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Topic: Help with Streamlined Offshore process - Delinquent & Didn't Know!  (Read 699 times)

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Re: Help with Streamlined Offshore process - Delinquent & Didn't Know!
« Reply #15 on: October 19, 2020, 07:10:37 PM »
Yes you are correct of course. But here's a question. If you have 0 taxable income and no need to file a return do you still need to file FBARs?

A

Absolutely.  They are not mutually exclusive.  An American living in the USA with an offshore account meeting the requirements would have to submit an FBAR as well.


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Re: Help with Streamlined Offshore process - Delinquent & Didn't Know!
« Reply #16 on: October 19, 2020, 07:12:54 PM »
Yes you are correct of course. But here's a question. If you have 0 taxable income and no need to file a return do you still need to file FBARs?

A

Yes, I believe the FBAR filing requirement is quite separate from income tax reporting requirements so FBARs should be filed if the criteria are met.


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Re: Help with Streamlined Offshore process - Delinquent & Didn't Know!
« Reply #17 on: October 19, 2020, 07:19:06 PM »
Am I crazy to think there’s an advantage of the OP filing back taxes to get the child tax credit and 2020 stimulus money?


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Re: Help with Streamlined Offshore process - Delinquent & Didn't Know!
« Reply #18 on: October 19, 2020, 07:45:26 PM »
Am I crazy to think there’s an advantage of the OP filing back taxes to get the child tax credit and 2020 stimulus money?

I will pass on the child tax credit question.

Filing is not a requirement for stimulus money, but there is a deadline of November 21. See here: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here


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Re: Help with Streamlined Offshore process - Delinquent & Didn't Know!
« Reply #19 on: October 19, 2020, 08:20:55 PM »
Yes you are correct of course. But here's a question. If you have 0 taxable income and no need to file a return do you still need to file FBARs?

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Yes, for sure.
Dual USC/UKC living in the UK since May 2016


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Re: Help with Streamlined Offshore process - Delinquent & Didn't Know!
« Reply #20 on: October 19, 2020, 09:21:40 PM »
I believe stimulus money was  / will be paid regardless of whether you filed taxes?


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Re: Help with Streamlined Offshore process - Delinquent & Didn't Know!
« Reply #21 on: October 19, 2020, 09:35:32 PM »
I believe stimulus money was  / will be paid regardless of whether you filed taxes?

I don’t know. Last time the stimulus money was paid out it was based on your last tax filing and many folks, like my son living here in England, had not filed when the money was paid out so they used his return from the year before.

It will soon be past the October 15 extension filing date so might well be worth filing  a 2019 return even if no taxes due.
Dual USC/UKC living in the UK since May 2016


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