCA.....and crossed off all the forms I had no idea what they were, 3520,5471,8621,8865,8891....Is 8938 all I would need to do to meet FATCA requirements (my wife's UK checking account has over $50K in it, no interest). If so.....filling out the 3 pages is well worth getting $800 back on the taxes. ** And.....since I just filled them out.....only the first 2 pages since the 3rd page appears to be for run-over from the first two pages.

During this year.....we should have mid $400K in that account, at least for a little while. Even though I keep reading that at times you fill out the FATCA....and other times you fill out the 8938 (when bumping up to around $400K+ type money).....the 8938 covers everything....yes?

Well...now that I have gone through what I "think" is the info on FATCA.....and crossed off all the forms I had no idea what they were, 3520,5471,8621,8865,8891....Is 8938 all I would need to do to meet FATCA requirements (my wife's UK checking account has over $50K in it, no interest). If so.....filling out the 3 pages is well worth getting $800 back on the taxes. ** And.....since I just filled them out.....only the first 2 pages since the 3rd page appears to be for run-over from the first two pages.

During this year.....we should have mid $400K in that account, at least for a little while. Even though I keep reading that at times you fill out the FATCA....and other times you fill out the 8938 (when bumping up to around $400K+ type money).....the 8938 covers everything....yes?

They are 2 different forms, for FBAR to the Treasury Dept it is online through the FINCEN site for foreign accounts you have signature authority over and FBAR has been around for many years.  FATCA is more recent and includes the IRS but it has different limits, and the main form for reporting those accounts is through your tax return with forms like 8938. I've never met limits for IRS reporting using form 8938 so I can't comment more except to repeat filing 8938 to the IRS does not get you out of doing FBAR filing with Treasury.

They are 2 different forms, for FBAR to the Treasury Dept it is online through the FINCEN site for foreign accounts you have signature authority over and FBAR has been around for many years.  FATCA is more recent and includes the IRS but it has different limits, and the main form for reporting those accounts is through your tax return with forms like 8938. I've never met limits for IRS reporting using form 8938 so I can't comment more except to repeat filing 8938 to the IRS does not get you out of doing FBAR filing with Treasury.

This came up in a thread months ago where I asked if I needed to do both....and I thought someone said that if I had enough money to do FATCA that was the only form I needed?? If what you are saying is correct.....then only the FATCA would have to go in with my taxes.....the FBAR is a totally separate form only sent to the Treasury.

I just looked that up....and I should be able to get the form through that FINCIN site. Hopefully it will be as short as the FATCA paperwork. Although.....looking again at your comment, you mention an account which I have signature authority over.....not sure I would with my wife's account since her's is the only name on it....

This came up in a thread months ago where I asked if I needed to do both....and I thought someone said that if I had enough money to do FATCA that was the only form I needed?? If what you are saying is correct.....then only the FATCA would have to go in with my taxes.....the FBAR is a totally separate form only sent to the Treasury.

I just looked that up....and I should be able to get the form through that FINCIN site. Hopefully it will be as short as the FATCA paperwork. Although.....looking again at your comment, you mention an account which I have signature authority over.....not sure I would with my wife's account since her's is the only name on it....

So, for tax year 2014, filing MFJ, then the FINCEN form online should completed in her name only.  It is pretty easy to do.