Additionally, even if a FBAR filer has a financial interest in 25 or more financial accounts, checks the box “Yes” to question 14a of the FBAR and is not required to provide the detailed information otherwise required for each reportable financial account, the full detail of each financial account must be reported on Form 8938 if the U.S. When FBAR filing is required and the aggregated dollar amounts being reported are large enough to trigger filing a Form 8938, all of the information contained in the FBAR must be duplicated on Form 8938 for that year. It is important to keep in mind that while amounts triggering filing may differ for each of the two forms, there is one area in which double reporting is required. Taxpayer (specified individuals), which include U.S citizens, resident aliens, and certain non-resident aliens that have an aggregate interest in specified foreign financial assets and meet a specified U.S. It does not matter that no single account exceeded $10,000. Kristin is required to report accounts A, B and C because the aggregate value of the accounts is over $10,000.
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