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U.S. Foreign Account Tax Compliance Act (FATCA)

Discussion in 'Expat Section' started by PatO, Dec 23, 2014.

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  1. PIfan

    PIfan DI Member

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    But our pensions when living abroad go up every year without ever having to return, how about Mother England?
     
    PIfan, Mar 22, 2015
    #11
  2. Jack Peterson

    Jack Peterson DI Forum Luminary Highly Rated Poster SC Connoisseur Veteran Air Force

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    Oh Yes! We get Yearly Increases on all our pensions. With the Social Security Agreement in Force all things are covered.
     
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    Jack Peterson, Mar 22, 2015
    #12
  3. Don

    Don DI Member

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    Hi PatO...and everyone else who have already responded. Just a short anecdote. I went to my PNP (formerly Alleid branch). The nice lady head cashier produced the FATCA form to sign -I advised her that I am exempted from that as I am not required to file U.S. Income tax anymore, that my income is less than the minimum $50,000 grand minimum, yada,yada,yada. Nice lady said the bank didn't care, the U.S. says they - PNP- MUST turn in signed FATCA forms on any U.S. citizens .....so please sign the form. If not, they will have to close the account - now. I signed. Don.
     
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    Don, May 18, 2015
    #13
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    PatO

    PatO DI Forum Luminary Highly Rated Poster Showcase Reviewer Veteran Marines

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    Don, I should have mention my bank also made me sign the form but I did not send the IRS my copy because I did not have to file taxes, as stated in the FACTA website.
     
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    Last edited: May 18, 2015
    PatO, May 18, 2015
    #14
  5. Don

    Don DI Member

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    Ha,ha...The bank lady kept everything. I really don't care if they lose it or not...'sup to them in Manila HQ.
     
    Don, May 18, 2015
    #15
  6. daanlungsod

    daanlungsod DI Member

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    Please tell me it isn't so, but here's a page on the FATCA reporting requirements:
    Comparison of Form 8938 and FBAR Requirements

    Note that if your accounts outside US reached a total of $10K anytime during the year you must file an FBAR. You are now under suspicion so to cover yourself a 1040 filing with 8938 to show you're not a 1 per-center might apply. Your Social Security benefits could go towards paying the fines.

    Income tax filing is with the IRS, FBAR is with the Treasury Dept using the online BSA E-Filing System.
    BSA E-Filing System - Welcome to the BSA E-Filing System

    I somehow volunteered to help a victim thread the needle, luckily I'm too poor. What a relief!
     
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    daanlungsod, May 19, 2015
    #16
  7. Don

    Don DI Member

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    Pat...the head cashier kept all papers, so I didn't get a copy for me or anybody else. LOL Don
     
    Don, May 19, 2015
    #17
  8. CEBUBOY

    CEBUBOY DI New Member Showcase Reviewer

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    BDO yes I ignored it and they threaten to close my account. So just took my name off account.I will not be under the BIG BROTHER eyes of my country! I am retired and served my military 20 yrs and I am not even middle class, they kiss my petudy !
     
    CEBUBOY, Oct 23, 2016
    #18
  9. CEBUBOY

    CEBUBOY DI New Member Showcase Reviewer

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    it is suppose to be if you have over 10k in us dollars in your account but filipinos don,t see it that way
     
    CEBUBOY, Oct 23, 2016
    #19
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